Ontology and Constant: Reworking trust in digital economies

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Our world is built on trust. Without it, the wheels of society grind to a halt. But when AI can mimic powerful people, fake news can influence elections, and big tech can track your every move, trust has never been scarcer (nor more valuable).

So how can you create trust in our increasingly digital world? Ontology, a high-performance public blockchain and distributed collaboration platform, believes it has the answer in its distributed trust system.

Adopting ONT as its governance token and ONG as its utility token, Ontology is a decentralized identity and data exchange framework that lets you decide what to share and who to share it with, whether it’s your medical records or credit history, your pharmacist or your bank manager.

Since day one, Ontology’s mission has been based on technology and user collaboration. Ontology aims to empower enterprises and institutions around the world regardless of their blockchain knowledge through its TRUST network. Its latest partnership is with Constant, a secured P2P lending platform that leverages digital value to help people do more with their money.

“Trust is really important to us,” said Duy Huynh, Constant’s founder. “No-one wants to hand over their hard-earned money without knowing it’s in safe hands. So we secure all lending with digital assets, so when borrowers default, investors still get their returns. In that sense, Ontology’s goals and ours align — it’s better removing the need for trust than asking for it.”

The majority of P2P lending platforms like Prosper and Lending Club don’t bother collateralizing loans at all. This forces customers to trust centralized risk evaluations that often deliver poor results. Constant, on the other hand, doesn’t need credit checks. To qualify for a loan, all you need is the cryptocurrency to back it.

“Cryptocurrencies are among the most liquid assets in the market,” added Huynh. “They make far better collateral than, say, a house. When you know your money is backed by readily sold assets, the need for trust between you and the lender reduces. And as there’s a growing market of crypto holders invested for the long term, our platform gives them an easy way to unlock value without selling up.”

So if you’re invested in Ontology’s long-term vision of a society independent of trust, you can obtain credit against your ONT tokens without the counter-party risk of traditional P2P lending platforms. When you repay, you get your ONT back. You can even set your own interest rates and terms.

Constant has thrived on being flexible, transparent, and accessible to anyone regardless of geography or credit history. Likewise, Ontology’s distributed trust system is “cross-chain, cross-industry, cross-system, cross-application, and cross-device.” With both companies dissolving common obstacles to doing business, the issue of trust might yet be resolved.

Ontology is a high-performance public blockchain and distributed trust collaboration platform. As a blockchain infrastructure with multi-chain and multi-system integration, Ontology provides multi-layer, sharding, and multi-VM public blockchain services, and is able to readily customize user-friendly blockchains that protect privacy through component technology, achieving secure and efficient cross-chain communication using a set of special protocols.
As the pillar of its trust ecosystem, Ontology creates a collaboration platform combining multi-dimensional trust and integrated applications through DID (decentralized identity), decentralized data exchange, decentralized reputation, and many other components and protocols for trust collaboration. As a result, Ontology is able to provide effective collaboration between trust sources, secure connectivity of data sources, and other distributed applications, thus creating a systemized, procedurized, and integrated trust ecosystem.

Click here or contact us at contact@ont.io to find out more about Ontology.

Headquartered in California, Constant is an alternative financial services platform designed to strip out the inefficiencies of the traditional banking industry and help people get more out of their money. Constant was founded by a team of scientists, economists, engineers, and designers, fully devoted to the mission of building simple, elegant financial tools for an increasingly interconnected world.

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Peer-to-peer lending built on peer-to-peer technology. Refer & Earn $10 myconstant.com/referral | Website myconstant.com

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