What is Ontology?
Ontology is one of the most ambitious projects of the Neo ecosystem looking to create a "decentralized trust network" where users can easily manage and analyze their data. It is a public blockchain designed to meet the needs of corporate clients who require additional privacy. Ontology is a blockchain-as-a-service (BaaS) platform that aims to provide enterprise users with the best and easiest way to benefit from the decentralized and distributed nature of the blockchain technology. The next-generation multi-chain platform offers a decentralized ecosystem by the use of a decoupled distributed ledger architecture combined with a decentralized trust framework.
How does Ontology work?
Ontology is a specific network of blockchains that was built to make it easier for enterprise users to migrate proprietary systems and applications to distributed ledger technology with minimal downtime and system disruption. It uses so-called sidechain technology, where the main blockchain is public and the other chains are linked together as a private space. Such a system offers enterprises the advantages of blockchain technology, without the need for their own development team.
Ontology is the rival of the Ethereum network, a smart contract platform used to host decentralized applications (dApps). It was developed to resolve the problems of enterprise usage faced with the Ethereum network. Ethereum is open-source, but many businesses aren’t interested in it because they wanted to keep their data proprietary and secure.