Highlights
- The identity and data sharing blockchain ONTolgy and the music streaming service and music NFT platform RockiApp have announced their partnership
The ONTology Framework
ONTology was created in 2017 by OnChain which is led by the same people who founded the NEO blockchain. ONTology allows businesses to use private and public blockchains in an easy-to-understand manner without changing their existing business systems. Transactions are confirmed through a decentralized environment. ONTology has different protocol groups to support collaborations between chain networks and Layer 2 scalability and functions as a distributed trust collaboration platform.
Some of the ONTology protocols include a decentralized identity and data sharing protocol. DDXF is a decentralized data exchange and collaboration framework of ONTology. ONT ID and DID are ID applications that are used throughout the system. ONTO is the ONTology data wallet that gives people the ability to control their own data. In public blockchains, all the data is fully public. However, ONTology will allow participating institutions to share only the data that is required to be shared with others.
ONTology’s Potential
Selective data sharing is an essential activity between businesses. Keeping sensitive data private and sharing necessary data securely, cheaply, easily, and quickly is necessary. The decentralized environment keeps the data more secure than centralized data sharing environments. Its simplicity makes it ideal for businesses without advanced knowledge to enter the world of blockchain technology. ONTology can create a bridge between the real world and the virtual world. The consensus VBFT model is quick and secure. Since it is based in China, its future may be subject to any changing regulations in the country.
Music Streaming RockiApp
ROCKI is a music streaming service and NFT platform. It is built on the Binance Smart Chain and rewards its listeners as well as the artists. ROCKI has two NFTs an ERC721 NFT, which is useful for receiving royalty income rights to a song, and an ERC1155 NFT, which provides exclusive listening access to music.
A Match Made In Virtual Heaven
ONTology and ROCKI have announced a partnership through which the users on ROCKI will have better protection. ONTology’s data sharing capabilities coupled with ROCKI, which is a music streaming service, is an excellent match. ROCKI can use Ontology’s Decentralized Identity (DID) Registration Management SDK to verify the identity of each artist to prevent malicious impersonation. This protects fake or inauthentic NFTs from being listed. The users of ROCKI can also log in through decentralized ID verification.
The Future: Secure Music Streaming
ROCKI aims to solve many problems inherent to the music industry by being decentralized. ONTology will help prevent the system from being misused by malicious people posing to be an artist.
As per Coingecko, ONTology is ranked #129 and priced at $1.06 today, down -5.5% in the last 24 hours. The 24-hour trading volume of $179,374,184. ONT’s circulating supply is 880 Million ONT coins, and it has a total supply of 1 Billion. Coingecko also lists ROCKI at rank #1608 priced at $0.546008, down -1.6% in the last 24 hours. The 24-hour trading volume is $633,122. ROCKI’s circulating supply is 7.9 Million ROCKI coins, and it has a total supply of 100 Million.
