What is Ontology (ONT)? The complete guide

que es ontology Bitnovo
7 min read

Ontology is a public platform created in the NEO network oriented to the creation of projects. As an objective, the platform tries to create a security system so that companies can exchange and process data in a safe way.

Ontology allows companies to develop block chain solutions without knowing the technology. In this way, companies can become active data managers, closing the gap between them and the blockchain, thus allowing the exchange of distributed data.

History of Ontology

Ontology is a Chinese company created by Jun Li, co-founder of Onchain with the help of experts such as Erik Zhang. The platform was launched in 2017 with the aim of simplifying the process of integrating blockchain technology into the world of economics, making it available to everyone.

Although this project did not launch an ICO to raise funds, it continued its development with another strategy. The developers gave away ONT coins to all users who subscribed to their newsletter mailing list.

After its launch, the company that created Ontology decided to link the platform with the NEO block chain. When the network was launched, the NEO community helped drive the development of Ontology by giving away ONT tokens to all NEO holders.

In March 2018, the platform was officially listed in the markets and its maximum issue reached a limit of one billion coins.

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How does Ontology (ONT) work?

 Ontology is a platform that works with two tokens: ONT and NGO. ONT is the main currency while ONG is the utility token for chain services. ONG was created after the launch of the Ontology MainNet to reward users who contribute to the operation of the platform.

By contributing to the platform and creating new blockchains, users can earn commissions for their transactions in the form of ONG by encouraging users to remain active in the network.

The Ontology blockchain does not charge fees and records up to 1000 transactions per second. It has great security, as it works with distributed identity verification and various industry-specific modules. Since it is built on the NEO platform, it presents features that prevent data from being deciphered even by using supercomputers.

Ontology is compatible with both public and private block chains. This facilitates its use by different companies or organizations that want to collaborate with each other having different blockchains.

The network structure has a flexible and expandable design to meet the needs of different industries. In addition to working with blockchains, this platform also works with two concepts regarding space.

  • One of them is “sharding” which consists in the fragmentation of solutions where the tasks are divided into fragments or in this case, into layers increasing the stability of the network. The ecosystem has four layers, each one destined to fulfill different functions.
  • The second mechanism is the VBFT consensus (Variable Byzantine Fault Tolerance) which is achieved through the combination of the participation test, a verifiable random function (VFT) and Byzantine fault tolerance. This way the system will be able to solve validation and consensus failures, among others.

There are 3 Ontology protocols

  • ONT ID, is a distributed identity framework with three very useful functions. These are digital identity identification, asset identification and incident identification. 
  • ONT Data takes care of data exchange functions on the network such as intelligent resource and contract management
  • ONT Scores is in charge of evaluating credits, data credibility and logistics.

In the real world, ONT acts in scenarios such as the administration and management of identity data in public administrations, banks and businesses. This is only a small part of Ontology’s potential.

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Wallets from ONT

If you decide to buy Ontology you will need a wallet to keep them, but not just any wallet. Below we tell you which wallets you can use to save ONT.

Usually we can save ONT on the platforms where we have bought them, however, this option is not completely reliable. For this reason, one of the ways to protect our crypto currencies is to invest in physical wallets or you can also use hardware wallets.

Among the physical wallets we have Ledger NANO X or TREZOR MODEL T. On the other hand, if what you want is a hardware wallet that you can always carry with you Ledger Wallet will be very good.

How to mine ONT

Ontology is a cryptomone that cannot be mined. This means that whoever wants to acquire the currency will only be able to do so through commercial activities on the platform or in campaigns directed by the same company.

The price of ONT has varied greatly since its launch. It has reached minimum prices of up to 0.50 USD and maximum prices of 10 USD. In 2018 the price of ONT plummeted due to the bearish season the market went through, reaching a price close to the US dollar. Currently the price of the ONT moves between 0.46 USD and 0.48 USD.

Advantages and disadvantages of ONT

Like everything else, this platform and its tokens have a good side and a bad side. Let’s investigate them.


Advantages

  • Reliable and useful solutions for the development of corporate projects
  • Fair distribution and decentralization.
  • VBTF consensus model that combines speed and safety
  • Union of the digital economy and the real economy.

Disadvantages

  • Development of the project in China, a country with high regulation of cryptos.
  • There is increasing competition in the development of decentralized applications.

Where to buy ONT?

If you want to know how to buy ONT or where to do it, of course we will recommend you to buy ONT from Bitnovo. And this is not simply because we are inside the brand’s blog, but because Bitnovo is really a fast and safe way to do it.

Our goal as a company is to make it possible for a person who just entered the crypto world to buy any crypto currency in a matter of minutes, without experiencing the problems that most crypt exchanges have.

 

 

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