Whether you believe in cryptocurrency’s status as a future “healer of all things,” or feel it’s overhyped, we can all agree there are obstacles to overcome before the blockchain technologies of our utopic vision become a reality.
A key priority for many in this space is the mainstream acceptance of crypto. An experienced Chinese start-up, Onchain, is confident that they can accelerate the adoption of blockchains across industries through the launch of their latest project: the Ontology Network.
The Ontology Network will act as a bridge, interlinking blockchains with each other and the Internet. Its main purpose is to provide links between separate blockchains, each with their own personalized numbers, functions and users, while allowing users to remain private.
The company behind Onchain, counts Chinese conglomerate the Fosun Group as its first investor. Fosun is China’s largest private conglomerate and one of its most active investors. Chief Executive Officer of Onchain, Da Hongfei, studied economics and computer science, and was quick to realize the technological and social potential of bitcoin. His team partnered with the government in Guiyang, China, to develop a blockchain-based system for public services, including digital identification. The Ontology Network’s goal is “to be the vanguard in the effort of building a smart economy.” (A smart economy, for those who are hearing the term for the first time, is an economy built through the intersection of digital assets, digital identity and smart contracts).
Li Jun is the founder of the Ontology Network and the Chief Architect of Onchain. He presented during the official launch of the Ontology Network. Li studied computer science and communications, earning a master’s degree before working at the China Futures Financial Exchange. He believes his work at Ontology will be pivotal to the world, similar to his previous work as a team member sponsored by Microsoft Paul Allen to help “cement the web then known as the ‘next gen internet.’”
Da says the Ontology Network must deliver true identity into the system if they want their network to be an immense success both in the real world and in the existing, slowly saturating the blockchain economy.
Without use of government power, Onchain will endeavor to build a network of blockchains more diverse than bitcoin, with the intention to connect objects, industries and countries all through its network. The current significant advantage it holds is that the project is without an opponent. If no rivals attempt to meet them, Onchain is likely to become the leading player in China and abroad.
Depending on the scenario, the project may take around five years. Although the crypto market is continuously welcoming new startups, the Ontology Network remains a unique concept. While the team admits that completion of the network will take a huge effort, they have the financial backing, the vision and most of all: determination.