What Is Ontology
Ontology is a high-performance as well as open-sourced blockchain that specializes in the fields of digital identity as well as data. It supports cross-chain collaboration with Layer 2-scalability and, as such, has the ability to offer the ability to design a blockchain that suits any corporation's needs. It has a decentralized identity as well as data sharing protocols that can enhance speed, security as well as trust. This includes ONT Id, which is a mobile, digital ID application, and DID, which is used throughout the ecosystem alongside DDXF, which is a decentralized data exchange and even a collaboration framework.
Ontology was created as a method through which businesses can install blockchain technology without changing the systems they already have. It wants to make the adoption simple.
Ontology Founders
Ontology was founded by Li Jun. The project received support from members of Onchain's development team. Erik Zhang is the co-founder and CTO of Onchain.
Ontology Coin (ONT) started out as an NEPT-5 token, which was a type of NEO token, and on June 30, 2018, the Ontology mainnet launched, and NEP-5 ONT was swapped for the native mainnet ONT. As a result, it quickly established organic price discovery and a community that helped the project avoid regulatory issues.
How Does ONT Work
ONT will allow you to manage your digital identity by storing it on your phone or cloud storage with a private key that will only grant you access to the data. This means that when you share your identity with third parties, you do not need to provide all of your credentials, and all you really have to do is provide proof of identity. Here, you just give out a signature, not documentation. This proof of verification is provided through the Ontology Trust Anchors that provide credential verification services for ONT ID users. In return, they get ONT tokens.
This proof system is secure and cannot be forged. Furthermore, Ontology allows for the creation of multiple blockchains, all of which are built on top of the main Ontology blockchain.
It lets businesses benefit from certain blockchain features such as smart contracts, which are self-executing contracts of computer code that can automated processes and even increase business efficiency. Furthermore, they can provide cryptographic identity proofs, such as ones provided by ONT ID, without needing to deal with sensitive documents such as passports. Then you have tokenization of data, where DDXF makes data trackable, and the record of where the data goes and what happens to it is recorded on the blockchain and becomes transferable across different systems or blockchains.
All of this is made available and enables businesses to pick what information they would like to share from their own blockchain to the main public Ontology blockchain.
The ONT token plays a key role in the sense that it grants holders governance rights. This means that they can get a say in the network decisions, such as the upgrades and changes. They can also be staked, which results in staking rewards. In fact, staking ON pays you in ONG, which is the gas used on the Ontology network, where ONG is consumed when doing things such as executing smart contracts. This also helps negate transaction network fees through generating and distributing free Ontology Gas (ONG) to ONT holders based on their holdings.
Furthermore, due to the fact that the Ontology network is fully decentralized, it is highly resistant against hacks, which would have to affect over half of the affected devices to truly be impactful.
This is a distributed trust collaboration platform, and the Ontology platform uses blockchain technology as a way to provide public blockchain systems. The Chinese company called OnChain runs it, and the Chain networks or the neo blockchain can implement different public blockchains and different applications.
In turn, enterprises get the ability to create customized blockchains to fit their specific needs and features such as governance and an enhanced level of privacy and functionalities that the competition lacks in providing them with.
Where Can You Buy ONT
Ontology has an available supply of 877,927,426 and a total supply of 1,000,000,000 coins.
If you want to buy, sell, or trade Ontology (ONT), you can do so on exchanges such as Binance Futures, OKEx, HitBTC, Upbit, and BitZ.
