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What is an Ontology (ONT)?
Ontology (ONT), is a comparatively new public blockchain. It was designed to assist companies having no knowledge or a little bit of knowledge about cryptocurrencies, to incorporate blockchain in their business.
This Ontology network permits the users to customize public blockchains depending upon the various kinds of applications, and thereby profit the most out of the blockchain technology.
Ontology acts as a direct competition of Ethereum since it also supports decentralized apps positions. Two types of coins are featured by the Ontology Platform, first is the Ontology coin also called the ONT and the second is the Ontology Gas Token also called the ONG.
The Ontology Gas Token was launched with the release of the Ontology MainNet in the year 2018. The Ontology Gas Token also serves as a form of compensation for all the users who contribute to the platform.
Who are the founders of Ontology (ONT) ?
The Ontology platform was created by a Chinese company named OnChain, back in the year 2017. This platform was founded by the experts of the OnChain team. Jun Li, Erik Zhang and DaHongFei were leading the project. Thus, the company OnChain came to be popularly known as the founder of the Ontology Blockchain.
What makes Ontology (ONT) unique?
A new kind of coin was introduced in the network after the launch of Ontology MainNet. This coin was the Ontology Gas Token or the ONG. This became the unique factor of the Ontology Blockchain. Ontology Gas Token was created as a bonus for all the users who contributed to the operation of the platform.
The users could earn transaction fees in the form of Ontology Gas Token if they made a contribution to the platform and the creation of new blockchains. This served as a reward and thus motivated the users to remain consistent and active within the Ontology Network.
How many ONT coins are there in circulation?
Ontology Coin or the ONT is the cryptocurrency that empowers Ontology. It is a highly efficient blockchain that primarily focuses on solving the problems related to security, identity, privacy and data integrity. It provides all of these features making sure that data remains consistent and its accuracy is not hindered.
Ontology Coin has a total supply of 1,000,000,000 ONT, out of which approximately 80% are presently in circulation. Just like NEO, ONT is indivisible. Unlike the bitcoin where users can claim 0.5 Bitcoin. Whereas, the Online Gas Token or the ONG is divisible and does not mandatorily be a whole number.
Thus, while performing any transaction in the Ontology network, ONG or ONT, including the claiming of the ONG bonus from staking, the transaction fee is 0.01 ONG.
How does Ontology (ONT) work?
The Ontology platform was built with the motive to help businesses and companies to install blockchain technology in their internal systems without having the necessity of making extreme alterations.
The founders of Ontology Blockchain had the motive of simplifying the procedure of incorporating blockchain technology and making the implementation of blockchain technology possible for everyone.
Ontology permits the creation of several blockchains developed atop the primary Ontology blockchain. This works hand in hand with the focus of Ontology on catering to businesses.
In place of forcing the businesses to implement a single public blockchain, with a set of regulations and specifications, Ontology blockchain provides more flexibility in blockchain designing, to the businesses that decide to build with the technology of Ontology.
Ontology founder, Jun Li stated in his presentation at the Sydney NEO meetup, that the businesses have a ton of requirements. Thus, they need their blockchain with their governance model. Another major concern for businesses is privacy since the businesses generally do not want to expose all their data in public, especially the data that needs to stay private to remain compliant with the consumer protection laws.
Undoubtedly, this is a major reason that most businesses have given up Ethereum or Onchain’s NEO project since both of them were fully public blockchains. Ontology Technology, on the other hand, allows the businesses to gain profit from the uses that the blockchain technology can impart, some examples are:
Self-executing contracts of computer code also called Smart contracts can make several processes automatic which increases business efficiency and productivity.
Cryptographic identity proofs, like those provided by ONT ID, work without the necessity to deal with sensitive documents like passports.
Data tokenization, like with Ontology’s upcoming DDFX, is said to make data trackable which means the records related to where the data travels and what all happens to the data will all be documented on the blockchain. It will also make the data transferrable across various systems or various blockchains, like the ones that are part of the Ontology environment.
Ontology technology makes all of the above-mentioned things possible by allowing the businesses to carefully select what information they require to share from their blockchain to the primary, public Ontology blockchain.
This served as a considerable boon for businesses that do not want to get left far behind in the blockchain era, but they were afraid that their data may get into the wrong hands.
Conclusion
Ontology permits users to make data and money transactions without requiring a third party. All the Ontology transactions are very well secured using the distinctive VBFT consensus mechanism. In addition to its boundless potential, one of the most important benefits of Ontology Technology is the support it gets from a team of professionals who are the pillars of the project.
The Ontology technology has a good amount of potential since it is user friendly when it comes to implementation, as it does not require any alteration in the internal systems. Due to this fact, Ontology proves itself suitable for all kinds of businesses and industries.
In addition to its application in financial transactions, it is used for data transactions as well. Most prominently, Ontology technology helps in faster, more secure and economical transactions.
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