If you have read our beginner’s guide to Ontology cryptocurrency, you would know that the ONT coin and its allied platform present users with an interesting smart contract ecosystem that can be used in a number of ways.
Given smart contracts are something that have become incredibly relevant in the world of blockchain, this project sounds pretty attractive. So, clearly, it must have a few pros to back it up.
On the other hand, as no good things come without a price, there must be a few cons to the Ontology platform and its cryptocurrency as well.
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In this article, we take a quick look at what the pros and cons are.
Pros of Ontology
1. An Established Team
The Ontology project is backed by the OnChain team who have already made quite a name for themselves by working on the NEO project.
Having a set of competent, consummate developers gives Ontology a much-needed edge in the competitive world of blockchain solutions.
Since the project has such an efficient team behind it, it is sure to have smart upgrades regularly. This, in turn, keeps the platform relevant in the fast-changing landscape of crypto and blockchain.
2. An Efficient Consensus Mechanism
Ontology launched a very unique consensus mechanism for itself called the VBFT.
It is a combination of the Proof of Stake (PoS) consensus protocol, the Byzantine Fault Tolerance (BFT) consensus protocol and the Verifiable Random Function (VRF) consensus protocol.
The VBFT, which results from this combination, is an extremely effective consensus protocol capable of processing thousands of transactions every second.
VBFT manages to merge the benefits of chain scalability from VRF, the quality of fast state finality from BFT and finally, the anti-attack quality from PoS. All these characteristics help make VBFT a very efficient consensus mechanism.
3. Multiple Use Cases in Business
Ontology offers a great deal of business benefits to various kinds of enterprises: be they big, small or medium in scale or size. This ease of access for enterprise users makes Ontology a very adoptable blockchain platform.
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4. Strategic Partnership With NEO
The NEO project was also developed by the same team as the one that developed Ontology.
Given NEO already has a level of popularity and established reputation, touted as the “Chinese Ethereum”, sharing resources with it could potentially put Ontology on the map.
5. Strong Backing
The Chinese investors and venture capitalists have really rallied behind Ontology, giving it the much-needed impetus to develop.
Having a strong backing from influential investors can truly take the project forward.
Cons of Ontology
1. Country of Origin Has a Hard-line Stance Towards Crypto
Although the Chinese government is often said to be a supporter of the NEO project, there is no denying that it basically harbours a rather strong anti-crypto stance.
Keeping that in mind, one cannot help but worry if governmental clampdown could suddenly detail the prospects of the Ontology project.
2. Potential Clash With NEO
Although a strategic partnership exists between NEO and Ontology, one can hardly deny the fact that both have similar models of functionality, built around blockchain smart contracts.
If a competition emerges between the two, the better-established NEO is likely to prevail.
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