Ontology

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Discover Ontology's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Ontology?

Ontology (ONT) is a decentralized identity and data solutions platform that enables users to own and manage their personal information securely. It provides a framework for decentralized identity and data management solutions that prioritize privacy, aiming to reshape how individuals and businesses interact online. The platform uses a dual-token system consisting of the Ontology Token (ONT) and Ontology Gas (ONG) to support various use cases and ensure long-term sustainability.

How is Ontology used?

Ontology (ONT) is a utility token that serves as the primary means of transferring value on the Ontology blockchain. It is used for several purposes:

  1. Staking and Governance: ONT token holders can delegate their stake to a Triones node, allowing the node operator to make proposals and vote on governance matters on their behalf. This process also earns them ONG rewards.

  2. Storage and Transfer of Value: ONT is used for storing and transferring value within the Ontology network.

  3. Smart Contract Deployment: ONT is required for deploying smart contracts on the Ontology blockchain.

  1. Node Operations: ONT is used to cover the operating costs of nodes on the network.

  2. Identity Management: Ontology focuses on decentralized identity solutions, and ONT plays a role in this process through its use in the Ontology Identity (ONT.ID) system.

  3. Interoperability: ONT can be bridged into the Ontology EVM as WONT (Wrapped ONT) to interact with Ethereum-based applications.

Overall, ONT is essential for the operation and governance of the Ontology network, providing a means of value transfer, staking, and smart contract deployment.

How do I store Ontology?

To store Ontology (ONT) tokens, you can use the Guarda Wallet, which is a convenient tool for storing and managing ONT coins. Additionally, you can store ONT on a Ledger Nano S, as demonstrated in a YouTube tutorial.

How to buy Ontology?

To buy Ontology (ONT) tokens, follow these steps:

  1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports Ontology (ONT) trading. Some popular exchanges include SpectroCoin, CEX.IO, Paybis, Kraken, and WazirX.

  2. Create an Account: Sign up for an account on the chosen exchange by providing necessary information, including your email address and a secure password. Complete any required identity verification steps.

  3. Fund Your Account: Deposit funds into your exchange account using a supported payment method, such as a credit card, debit card, wire transfer, or Bitcoin.

  1. Buy Ontology (ONT): Navigate to the Buy & Sell section, select Ontology (ONT) as the cryptocurrency you want to purchase, and choose your preferred order type (e.g., Market Order, Stop Order, Limit Order).

  2. Monitor and Manage: Keep track of your ONT holdings and manage your assets using the exchange's interface or a compatible wallet like ONTO Wallet.

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History of Ontology

Ontology (ONT) is a decentralized identity and data solutions platform that was founded in 2017 by Jun Li, a respected figure in the blockchain industry. The project was initially launched alongside Onchain, a company specializing in blockchain solutions for businesses, but was later established as a separate entity.

Ontology launched its mainnet blockchain in June 2018, focusing on decentralized identity and data management. The project's growing development community quickly propelled the ONT token's market capitalization above $100 million. Over time, Ontology expanded its capabilities by introducing decentralized data exchange frameworks and its ONT ID protocol.

In 2020, Ontology partnered with NEO and Switcheo to launch PolyNetwork, a heterogeneous interoperability protocol alliance. This partnership greatly expanded Ontology's cross-platform interoperability, enabling cross-chain transactions and enhancing its multi-platform interoperability.

Ontology has formed partnerships with several high-profile businesses in China and Japan, including ZAICO and ROCKI, and opened an office in Germany in 2023. The project continues to develop its infrastructure, aiming to provide trusted access to Web3 through decentralized identity and data solutions.

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How Ontology works

Ontology (ONT) is a proof-of-stake blockchain network designed to provide distributed trust infrastructures for various industries and business scenarios. It aims to enable businesses without blockchain expertise to develop and implement blockchain solutions. The network specializes in trust, identity, data exchange, and authorization solutions, offering a suite of distributed services including data exchange, data collaboration, and digital identity.

Key Components
  1. Ontology Chain Group: A hyper-converged collection of distributed ledgers, each acting as a personal blockchain network for businesses. This collection is called the Ontology Distributed Ledger, providing basic services like entity data exchange protocols and identity management.

  2. Dual Token Economy: Ontology operates with two tokens: ONT and ONG. ONT is the staking token for the proof-of-stake consensus system, while ONG is the utility token used to pay for transactions, network storage, and the deployment and execution of smart contracts.

  3. Consensus Mechanism: Ontology uses the Verifiable Byzantine Fault Tolerance (VBFT) consensus algorithm, a mix of Proof-of-Stake, Byzantine Fault Tolerance, and Verifiable Random Function. This ensures a secure and efficient consensus process.

  1. Smart Contracts: Ontology supports high-performance, scalable smart contracts that can be written in various programming languages. It also features cross-virtual machines, allowing for greater flexibility.

  2. ONT ID: A decentralized identity framework that enables companies to implement blockchain-driven authentication using their data.

  3. DDFX: A decentralized collaboration and data exchange protocol that allows users to tokenize their data, enabling cross-system data processing and traceability.

Functionality
  • Staking: ONT holders can stake their tokens to participate in the consensus process and receive ONG rewards.
  • Transaction Fees: Fees are paid using ONG, which keeps transaction costs predictable and low.
  • Governance: ONT holders have governance rights, allowing them to influence the development of the network.
Advantages
  • High Throughput: Ontology can process thousands of transactions per second, with a confirmation period of just 1 second.
  • Low Fees: Transaction fees are exceptionally low, making it a cost-effective option.
  • Innovative Technology: Ontology is constantly expanding its functionality, making it a cutting-edge blockchain solution.

Overall, Ontology provides a robust and adaptable blockchain infrastructure for businesses, offering a range of services and tools to facilitate trust, identity, and data exchange.

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Ontology's strengths

Ontology (ONT) has several strengths that make it a robust and versatile enterprise blockchain solution:

  1. Decentralized Identity and Data Solutions: Ontology specializes in decentralized identity and data solutions, providing robust cross-chain collaboration and Layer-2 scalability. This allows businesses to design an enterprise blockchain that suits their needs, enhancing speed, security, and trust.

  2. High-Speed and Low-Cost Public Blockchain: The Ontology blockchain is designed to be high-speed and low-cost, making it accessible and efficient for businesses to integrate blockchain technology into their infrastructure.

  3. Dual-Token Model: Ontology uses a dual-token model, consisting of ONT (staking token) and ONG (utility token). This model allows for efficient staking, voting, and transaction processing, ensuring the network's security and incentivizing participation.

  1. Regulatory Compliance: Ontology is compliant with China's regulations on crypto technology, making it an attractive option for businesses operating in or investing in the Chinese economy.

  2. Interoperability: Ontology's cross-platform interoperability enables seamless interactions between different blockchain platforms, including Ethereum, Neo, and Cosmos, facilitating cross-chain transactions and data exchange.

  3. Customizable and Flexible: Ontology's infrastructure allows businesses to build blockchain-based solutions tailored to their specific needs, ensuring regulatory compliance and flexibility.

  1. Strong Trust Ecosystem: Ontology's decentralized identity and data solutions provide a strong trust ecosystem, enhancing privacy, transparency, and trust in Web3 applications.

  2. ONT ID and ONTO Wallet: Ontology's ONT ID and ONTO Wallet offer secure and self-sovereign control over users' digital identities and data, ensuring encryption and protection from malicious actors.

These strengths position Ontology as a practical and adaptable blockchain solution for businesses, enabling them to leverage the benefits of decentralized technology while maintaining regulatory compliance and flexibility.

Ontology's risks

Ontology (ONT) risks are associated with the use of ontologies in various domains, particularly in risk management. Here are some key risks:

  1. Lack of Consensus:

    • Different definitions and perspectives on risk can lead to confusion and inconsistencies across organizations and domains.
  2. Modeling Complexity:

    • Risk management models and techniques can be complex and difficult to apply, especially in networks of interacting systems.
  3. Risk Propagation:

  • Difficulty in perceiving and managing risks as they propagate through networks of systems can lead to unforeseen consequences.
  1. Shared Goals and Knowledge:

    • Lack of shared goals and knowledge can hinder effective risk management and communication across different parts of an organization.
  2. Implementation Challenges:

    • Implementing risk ontologies and models can be a significant challenge, requiring careful tailoring to specific domains and applications.
  3. Data Quality and Integration:

  • Ensuring the quality and consistency of data used in risk models and ontologies is crucial to avoid incorrect assessments and decisions.
  1. Semantic Web Technologies:

    • The use of semantic web technologies like OWL can be complex and require specialized expertise, which can be a barrier to adoption.
  2. Governance and Coherence:

    • Ensuring that risk ontologies are consistently applied across an organization and its functions is essential for effective governance and risk management.

These risks highlight the importance of careful planning, implementation, and maintenance of risk ontologies to ensure their effectiveness in managing risks.

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Did Ontology raise funds?

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Ontology’s team

  • Jun Li: Co-founder and Chief Architect of Ontology, with a background in computer science, communication engineering, and an MBA. He has experience in the IT and fintech sectors, including technical architecture and management support for firms like Infosys and the China Financial Futures Exchange.
  • Andy Ji: Co-founder and Chief Strategy Officer of Ontology, with experience in blockchain and finance-related organizations.
  • Da HongFei: Founder of Onchain, the company behind Ontology and NEO, serving as the CEO.
  • Erik Zhang: Co-founder of Onchain and CTO, involved in the development of both NEO and Ontology.

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