Ontology (ONT) current price is $1.631 with a marketcap of $972.32 M. Its price is -0.26% down in last 24 hours.
- Ontology (ONT)
- Live Price $1.631
24h % -0.26%
- Market Cap$972.32 M
- Volume$17.55 M
- Available Supply597.50 M ONT
More Info About Coin
Ontology is a nifty contract ecosystem created to revolutionize how businesses deal with identity and verification by anchoring their data to a blockchain based network. ONT is the next multi-chain, public platform that aims to provide a decentralized and single ecosystem by utilizing a decentralized trust network coupled with distributed ledger architecture.
Through the implementation of decentralized and standard management modules, ONT creates an open platform that supports multiple industries and connects them to the blockchain based services through a collaborative and interactive environment. In this guide, we discuss everything entailing Ontology.
What is ontology?
Ontology is high-performance public blockchain project and a distributed trust collaboration platform. It offers a high-performance public blockchain platform that includes a series of smart contract systems and complete distributed ledgers.
In order to understand the idea behind Ontology, we must understand about the cryptocurrency NEO. Ontology was launched in 2017 by the developers of NEO, a Chinese organization called Onchain. Onchain solely focuses on smart contracts, digital verifications, and innovation in digital asset transfer.
The blockchain technology was developed in 2017 with the aim of allowing businesses to implement trust mechanisms and customize them to suit their individual needs.
In summary, Ontology was designed to bridge the gap between the public and private blockchains. The technology is designed to eliminate the learning curve that organizations had to go through before integrating blockchain technology with their infrastructure.
Notable Team Members
- Erik Zhang (CTO) and Dei Hongfei (CEO) are the co-founders of Onchain. Besides, they are the development company behind NEO and Ontology.
- Jun Li is the founder and lead architect in Ontology. Jun has a background in computer science and business. Besides, he Li has an experience in financial exchanges.
- Zhou Yan is the Technical Management Director of Ontology. Yan has over 10 years of experience in product management, software marketing, and development. In 2016, Yan was among the first technicians to integrate distributed caches and data striping on the blockchain.Ontology Basics
- Ontology was developed by a Chinese company named Onchain. It was launched in 2017 by its creators Erik Zhang and Da Hangfei.
- ONT is a public platform aimed at removing the barrier between the blockchain and the business sector.
- It is well-thought-out second generation cryptocurrency aimed at eliminating the flaws of the first generation. The primary flaw in the first generation is scalability, something that ONT aims at addressing.
Ontology is an ecosystem primarily geared towards integrating every sector of the business including the government. It is a new distributed ledger network that combines distributed communities, collaboration, and procedure protocols.
Besides, it is built on a peer-to*peer trust network, which makes it useful as a cross chain/device application. In addition, it makes use of a chain network for security, scaling, and communication protocol. The technology infrastructure of ONT consist of the following three parts:
1. The ONT Blockchain: Most of the common applications and other services required by the ONT ecosystem is provided by the public blockchain.
2. ONT Frameworks: In order to support the business, the framework of the blockchain is highly customizable and modularized.
3. ONT Interaction Protocols: The protocols assist in making the platform compatible across multiple systems, device, and blockchain.
On the other hand, the ONT modules consist of three following:
1. ONT ID: This is the module that allows authentication of various assets and objects.
2. ONT Data: This is the framework that takes care of the blockchain including data resource management and smart contract transactions.
3. ONT Scores: This framework provides support for various businesses in order to develop different evaluation logic. It is done in accordance with the distributed credible data.
1. ONTO: ONTO is a decentralized client product. It provides users with the control of their digital assets, data and identities.
2. ONTO TSE: The TSE refers to Trust Search Engine. It provides connection and authentication services for assets, objects, and individuals.
3. ONT DDXF: Refers to the distributed data exchange framework. In addition, it provides high financial security and the ability to customize data trading marketplaces.
In real life, ontology can be used in hospitals. Every time you visit your doctor, he/she makes a note about your illness and provide a prescription. But what happens is you move to another city and you need treatment? The hospital you visit may not have access to your medical records and this is where Ontology comes in. Using Ontology technology, your medical records can be posted on the network which is accessible from anywhere, hence, helping in breaking the boundary barrier.
Benefits of Ontology
- Easy to use and integrate with other business systems. Besides, it is scalable.
- It contains its own working mainnet.
- It uses a mix of both centralized and decentralized systems.
- Works in collaboration with NEO.
- It is the first blockchain technology to offer identity.
Although it is still under development stages, the transactional process will involve two token systems-ONG and ONT. The ONG is used in cases of smart contracts since it is divisible, while on the other hand, the ONT is used to provide access to participation since it is indivisible.
How to buy and store ontology
One can acquire ontology through the following means:
1. Cryptocurrency exchange
You can purchase Ontology from different exchange sources like Binance. In order to buy them, you need to sign up for a trading account online. Once the details are verified, you can add funds and buy the ONT cryptocurrency.
2. From Cryptocurrency Brokers
Although similar to exchanges, they run independently. Here, additional brokerage fees are included, one of the top brokerage firms is Coinmama.
Once you buy an ONT token, you need to find a safe place to store it since it is a valuable asset. Having an Ontology wallet is the most hassle-free way of storing ONT. In addition, you can store it in either Ledger S or NEO CLI.
Ontology is a disruptive project seeking to deliver a much-needed service in the market today, and in my opinion, the future of Ontology looks prosperous, nonetheless, like any other project in the space, it is still early to truly understand how things will pan out.
Pros & Cons
|Large team made up of well educated and experienced professionals.||Chinese government may take action if they feel their own identity/reputation system is threatened.|
|Strategic partnership and shared resources with NEO.|
|The number of industry sectors that would benefit from the Ontology coin is endless.|
BCrypto Investment Tip
Ontology (ONT) is a smart contract ecosystem designed to revolutionize the way we deal with identity verification by anchoring this data to a blockchain based network. Building upon lessons learned from other cryptocurrencies like Bitcoin, the founders of Ontology want to bring reduced counter party risk, improved security, and the benefits of distributed systems to identity management. If you ask me, Ontology is a must have coin in your portfolio.