The Ontology system is an open-source high-performance network that provides blockchain-based solutions relating to digital data and identity. The unique construction of the network was designed to support a large collection of cross-chain collaboration, as well as the inclusion of layer 2 scalability which offers businesses and individuals a flexible tool allowing them to design a blockchain to meet their specific needs. While it includes a suite of decentralized identity, the platform also includes other protocols to further smoother its operations; among which are enhanced speed through data sharing protocols, trust and security. Additionally, the Ontology network also contains a system known as ONT ID. ONT ID is a digital identity application available on mobile operating systems and DID use all through the ecosystem. It also has a decentralized data collaboration and exchange framework known as DDXF.
Upon its launch in the crypto space, the Ontology network chose to forego carrying out an initial coin offering model; rather, the platform opts in to distribute tokens to people all over the world.
In general, The Ontology network is somewhat new to the world of public blockchains as its design allows individuals and corporations with little to no knowledge of cryptocurrencies and blockchain technology to harness its power to suit their specific needs. By allowing these users to customize blockchains specifically for their needs, the platform sets them up to gain optimal use of the technology through its Integration in different kinds of apps.
Who are the Founders of Ontology (ONT)?
The Ontology network was created by Li Jun, who is also responsible for founding the Ontology company. In the early stages of the platform’s development, it received a series of technical support from several key members of the development team at Onchain. However, according to official statements on the website, the two platforms have been completely different projects with each pushing a specific goal.
Li Jun is a professional in the world of blockchain technology with vast experience and is also well-read. He holds a Bachelor’s Degree in computer science, in addition to a master’s degree in Communication Engineering. According to his CrunchBase profile, he is a prolific senior blockchain architect with over 16 years of experience in the world of technology alone.
Before establishing the Ontology network, he was in the business of providing technical architecture, management, and planning support for a series of top-tier IT firms within and outside the Chinese fintech space. While working to provide a technical architecture for several companies, he worked on and later co-established the Onchain network, a blockchain solution company.
What is Ontology (ONT) used for?
The Ontology network has a plethora of applicable points in the world of technology as a whole. Apart from the ease of implementing the system in such a way that doesn’t change the internal protocols of the platform, it also provides an easy-to-use interface. Because of this, the platform can meet the needs of virtually every type of business in every industry available. Not only can the system be applied in the execution of financial transactions, but it also meets the needs of data transacting parties as well. In general, one of the most important provisions of the Ontology network is that it provides secure, fast, and cost-effective transactions for everyone.
The Ontology platform is generally positioned as a direct competitor of the Ethereum blockchain. However, unlike the Ethereum network, Ontology operates with two coins, which are ONT and the Ontology Gas token also known as ONG. The latter was released in 2018 when the Ontology network was originally launched on its MainNet and it serves as a model of compensating participants who contribute to the development of the network.
What Is the Unique Point of Ontology (ONT)?
The Ontology system offers a large variety of use cases that apply to real-life scenarios, most of which are related to the business world, and allows them to develop their blockchain over the Ontology network. Additionally, the network itself also offers its users an improved level of enterprise flexibility which allows them to design custom blockchains to suit their particular purpose in all ramifications of its operation. These could be in terms of its governance protocol, the inclusion of enhanced privacy settings, and a series of other custom functions that earlier generations of cryptocurrencies such as the Ethereum classic and NEO ecosystems lack in their design mechanism.
The Ontology network has set up several protocols in its system that are aimed at bringing more participants to its blockchain. One of these is its transaction negation protocol which allows users to negate transaction fees through a process where ONG tokens are generated and distributed to ONT holders on the basis of the amount they hold. Furthermore, the system also provides some other features, some of which include smart contracts, data tokenization, and cryptographic identity proofs; all of which can be transferred across separate blockchains through a seamless process.
How many Ontology (ONT) coins are in circulation?
The Ontology system, upon its creation, had a maximum supply of 1,000,000,000 ONT. And out of that amount, its current amount in circulation is 875,249,524 ONT which makes up for around 80% of the total tokens available.
In the early days of its creation, a total of 15% of the ONT tokens were assigned to the individuals who make up its core team. 10% was assigned to the NEO council, 10% to the technical community of the platform, its institutional partners were assigned 28%, and finally, a total of 25% was directed at the development of the Ontology ecosystem.
According to the design protocol of its tokenomics, these assignments follow a stringent screening process and as such have different unlocking periods which generally span over two years, up until the end of October 2020.
Is the Ontology (ONT) Network secured?
Another protocol that can be considered a special feature of the Ontology network is its use of a unique consensus algorithm called VBFT. In simple terms, a consensus algorithm is a way by which blockchains are able to verify transactions after they have been confirmed without the involvement of a third party, thus making it a trustless environment.
The VBFT mechanism used by the Ontology network consists of three consensus models which include the Byzantine Fault Tolerant, the proof-of-stake consensus model, and the Verifiable Random Function. Due to the availability of this feature, the core developers team of the network have claimed that the system can execute transactions in the thousands per second as the use of the VBFT ensures cheaper transactions.
How do I buy Ontology (ONT)?
Even though earlier generation platforms like the Ethereum blockchain offer a variety of top-rated features to users, newer generation platforms such as the Ontology network have improved on their provisions over the years. The customizable nature of their protocol for individual and business use is a major game-changing advantage which has also led to its circulating supply being at over 80% of the total supply. ONT tokens are largely available across several exchanges and can be easily bought by following the steps below.
- create an account with the crypto trading platform,
- transfer a specific amount of fiat money to your crypto account through the funding options.
- Wait till the transaction is confirmed and then you can go on to buy your ONT tokens.
Which Cryptocurrency Wallet Supports Ontology (ONT)?
PTPWallet system is a platform that was created with the specific goal of facilitating crypto-based solutions while it supports a large variety of tokens on its ecosystem, one of which includes Ontology wallet. Over the years, the world of blockchain technology has seen innovative improvements in its mode of business operations and the PTPWallet system is also matching these developments. In addition to providing a window where its users can access several other cryptocurrencies, the platform also offers an easy-to-navigate interface.