What is Ontology (ONT)?
Future of ONT Cryptocurrency and know how to buy ONT

What is Ontology (ONT)?

#1 What is Ontology (ONT)?

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: The basics

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.

ONT Development

  • 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.

Technology

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: 

  1. ONT Blockchain: Common applications and other services required in the Ontology ecosystem is provided by public blockchains.
  2. ONT Blockchain Frameworks: In order to support various kinds of businesses, the framework of the blockchain is highly modularized and customizable.
  3. ONT Interaction Protocols: These protocols help in making the platform compatible across different devices, systems, and blockchains.

The Ontology modules consist of three following things: 

  1. ONT ID: This is a complete identification module that allows authentication of various objects and assets.
  2. ONT Data: This framework takes care of the data on the blockchain. It takes care of operations like data resource management, smart contract transactions etc.
  3. ONT Scores: This framework provides support for various businesses in order to develop different evaluation logic. This is done according to the distributed credible data.

Use Cases

  • ONTO: This is a decentralized client product which gives the users control of their own digital assets, identities and data.
  • ONT TSE: TSE stands for Trust Search Engine. This provides connection and authentication services for individuals, objects and assets.
  • ONT DDXF: This is a distributed data exchange framework. It provides high financial security and the ability to customize several data trading marketplaces.

 

#2 What are the benefits of Ontology?

  • Skilled developers: Ontology is developed by a group of highly skilled and intellectual developers. They are highly experienced as well. 
  • Well funded: Launched by a Chinese company, it is well funded by other major Chinese companies as well. 
  • NEO Partnership: Strategic partnership and the support from NEO is one of the major reasons for the success of this cryptocurrency.

 

Transactional Process

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.

 

#3 How to buy and store Ontology?

Ontology can be bought using the following two ways:

  • From cryptocurrency exchange

 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. 

  • From cryptocurrency brokers

 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.

Popular Exchanges

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.

  • While cryptocurrency exchanges provide you a platform to buy or sell ONT tokens, CoinSwitch comes in to help you make the right decision by providing the prices for an ONT coin on multiple crypto exchanges. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you! 
  • What’s more - with CoinSwitch, best cryptocurrency exchange you do not rely on a separate wallet from the exchange to store your ONT coins. Instead, all transactions happen to and from your own personal private wallets.

Also Read: Complete Analysis of Ontology | Live Ontology (ONT) Price Charts & Predictions

 

#4 What is the future of Ontology?

Trends so far

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.

Future Trends

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.

Support and Regulation

Ontology, as talked about earlier has a lot of powerful backing from major companies in the world.

  •         Tembusu Partners: It is an emerging private equity firm. It has its headquarters in Singapore and is an emerging firm in Asia.
  •         Accomplice: It is a seed-led venture capital firm that embraces risk. They have their headquarters in San Francisco and Boston. They are working with Ontology to strengthen their technical advocacy.
  •         Hashed: It is one of the most influential blockchain groups in South Korea. They build communities and provide acceleration to the projects.
  •         Onchain: It is a company which focuses on development, research and operation of the blockchain technology.

 

#5 How is Ontology different from other cryptocurrencies?

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: 

  • While most of the cryptocurrencies focus on the problem of centralization, the ONT cryptocurrency focuses on the issue of scalability that is faced even by some of the most renowned cryptocurrencies. 
  • The chain network it uses is one of its biggest USPs. The technology is still under development but has a high potential of helping it scale in terms of building a widespread network. 
  • Ontology provides more financial security to its users. As ONT tokens are mostly stored offline, the risk of online hacking is reduced.

 

#6 Should you invest in Ontology?

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.

  •        Innovative Trust Mechanism: Ontology combines different trust mechanisms in order to build a decentralized trust mechanism. It is highly flexible and can be modularized according to your needs.
  •        Multi-source identity system: This system requires verification from different sources like family, banks, and businesses. This helps in building a trust-based ecosystem that is reliable. The current global market currently lacks such systems, which should add value to the ONT system.
  •         Partnerships: The lucrative partnerships associated with ONT are one of the major reasons why you should invest in Ontology. It’s a sign of corporate adoption and support, which typically drive value. Together, they are working towards creating an ecosystem which will provide users with high security and reliability.
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