Ontology (ONT) – What You Really Need to Know

Written by Adolph Obasogie - Reviewed by Coin Review Team

Published: May 21, 2018 | Last Updated: Mar 14, 2019

2024-10-15T05:25:40+00:00

What is Ontology?

Ontology is a decentralized ecosystem with an underlying blockchain with the goal of providing a trustless environment for businesses. The primary use-cases are digital signatures, verification of applications and link them together.

Ontology combines a distributed identity system, distributed data exchange, and distributed communities to form a peer-to-peer trust network which can be used cross-chain and cross-industry.

Table of Contents:

The infrastructure is very flexible to support the needs of various industries and branches. The “trust network” consists of four layers:

Chain 1: verifies people, wealth, things, and organizations.
Chain 2: verifies applications and link them together
Chain 3: verifies and connects modules, protocols, SDK’s and API’s
Chain 4: links all the different network chains together

This specific structure is highly customizable, easily expandable and existing businesses can effortlessly plug-in. Similar to NEO, Ontology uses a two-tokens structure. The native asset of the Ontology ecosystem goes by the ticker ONT and by holding it you can generate the second tokens GAS. Ontology additionally offers smart contract functionality.

History

The Chinese company Onchain launched Ontology on 27. November 2017. Onchain is the same company that created NEO and the launched ONT as another part of their smart economy. It was distributed via airdrop in March 2018 to NEO token holders, and people who signed up on their newsletter also received 1000 ONT.

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Can Ontology be mined?

No, it uses a modified version of Proof-of-Stake, Practical Byzantine Fault Tolerance, as consensus mechanism. ONG holders will get compensated with GAS.

What differs Ontology from other Cryptocurrencies?

Ontology’s founding company Onchain works closely with Chinese government officials, and they do their best to be compliant with the law. And Ontology is an ecosystem which is solely focussed on trust, authorization and data exchange, this combined with NEOs transactions and business automation capabilities can form a powerful system.

How much is Ontology worth today?

What is the total and the circulating supply?

The total supply of ONT is 1,000,000,000 and the circulating supply at the time of writing is 112,620,058 ONT.

Where can you buy ONT?

You can buy ONT on several cryptocurrency exchanges, most notably Binance, OKEx, and Huobi.

Can Ontology be sold for cash?

You can sell ONT for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Upbit.

Future Development

Ontology strives to create a “blockchain trust zone” as a part of the Internet. To achieve this ambitious goal Ontology plans on splitting its infrastructure into two parts in 2018:

Chain Network: new generation, high-performance blockchain
Trust Ecosystem: fast and automated identification and verification, safe handling of confidential data

These two layers will merge together and form a distributed trust and verification ecosystem.

Verdict and Rating

7/10
Ontology is a substantial project and its developing company Onchain has a lot of experience in the blockchain space. Also, they work tightly with regulatory bodies which is a Plus. Together with NEO Ontology will form what Onchain describes as “smart economy,” an ecosystem where companies can use their blockchain infrastructure without effort.

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7 / 10.0

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Disclaimer

The writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.