What Is Ontology (ONT)?
Ontology (ONT) is a project created by the Chinese company Onchain. Initially, the project was created for the development and implementation of blockchain in the field of activities of various organizations and enterprises. Within this scenario, Ontology acts as a kind of a consultant. But the ultimate goal of the project is more global: to create the largest blockchain system, uniting different projects into one ecosystem.
ONT Crypto History Brief
The launch of the Ontology distributed network was announced in the fall of 2017 at the Shanghai Blockchain Conference hosted by Onchain. There was no pre-sale of tokens, but an airdrop took place in March of the following year (the owners of the NEO altcoins took part in it). A month and a half later, the roadmap was published, and the mainnet went live in the second quarter of 2018.
The project’s team includes more than 60 people; Kwang Jun Lee, a software specialist with 17 years of experience, is the founder and the mastermind of Ontology. He holds a bachelor's degree in computer science and a master's degree in communication technology.
Although the ONT team maintains close ties with NEO, its members always emphasized their complete independence. Unlike the community-driven NEO project, Onchain is a subsidiary of the Chinese financial group Fosun. But it should be stressed that the entire
NEO ecosystem is under the control of Onchain. Ontology smart-contracts, in their turn, operate on the technological basis of NEO, and, therefore, these two projects are inextricably linked.
Ontology Coin Key Features
Ontology has a modular structure that allows even users without profound technical skills to work with the platform. Also, the tools offered by the developers allow users to create applications of any complexity.
The Ontology network consists of the underlying Chain Network protocol and the Trust Ecosystem – a set of tools for building decentralized applications.
The task of the main network is to control consensus-building, communication between elements, security of operations and scalability.
The Trust Ecosystem module is responsible for making work products by partner companies.
The Trust Ecosystem is divided into four layers:
- Identification layer where the user's identity and material values are checked.
- Licensing layer where the authenticity of software products is verified. It is necessary to prevent data leakage and block network attacks.
- Protocol layer, where web modules and communication protocols are checked for spyware.
- Structural layer, that provides communication between Trust Ecosystem components. The division into separate modules provides a comfortable work in the Ontology network for users of any skill level. It is enough to select the module responsible for performing certain tasks.
A user wants to create a blockchain to operate on the IoT network, where he needs to verify users and devices. To do this, he needs an ONT ID module.
To adapt data encryption and consensus algorithm to his needs, he switches to ONT Custom.
The HydraDAO module will help him to create a decentralized organization (DAO) and set the governance model he needs.
Of course, a user won't be able to work with these tools without special training. But the modular structure of the network makes life easier for novice programmers.
The Ontology cryptocurrency team has developed a unique Verifiable Byzantine Fault Tolerance (VBFT) consensus protocol.
The protocol includes the following components:
- Well-known Proof-of-Stake;
- Byzantine Fault Tolerance (BFT);
- Verifiable random function (VRF).
The developers are convinced that this scheme guarantees high efficiency and scalability of the network, which theoretically can process up to 5000 transactions per second. This is much higher than traditional POW blockchains can offer.
Each operation goes through a three-layer security system. The validators for each stage are selected via the VRF function.
- At the first level, the crypto block is made up.
- At the second level, transactions are processed and a trusted node is elected, which must find the hash signature out.
- At the third level, validators check the results of the predecessors' work and issue a verdict. If the block is created correctly, it is added to the chain, and incorrect blocks are eliminated.
To become a validator a user needs to freeze a certain number of ONT tokens.
Smart-contracts on the Ontology network are written in C # and Python languages and launched via the NEO VM virtual machine.
Where Can An ONT Coin Be Used?
Ontology, like NEO, uses two crypto coins:
- ONT – its holders can vote on network governance issues. All ONT tokens were generated at launch and are no longer mined.
- Ontology Gas (ONG) is used to pay for smart-contracts and validator services. This token is generated when a block is created.
Validators are elected by voting and only they participate in PoS-mining. Any ONT token holder can nominate himself, but the probability of winning the elections is negligible.
To become a candidate node, a user needs to have 10,000 ONTs on his balance. He can start staking by delegating his stake to one of the validators. The updated Ontology 2.0 network offers rates ranging from 7% to 40% APY depending on the node. The minimum threshold has been reduced from 500 to 1 ONT. As a part of the new economic management and betting model, the ONG transaction fee has been increased fivefold from 0.01 ONG to 0.05 ONG, which will help stakers earn more.
Ontology Future Plans
- The Ontology project is very ambitious and has great potential. In the face of fierce competition, Ontology has a strong development team and solid financial backing, but numerous projects are working in this direction and it is not yet known who will win.
- Recently, Ontology was accepted as an official Google Cloud partner. The team is helping to create IEEE standards for blockchain, expanding the crypto industry. Perhaps, the better days for the project are ahead.
The system is still developing and a number of important features are underway.
How To Buy Ontology coin?
Today Ontology crypto price is 2.5696 USD. The best way to exchange your coins to ONT is StealthEX. It’s a super-friendly, non-custodial and limitless cryptocurrency exchange platform. So if you already have savings in crypto and wish to invest in ONT, just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example ETH to ONT.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your ONT coins.