Price (USD)$ 0.2786
Circulating SupplyONT 875.24952M
Volume (24h)$ 10.29287M
Market Cap$ 243.80228M
Low/High 24h$ 0.2623 - $ 0.2858
Change (24h)-$ 0.005879
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.
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 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:
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:
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.
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.
Ontology, like NEO, uses two crypto coins:
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.
The system is still developing and a number of important features are underway.
Today Ontology crypto price is 0.2786 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: