Home Finance News Ontology (ONT) Helping Users Understand the Difference between Web1 Web2 and Web3

Ontology (ONT) Helping Users Understand the Difference between Web1 Web2 and Web3

ONT

Ontology previously posted WEB3 101 series. Very soon, they are set to be posting a summary of the entire series.  The series started off helping users understand the difference between Web1, Web2, and Web3.  Then, also explained how the different decentralized products work in Ontology.

There is lot of data available online.  Centralized platforms are based on their ability to harvest data and then monetize it.  Ontology powers SAGA, a decentralized data marketplace.

Many of us are not sure about how our data gets used when it goes online.  Centralized projects will be streamlining this data to make a lot of money.  SAGA permits users to both own their data and to monetize it in a fair, safe and secure way.  Decentralization of data is a very important step in the road leading to Web3.  SAGA is the decentralized data market place powered by Ontology.

Enterprises instead of paying to centralized platforms to gain access to data will be able to gain access to data from data providers who are in control of their data.  Enterprises will thus not pay centralized platforms to gain access to user data.

Wing, is a credit-based, cross-chain DeFi Lending platform.  The decentralized governance model and risk control mechanism focuses on promoting a mutually beneficial relationship between borrowers, creditors and guarantors. Apart from this, Wing showcases a credit evaluation module as a strong example for credit-based decentralized lending.

For those who are new, ONTology is a blockchain for self-sovereign ID and Data, who are focusing on redefining trust.

ONT ID being a decentralized identity framework helps users manage their own data to provide for blockchain-based multi-dimensional authentication provided by global verifiers.

DDXF being a decentralized data exchange and collaboration framework will permit tokenization of data, data traceability, and cross system data processing.

ONTO, being a self-sovereign data wallet works as the one-stop mobile application which can be used for the management of digital identity, data, and assets. Thus, providing users the power to control the value of their data.

Ontology are focusing on a lot of things ranging from Automotive Solutions, Data Marketplace, Data Attestation, and Digital Finance.

The decentralization system involves multiple parties making their own decision and anyone can enter or leave the system anytime.  Ontology are making use of Triones Nodes, which is the consensus system for the Chain Network, providing for distributed, high-performance blockchain consensus using the VBFT consensus algorithm and an incentive model.

The activity of the ONT network can be regularly checked on Flipside.

 

 

 

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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