The blockchain may be a revolutionary technology. But it brings with itself a whole new set of issues - the biggest being scalability. With everyone on a blockchain having to download a copy of the data to stay updated, everyone is downloaded hundreds of gigabytes of data to stay connected to their blockchains. That’s where Ontology comes in.
Ontology is a high-performance public blockchain with its unique token - named the ONT token. Ontology addresses the problem of scalability by implementing distributed trust collaboration platform.
Ontology was developed by a Chinese company named Onchain and launched in 2017, created by Da Hangfei and Erik Zhang.
It is a public platform and is considered a major step in removing barriers between the business sector and blockchain.
This is considered to be the second generation of cryptocurrency which aims at eliminating the flaws of the first generation of cryptocurrency. The primary flaw of the first gen crypto assets is their lack of scalability.
Ontology is basically an ecosystem which aims at integrating every sector including the government sector. It is a new distributed ledger network that combines distributed data collaboration, distributed communities and distributed procedure protocols.
Ontology builds a peer-to-peer trust network which is useful for cross-application, cross-chain and cross-device. It makes use of chain network for the communication protocol, scaling, and security.
Ontology infrastructure consists of following three things:
The Ontology modules consist of three following things:
Though it is still under development stage, it has confirmed that it will work on two token system- ONT and ONG. ONG will be divisible token while the ONT token will be indivisible. It will work like the NEO's two token system.
The ONT token will give access to participation in consensus and governance while ONG will be used in case of smart contracts. As the system is borrowed from NEO, it will be wise to look at NEO's transactional fees to get an idea of the same for Ontology.
Ontology can be bought using the following two ways:
Ontology can be bought from different exchanges like Binance. To buy them from the exchange, you need to open a trading account online. After verification, you can add funds and buy the ONT cryptocurrency.
These are similar to the exchanges but run independently. Here, there are additional brokerage fees included. Top brokerage firms are Coinmama.
Once you buy your ONT token, you need to find a safe place to store it as it is a valuable asset. An Ontology wallet is the most hassle-free way of storing ONT. Two popular cryptocurrency wallets are Legder S and NEO CLI.
Ledger S is a digital hardware wallet developed by a Paris-based company. It is the size of a finger! It reduces the risk of hacking as it stores Ontology offline. The seed phrase and the keys generated by this wallet should be kept safely as they are required for recovery.
NEO CLI is a desktop Ontology wallet that can be installed and run on any computer. After installing, you become a node in the Ontology network. Apart from store, you can also mine ONT tokens using this wallet.
The ONT coin is supported on all major exchanges globally, including OKEx, Kucoin, Binance and more. It is extensively paired with BTC, ETH and USDT, making it fairly easy for users to exchange their existing holdings of these coins for an ONG token.
Throughout the journey of ONT in the crypto market from 2017, it has seen very few downward trends. Though there were incidents when the prices dipped, they were not large enough. Apart from these incidents, the price graph of ONT tokens is just increasing that signals its progress.
Currently, it has a market capitalization of $965 million. The total supply of ONT coin is 1 billion, with around 151,292,175 ONT tokens in circulation.
Despite the fact that it had premiered in early March 2018, Ontology already has a market cap over 1 billion USD which is a great thing about the ONT coin! Thanks to a significant number of lucrative businesses backing the ONT cryptocurrency, there is looking back for it.
The company plans on making technical developments in order to become one of the best cryptocurrencies in the world. Broadly speaking, the company will focus on two categories- namely Chain Network and Trust Ecosystem. The release of mainnet will be a major step towards the success of the Ontology coin in 2018.
Ontology, as talked about earlier has a lot of powerful backing from major companies in the world.
Ontology isn’t just store of value like Bitcoin, or a world computer like Ethereum. There’s plenty of USPs here, all driving its growing popularity:
The rising market capitalization of Ontology is an answer itself to this question. Being a second generation cryptocurrency, it brings with itself plenty of incentives as an investor’s center of attention.