What's hot in crypto this week?
Ontology (ONT). Ontology is a business-focused blockchain platform that seeks to provide a high volume of fast and cheap transactions. At the same time, it helps companies with problems related to verifying identities and allowing systems to interact and function with other systems.
The platform has a unique design that consists of multiple interoperable chains, anchored by a core blockchain. This reflect’s Ontology’s focus on giving businesses flexibility in terms of designing a ledger.
The team on June 1 started rolling out a new version of its platform called Ontology 2.0. It introduces a new staking model, which took effect on July 7 and lowers the requirements for users to stake their tokens and to run a node, which is essentially a computer connected to the cryptocurrency's network.
This also makes it easier for users to earn rewards and participate in governance.
ONT ID 2.0, the network’s decentralized digital identity framework, was also introduced as part of the new release. It enables users to fully control their personal data and identities, using blockchain technology to do so securely.
Ontology also recently revealed a new version of its data wallet, ONTO.
How has ONT’s FCAS score changed?
ONT FCAS climbed 21-points (2.88%) in the past month, driven by a 27-point (3.28%) increase in Developer Behavior. Market Maturity and User Activity also increased 14-points (1.77%) and 22-points respectively.
What's Flipside's take?
Ontology is famous for its core values of privacy and trust. Accordingly, its new identity framework and wallet upgrade present an important breakthrough in Identity and Access Management (IAM).
IAM has become central to our online interactions, and yet, when well designed, it is largely invisible to users. This is so third parties can gain access to this data without the subject’s knowledge or consent.
Ontology is developing an identity management system that gives full control to users. Their wallet provides a mobile app where users can manage their digital IDs, data and assets all in one place. This wallet is then linked to users’ ONT ID, which stores their information in a trusted cloud storage behind a private key. The more recent “Claims” feature lets third parties authenticate any personal claim an individual makes, from their academic credentials to their finances and health.
At the same time, Ontology’s unique multi-chain design lets businesses build strong blockchains tailored to their particular needs. This allows for a greater variety of use cases to exist as many industries tackle distinct issues of authentication and reconciliation.
The Flipside Crypto Asset Score Tracker provides institutional and sophisticated retail investors the ability to track over 500 cryptocurrencies' fundamentals. FCAS Tracker is currently free to a select group of new users as it continues to develop the product. Visit Flipside here to gain access to Flipside Analytics.