Ontology (ONT) – Smart contracts are great and can help businesses cut on costs. That’s because they eliminate the need for middlemen in some of the contracts that businesses engage in. But why aren’t business making use of smart contracts at scale? The reason is simple, they are complicated! Smart contracts are complex and it takes some high level understanding of computer programming to create one. This has been a serious barrier for most business looking to create and execute them. Ontology is designed to solve this problem and take smart contracts to the masses.
One of the key aspects of Ontology is that it has standardized smart contracts that any business can use to create a smart contact of their choice. This is a major step towards the adoption of smart contracts because any business owner can create and execute a smart contract, without much cost or time involved.
On top of that, Ontology (ONT) makes use of the multiple languages in the development of smart contracts, C# being one of them. This means that any business looking to create a smart contract on Ontology doesn’t have to struggle with finding a developer. Any developer within the locality of the business looking to create the smart contract can help them out.
However, it’s not just the ease of creating and deploying smart contracts that is making Ontology attractive, it is also the fact that it solves the problem of trust. There are many businesses out there that would like to make use of blockchain technology, but are apprehensive about laying bare their data to the public. Ontology solves this problem by creating an architecture of distributed trust. For instance, it makes use of multiple-source data exchange protocols, which is designed to eliminate any fears that businesses have about public blockchains.
Clearly, Ontology has a strong use case in enhancing the usability of blockchain technology. But is this the only reason why it is pumping at the moment? Well, it’s possible but there are other factors at play here. One of the factors driving this pump is the connected to NEO. Investors are driven by the excitement that Ontology could ride on the goodwill of NEO and gain traction, just like NEO has done in the past. This is part of the reason why Ontology has pumped in the last few weeks.
Investors are also excited by the fact that once the main net is launched, they will start earning gas, just like they do with NEO. This makes Ontology a potential source of passive income, and hence the strong demand.
So what’s the future? Personally, I believe Ontology (ONT) has an amazing future ahead of it. It has the hallmarks of a good coin, because it solves the problem of taking smart contracts to the business world. I also believe that the issue of gas will continue to drive up demand in the long-run. This is one of the coins that could outperform the market in 2018, and beyond.