What is Ontology?

Ontology is a high-performance, open-source blockchain that specializes in digital identity and data. It strives to provide trusted access to Web3, prioritizing user privacy and regulatory compliance. Ontology's infrastructure supports cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs.

How does Ontology work?

Ontology operates on a high-speed, low-cost public blockchain. Ontology's Ethereum Virtual Machine (EVM) aims to provide compatibility with Ethereum, marking the first step in the creation of the Ontology Multi-Virtual Machine and further interoperability for the chain. Ontology also offers a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust.

What are the potential use cases for Ontology?

Ontology offers a variety of real-life use cases and allows businesses to build their own blockchain on top of the Ontology blockchain. This provides businesses and enterprises with more flexibility, enabling them to create customized blockchains to fit their specific needs. The Ontology chain is designed with interoperability in mind. The network currently supports three virtual machines (Ontology EVM, NeoVM, WasmVM), helping to break down barriers to development and provide a familiar environment for those wanting to build with Ontology. This is the baseline infrastructure to enable easy, cross-chain building for Web3.

What is the history of Ontology?

Ontology was established by Li Jun in November 27th, 2017. As a philosopher with a technical background, Li Jun named the project Ontology, referring to the basic infrastructure of things, which matches their vision of building a decentralized and credit-based infrastructure. At its launch, Ontology chose to forego the popular initial coin offering (ICO) model in favor of a series of community distributions and airdrops of its ONT cryptocurrency. This contributed to the establishment of both organic price discovery and a community and aimed to help the project avoid regulatory scrutiny. Ontology launched its own MainNet on June 30, 2018 and has been up and running smoothly since.