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Ontology

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About Ontology

Ontology is a new generation public blockchain project that aims to solve some of the key challenges facing blockchain technology today. Created in 2017 by Onchain, a leading Chinese blockchain company, Ontology builds on their expertise to create a robust blockchain framework and decentralized network.

History of Ontology

Ontology emerged out of Onchain, which started researching blockchain technology in 2014. They identified issues such as poor performance, inability to support diverse industries, and lack of regulation. To solve these problems, Onchain created a decentralized identity protocol and distributed ledger network called DNA (Decentralized Network Architecture).

After successful use of their private blockchain solutions by Chinese businesses and government, Onchain decided to make their technology public, co-founding the Ontology blockchain in 2017. The Ontology network had its genesis block in June 2018.

Ontology Technology and Features

Ontology incorporates a modularized, customizable framework that allows it to be tailored to diverse industry use cases. Some of its key features include:

A multilayer blockchain structure with independent components for core blockchain functions, network transmission protocols, and more. This enhances performance and flexibility.
A decentralized identity system (ONT ID) that gives users control over their digital identity and data, improving trust and security.
Sophisticated smart contract support, including customizable protocols and standards that can be tailored to business needs.
Top-grade security protections like formal verification of key smart contracts. This ensures system reliability and robustness.

Use Cases for Ontology

Ontology is designed for business applications and has already been deployed across various industries:

Digital identity: ONT ID is used for identity verification, KYC, and more. This improves efficiency while protecting user privacy.
Supply chain: Ontology’s blockchain traces food from farm to table, preventing issues like contamination. It also enhances logistics in sectors like manufacturing.
Healthcare: Secure transfer of medical records between providers to improve care while maintaining patient confidentiality.
Gaming: Blockchain integration enhances in-game economies and allows provably scarce digital assets.

ONT Token

The ONT token is the cryptocurrency that powers the Ontology network. It has multiple uses, including:

Network fee payment to run smart contracts and utilize blockchain services.
Staking to help validate transactions and secure the network. Stakers earn ONG rewards.
Governance to vote on network changes. ONT holders have a say in Ontology’s evolution.

ONT has a fixed supply of 1 billion tokens. ONG is the second token which is used for staking rewards. ONT holders periodically receive ONG payments based on how much ONT they stake.

Ontology’s Dual Token Model

Ontology has two native tokens that work together to power its blockchain network – ONT and ONG.

ONT is the primary token and serves various utility purposes like being used for transactions fees, network governance through voting, and staking to help validate transactions. ONT has a fixed total supply of 1 billion.

ONG is the secondary token that is generated by holding ONT. ONT holders can stake their tokens, and receive ONG as a kind of dividend or staking reward. ONG provides the economic incentive for entities to stake ONT and help run the network.

The dual token model allows for separating the primary store of value function of ONT from the secondary utility functions of ONG. Holding ONT lets you earn ONG which can be used for things like paying fees. This dual token design aims to create a sustainable and effective economic model for Ontology’s blockchain ecosystem.

Ontology Ecosystem and dApps

Ontology has built a thriving ecosystem with many partnerships. Some key elements include:

dApps: 150+ decentralized apps that range from gaming to identity services. The ecosystem is supported by grants, events like dApp contests, and documentation.
Developer community: Ontology provides SDKs in multiple languages, documentation, and development support to foster its community.
Partners: Collaborations with companies like VAKT for commodity trading, Daimler in automotive, and healthcare providers.

Partnerships and Adoption

Ontology has inked deals with numerous businesses and government agencies including:

Chinese telecom company China Mobile to research 5G mobile network integration.
Travel site Trip.com providing verified hotel reviews and OTA bookings.
Certification and inspection company SGS for supply chain tracking.
Chinese city Chongqing for resident ID and data applications.

These partnerships validate Ontology’s ability to deliver compliant, tailored enterprise solutions.

Future Outlook for Ontology

Ontology has robust technology and a clear adoption-focused vision. Upcoming developments include:

Further decentralized identity and data sharing protocols to strengthen privacy and connectivity.
Expanded mechanisms to seamlessly integrate with traditional systems and drive enterprise adoption.
Support for industry-specific regulations like healthcare privacy requirements.
Increased scalability through side-chain support and optimizations.

With its innovative platform, Ontology seems poised to become a leading blockchain project solving real-world business problems. Exciting times lie ahead.

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FAQ

Ontology is a high-performance, open-source blockchain specializing in digital identity and data. It’s designed to provide a decentralized platform where businesses can implement blockchain solutions without extensive knowledge of this technology. The platform focuses on solving issues related to identity security and data integrity, making blockchain technology more accessible for various industries.

Ontology was founded by a Chinese company called OnChain, led by founders Da HongFei and Erik Zhang. This company is also known for its role in the development of the NEO blockchain. Their experience and expertise in blockchain technology have been critical in the development and growth of Ontology.

Ontology uses a dual-token model: ONT and ONG. ONT is used for staking in consensus, while ONG is a utility token used for on-chain services. Ontology features a unique architecture with multiple blockchains layered on top of each other, a core blockchain, and additional blockchains that can be customized for different use cases. This design allows for flexibility and scalability, catering to various business needs.

Ontology is used mainly for identity verification, data exchange, data collaboration, procedure protocols, communities, attestation, and various industry-specific modules. It aims to facilitate a trust-based, blockchain-empowered ecosystem for businesses and institutions, enhancing the security and efficiency of identity verification and data management.

Ontology (ONT) can be purchased on various cryptocurrency exchanges. Popular platforms like Binance, Huobi, OKX, and KuCoin support the trading of ONT. It’s advisable to research and choose an exchange that aligns with your needs in terms of security, liquidity, and user experience.

For storing Ontology (ONT), there are several options:

Hardware wallets like Ledger Nano S or Ledger Nano X offer high security.
Software wallets like ONTO (Ontology’s official wallet), OWallet, or Exodus provide convenience and ease of use.
Non-custodial wallets such as IronWallet offer control over private keys, emphasizing security and privacy.

It’s crucial to consider factors like security, accessibility, and user interface when choosing a wallet.

Ontology sets itself apart with its unique focus on identity verification and data management, catering to enterprise needs. Its multi-chain architecture allows businesses to implement customizable blockchain solutions without deep blockchain knowledge. Additionally, its collaboration with NEO for digital assets and digital identity furthers its uniqueness in the blockchain space.

Ontology uses a consensus mechanism called VBFT, a combination of Proof-of-Stake (PoS), Byzantine Fault Tolerance (BFT), and Variable Random Function (VRF). Due to this mechanism, ONT cannot be mined in the traditional sense like Bitcoin. Instead, token holders can participate in the consensus process and earn rewards by staking their ONT tokens.