What Is Ontology (ONT)?

Ontology is a next-generation network of public blockchains that offers combined support for smart contracts and ledger accounts. The platform aims to offer low-cost, high-speed, and decentralized identity and data solutions to Web3. Web3 is considered the next phase of web or internet evolution created on the concept of user utility, openness, and decentralization. 

Ontology focuses on increasing the trust, transparency, and privacy of its users and companies. The purpose behind this is to provide flexibility in creating blockchain-based solutions that match users’ needs within the regulatory compliance. Through its Ethereum Virtual Machine (EVM), the asset makes sure to provide smooth compatibility with Ethereum. The vision of Ontology is to protect the data and identity of users through encryption. The platform has also developed several products, including:

• Ontology Trust Ecosystem: This includes ONTO, a primary crypto wallet application of Ontology. 

• Ontology Authenticator:A claim management tool that increases the efficiency of signing servers for mobile apps useful for developers.

• OWallet:A digital wallet that facilitates multi-signature technology and many other features. 

• Explorer: A public verifier system that offers monitoring blockchain activity.

 Ontology functions on a dual-token model: Ontology (ONT) and Ontology Gas (ONG). Both tokens power its network and are essential for the ongoing operations on the Ontology public blockchain. ONG token is used on the network to pay for transactions and fees. In comparison, the ONT token is the primary mode of transferring and storing value on the Ontology network. Token holders are allowed to vote on proposed upgrades, changes, and project direction. In exchange for ONG rewards, users can stake ONT, as they contribute to the stability and security of the network.

History of Ontology (ONT)

Ontology was officially released on November 27, 2017, and joined the Decentralized Identity Foundation on December 12, 2017. The platform released its whitepaper 2.0 on July 09, 2019. Jun Li is the founder of the Ontology platform and has over 17 years of experience in fintech and IT. In addition, the other founding team members include Gloria WU (chief of Ecosystem Partnerships), Erick Pinos (Americas Ecosystem lead), Humpty Calderon (head of community), Dr. Kendall MAO (chief scientist), Morio Katayama (Japan Ecosystem lead), and Ning HU (chief of technology).