OntologyONT to BDT

What is the Ontology (ONT) Coin?

Ontology (ONT) is a proof-of-stake blockchain that comes under high-performance blockchain for distributed cooperation. A distributed ledger and intelligent contract system manage decentralized identity and data. Regarding identity security and data integrity, ontology facilitates a decentralized network architecture. 

Unlike traditional cryptocurrencies, Ontology tokens serve primarily as a medium of exchange for storing and transferring value.

Who created Ontology?

Ontology launched its coin in 2018 called the Ontology coin. Various enterprises can benefit from Ontology's decentralized solutions. In 2017, Li Jun founded Ontology. 

The mainnet of the platform was launched by Jun and his team of developers in 2018. In Jun's view, Ontology should serve enterprises as a network. Ontology's blockchain, therefore, consists of multiple chains. As an essential part of the ecosystem, Ontology created a necessary part of the ecosystem.

What is Ontology (ONT) used for?

ONG and ONT are the two tokens used in Ontology. Coins like ONT can be staked for consensus, while gas tokens like ONG can be utilized for on-chain services. ONG is released periodically by ONT.

Ontology's network stores and transfers value primarily through the ONT utility token. The ONT token also has a delegated governance token function, which enables users to charge their stake to nodes and vote on governance issues on their behalf. ONG rewards can also be obtained by staking the token, so users can contribute to the network's security and stability.

ONG tokens are used to pay for fees and transactions on the Ontology network. ONG is also used in the deployment of intelligent contracts. User and developer-friendly operating environments are maintained by keeping transaction costs predictable.

A brief history of Ontology (ONT)

Ontology was launched by Onchain in 2017 to benefit from blockchain technology. Blockchain interactions are mainly improved by ontology.
 

The NEP-5 token that forms the basis for the Ontology Coin was created on the NEO blockchain. The native mainnet Ontology ONT was swapped out for the NEP-5 ONT on 30 June 2018.

Interestingly, Ontology didn't conduct an initial coin offering to fund its project, instead selling tokens to the general public. 

A private sale was instead conducted, and NEO holders and others on its mailing list received free ONT as a result of the airdrop (free distribution).

Through its ONT ID application, Ontology primarily targets Japanese, Korean, American, and European markets with self-sovereign digital identity solutions. Kakao's public chain, Klaytn, was developed in collaboration with Ontology. 

With Ontology, more Korean people will join the Ontology ecosystem, and more projects and organizations will be able to reach accessible markets, including data privacy, through integrations with Klaytn's technology, product integrations, and interactions with ONT ID.

Enterprises can take advantage of Ontology's flexibility, allowing them to create tailored blockchains that meet their specific needs, with elements like a better governance model and better privacy, which numerous rival blockchains don't provide.

How Ontology (ONT) works

Verifiable Byzantine Fault Tolerance (VBFT) is a consensus algorithm developed by the Ontology team that is the basis of the Ontology Consensus Engine (OCE). This hybrid consensus algorithm combines Proof of Stake, Verifiable Random Functions, and Byzantine Fault Tolerance. Blockchain applications can be built using VBFT, whether they are public or private.

Blockchain and cryptographic technology connect people, data, and services with ONT ID. Data privacy and security are protected with ONT ID, which makes collaboration more trustworthy. For third parties to verify an individual's identity, users do not need to divulge all their credentials.

Users of ONT ID can verify credentials through Ontology Trust Anchors in exchange for ONT tokens. The highly sophisticated cryptographic protocols used in this proof mechanism prevent falsification, as opposed to signatures, which are easily forged.

Hence, ONT ID can be used by apps and developers in the digital era to quickly, securely, and efficiently authenticate individuals without requiring them to provide sensitive documents, e.g. passports.

Aside from ONT ID, ONTO Wallet offers asset and identity management through decentralized applications (dapps). 

With the Wallet, you can audit your finances, maintain a decentralized identity, secure your data, let your reputation be on the blockchain, conduct cross-chain transactions, and seamlessly integrate mobile and web platforms.

The goal of Ontology

To install blockchain technology, Ontology helps companies modify their existing internal systems without making significant changes. Using blockchain technology was meant to be accessible and attainable for everyone, which is why the creators made the process of integrating blockchain easier.

Is Ontology Secure?

Ontology is already well known, and you should understand its purpose and how it works. Despite this, security is always of the utmost importance.

Businesses must ensure that their private data will not be compromised if they want to install the Ontology network within their existing systems.

No single person or authority can control the network because data transactions are performed in a decentralized environment.

Taking control of more than half of the devices on the network would be needed to have any effect since confirmation responsibilities are confirmed by the Ontology community (who connect their devices to the network). In any case, the hacker would have to spend so much money executing their attack that it would be impractical. 

A traditional, centralized system would not be as secure as this one. Decentralized systems, such as the Ontology blockchain, are much more difficult to hack than centralized systems.

 

Ontology (ONT) Token Metrics

Where is the Ontology (ONT) coin available?

Ontology (ONT) is available on a variety of cryptocurrency exchanges. The list of quick, secure, and easy exchanges is listed below.

• Binance
• KuCoin
• OKX
• Gate.io
• Huobi

You can check the whole list of exchanges here to buy Ontology (ONT)