What is Ontology? ONT Coin with All Unknowns – In this article, we will try to answer the questions of what is Ontology, what is ONT Coin.
What is Ontology?
Ontology is a relatively new public blockchain designed to allow companies with little or no knowledge of cryptocurrencies to integrate blockchain technology into their businesses.
The Ontology network allows users to customize public blockchains for different types of applications and get the most out of blockchain technology.
Supporting decentralized applications positions the Ontology platform as a direct competitor of Ethereum.
The Ontology platform has two cryptocurrencies – the Ontology token known as ONT and the Ontology Gas token known as ONG.
The Ontology Gas token was launched in 2018 with the launch of Ontology MainNet and serves as a form of compensation for users who contribute to the platform.
You can learn more about ONG in the sections below.
History of Ontology
The Ontology platform was recreated in 2017 by a Chinese company called OnChain. The platform was founded by the OnChain team with experts Erik Zhang, Jun Li and Da HongFei leading the project. The OnChain company is also known as the founder of the NEO blockchain.
The platform was built with the goal of allowing businesses to deploy blockchain technologies without drastic changes to their internal systems. The founders wanted to simplify the process of integrating blockchain technologies and make the use of blockchain possible for everyone.
The Idea Behind Ontology
The platform was created with the aim of allowing businesses to install blockchain technologies without making significant changes to their internal systems. The founders wanted to simplify the process of integrating blockchain technologies and make the use of blockchain possible for everyone.
No ICO
An ICO or ICOs are the most common method of raising funds for new blockchain projects such as Ontology. However, no ICO has been made for this platform. Instead, the developers gave ONT coins for free (called “airdrop” in the crypto community) to anyone who subscribed to the email newsletter list.
Partnership with NEO
Since the same company that founded Ontology also built the NEO blockchain, they decided it would be wise to link the two together. They did this by using the NEO community to boost Ontology and increase its popularity. Therefore, they gave free ONT coins to all NEO holders at the time of launch.
Main Coin
Since Ontology is a dual token platform, a
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The na coin is Ontology Token, or ONT for short. ONT officially went on sale in local markets in March 2018 and its supply will not exceed 1 billion cryptocurrencies. The reason behind the 1 billion mark is unclear. However, ONT is believed to be basically invented for specific needs and intended for ONT and NEO to work together as part of a common technology stack. There is also a lockdown group for the foundation, developers, and investment groups. At the time of its release, its price was just over $ 2.5. The value of ONT has increased since its debut thanks to Ontology’s partnership with the much more popular NEO blockchain.
Unique Aspects of Ontology
After Ontology MainNet was launched, a new type of cryptocurrency was introduced to the network. This was the Ontology Gas token (ONG) specific to the Ontology blockchain. ONG was created as a reward for users who contributed to the functioning of the platform. By contributing to the platform and the creation of new blockchains, users can earn transaction fees in the form of ONG. This system encourages users to stay active within the network.
Functionality of the Platform
One of the reasons the platform is widely accepted is because it allows businesses to use both private and public blockchains. Because it does not work as a single blockchain, the Ontology network allows users to control how and with whom to share data via the blockchain. This is one of the main reasons ONT is so attractive to business because it allows separate chains and therefore has multiple purposes.
Ontology as a Unique Medium
Another feature of the Ontology platform is that it uses a unique consensus mechanism known as VBFT. Simply put, a consensus mechanism is the way blockchains validate and verify transactions without a third party, thus becoming insecure environments. VBFT mechanism; It is a combination of three different consensus models that include the Proof-of-Stake consensus (PoS), Byzantine Fault Tolerant (BFT) and Verifiable Random Function (VRF). Due to this feature, Ontology developers claim that the platform can process thousands of transactions per second, as the VBFT mechanism allows cheaper and faster transactions.
Why is Ontology Used?
The Ontology network has many potential because it is easy to implement without changes to internal systems. This makes it suitable for all business types and industries. It is used not only for financial transactions but also for data transactions. Most importantly, Ontology allows faster, safer and much cheaper transactions.
NEO Supported By Blockchain
Since the Ontology network is powered by OnChain’s NEO blockchain, it has a significant advantage over other similar projects. Thanks to the NEO blockchain partnership, the Ontology platform also supports decentralized applications and offers smart contract features. In addition, the Ontology team worked closely with the Chinese government to ensure that this blockchain platform meets all security standards and requirements.
Benefits of Ontology
Ontology allows users to perform data and money transactions without the need for a third party. All transactions are secured with the unique VBFT consensus mechanism. Apart from its unlimited potential, one of the biggest benefits of the Ontology platform is the support of a team of professionals who stand behind the project. Ontology was created by OnChain’s trusted experts who are also responsible for the tremendous success of the NEO blockchain.
