Ontology is the new and innovative way of solving the issue of data integrity and decentralized identity security; it makes sure that all data stays consistent and accurate.
The Ontology coin ONT is the fuel that powers the Ontology network, assisting with the high performance of the blockchain.
The Ontology blockchain offers businesses the benefits of enjoying blockchain-related services like tokenization and smart contracts, all the while still being in control of their sensitive data.
You have the ONT ID, a secure management tool that helps you manage your decentralized identity by keeping it safe on a cloud storage space, for example, with a private key that only gives you access.
How Does Ontology (ONT) Work?
The Ontology blockchain is one of a kind because it provides companies with the opportunity to design their own blockchains, which in turn gives those companies the ability to safeguard their digital identities and data solutions.
Ontology doesn’t want to compel businesses to use a single public blockchain that has strict guidelines and requirements that have to be adhered to. Instead, they provide companies with a framework for the distributed exchange of data.
Every company should put a significant amount of effort into protecting their customers’ privacy, particularly if they have proprietary data that must be kept private in order to comply with consumer protection laws.
It’s completely understandable why businesses don’t want to work on public blockchains like Ethereum, but Ontology offers blockchain technology that businesses can benefit from, like:
- Tokenization: Tokenizing data with Ontology’s upcoming new product DDXF will allow you to track your data solutions and transfer them across different blockchains.
- Smart Contracts: Giving your business the ability to automate the process and, in turn, increase efficiency.
- Cryptographic: This is provided through the ONT ID product; your digital identity proofs will save you from having to work with sensitive identification documents like passports.
Through Ontology’s Ethereum Virtual Machine and unique data solutions, Ontology wants to give businesses the power to choose which information they want to share from their blockchain to the public Ontology blockchain.
This is an exceptional part of the blockchain revolution because it gives businesses the opportunity to jump in on the trend without having to worry about their information falling into the wrong hands. The project has superior value proponents, including its distributed data exchange framework and Ontology EVM.
What Is Ontology Used For?
You can use Ontology’s network across various businesses, systems, devices, and industries to achieve maximum compatibility, trust, and data sharing. Ontology ensures frictionless compatibility with decentralized data exchange within their own blockchain.
The network also allows companies to work with a decentralized network and cryptography security without hiring a blockchain expert on their team.
The Ontology team believes in taking care of digital identity, consensus, and trust within their distributed ledger to create a technological framework that allows a business to become completely decentralized.
The term used by Ontology for users having complete control over their online identity is called self-sovereign identity. The Ontology network uses something called trust anchors, which can protect the users’ data and maintain their privacy.
Where To Buy Ontology (ONT)
There are two ways to purchase ONT tokens; the first is with cryptocurrency. If you have Bitcoin, for example, you can download the Exodus Ontology wallet, which will allow you to exchange your Bitcoin for ONT and store it securely.
The second way to purchase ONT coins is using fiat currency; the ONT token is available on most of the popular centralized exchanges. Once you’ve registered on the exchange, you can deposit your fiat and make the purchase.
Here are some exchanges which allow you to buy ONT:
If you want to go a different route, peer-to-peer is another option. Below are some exchanges which allow for peer-to-peer purchases.
Note: This is not financial advice and shouldn’t be taken as such; this is strictly for educational purposes only.
FAQs About Ontology (ONT)
How long has Ontology existed?
Jun Li is the co-founder of the Ontology blockchain and is a blockchain system architect. Andy Ji, the other co-founder, has worked in various blockchain and finance organizations.
Ji currently serves as the company’s chief strategic officer, while Li oversees the team responsible for the company’s continued development and growth in their Shanghai offices.
In addition to the funds received while developing, the company received assistance from China-based B2B blockchain company Onchain. When the company first launched in November 2017, it formed part of the NEO blockchain. Interestingly enough, they also had help from the company Onchain.
When it came time for the ONT token to be airdropped upon release, they gifted the ONT tokens to holders of NEO tokens. Even after the company launched its own mainnet in June 2018, the two companies continued working together.
In 2019, both companies announced they would release a new cross-blockchain platform together called PolyNetwork. However, as time passed, Ontology released a statement saying they are open to working with other platforms and partners, thus distancing themselves from NEO and Onchain.
They focus on bringing the best products to business while improving the overall interoperability and compatibility of Ontology on various blockchains, including Ethereum smart contracts.
What’s controversial about Ontology?
With more businesses looking into how blockchain technology can benefit them, more controversy will come to light within the space. No business can escape some controversy, as no company is perfect.
There has been a difficulty in keeping track of their corporate and technological genealogy that results in a sensible approach combining ambition with an absence of ideological nit-picking.
The Ontology blockchain also didn’t have a public token sale to raise funds for the project, which can appear strange to many in the blockchain space.
How many Ontology tokens are there?
Ontology coin has a total supply of 1,000,000,000 tokens, and at the time of writing, there was a circulating supply of 875,249,524.00 ONT, which is around 88% of the total supply in circulation.
Can ONT be mined?
You can’t mine the Ontology coin because it has a proof-of-stake mechanism, which means you can stake the token. This is good news for holders of the native token.
Ontology is one of the few companies with a two-token system: ONT and ONG. ONT will allow users to vote on various developments that can improve the network.
Staking your token, you pay Ontology gas fees which will then award users holding ONT tokens with ONG tokens, which can be used for several functions on the platform, like executing smart contracts.
Staking your Ontology coin is done in rounds that consist of 60,000 blocks per round. One block is generated between 1-30 seconds, so one round can take about 16 hours to 20 days to be completed.
Users staking their tokens, after paying the Ontology gas fees, lock it into a smart contract that is one round and secures your vote. If the round is finished and users want to remove or add to their stake, they have to submit a request which can only take place in the next round.
What is the market cap of Ontology?
Ontology’s native token, ONT, is currently ranked number 137 on the CoinMarketCap database; it is sitting on a total market cap of $255,217,228.
Biggest Competitors Of Ontology
The Ontology blockchain wants to put businesses in complete control of decentralized identity and data while providing cryptographic security is only achievable through blockchain technology.
The problem is this model has been gaining so much popularity over the years that Ontology has started seeing an increase in competition.
Here is a list of the most significant competitors:
- Waltonchain
- NEO’s
- ICON Foundation
- EOSIO
- Agorics
- Stratis Group
What Are The Future Plans For Ontology?
Ontology’s goals for the future are to become the blockchain for businesses wanting to move into the Web3 space, providing them with a low-cost and high-speed public blockchain. They also want to create their own Ontology multi-virtual machine.
Ontology is on a mission to create interoperability between various public blockchains to produce more opportunities for high-quality Web3 applications across an array of industries and services.
They want to provide a platform that will be the easiest way to access Web3 for everyone while still having the ability to own your identity and data.
This goes hand in hand with their plans to provide a blockchain where developers and users can build Web3 applications while delivering easy access and a seamless experience overall.
Pros And Cons Of Ontology (ONT)
Pros:
- Expansive Scalabiltity – Ontology’s platform has unlimited potential.
- Real Use Cases – They provide loads of potential for various use cases.
- Major Backing – The company is well funded with the backing of large-scale companies.
- Partnerships – An incredible amount of credibility is given to Ontology for its relationship with NEO.
- Innovative Solutions – Ontology is bridging the gap between blockchain technology and enterprises.
- Respected and Qualified Team – They have an excellent team of experienced professionals from various sectors.
Cons:
- Restrictive Jurisdiction – Since the company is situated in China, there is a risk of the Chinese government seeing the identity and data system of Ontology as a threat.
Resources:
https://www.exodus.com/news/ontology-coin/#works
https://aithority.com/technology/cryptocurrency/what-you-need-to-know-about-ontology-in-2022/
https://www.cryptopolitan.com/ontology-price-prediction/
https://www.gemini.com/cryptopedia/ontology-blockchain-enterprise-blockchain
https://www.banks.com/articles/investing/cryptocurrency/ontology-ont-coin/
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