Ontology is a blockchain platform built to accommodate other blockchains, in both private as well as public sectors so that enterprises can utilize its technological innovation.
This guide to Ontology will introduce the ways in which the project plans to accomplish this.
With the ONT blockchain targeting enterprises, it gives businesses an option to either store data privately or publicly. The Platform was co-founded by Da HongFei and Erik Zhang who are also the founders of the NEO blockchain.
Ontology was created to provide interoperability between blockchains. Since businesses would not want to populate all of their information on a public blockchain, with the Ontology blockchain, they choose what to keep private and what to open up to their competitors.
For example, a client may want to open an account with a specific business; they can use a public blockchain which will then interface with the Ontology blockchain to privately store the personal info.
A Short History Of Ontology:
Ontology was born in 2017 by OnChain; a Chinese firm co-founded by Erick Zhang and Da HongFei.
Surprisingly, the project did not issue an initial coin offering but rather airdropped Ontology tokens early this year on its host platform, NEO blockchain.
During the airdrop, the Ontology team gave out 1,000 ONT tokens to its newsletter subscribers while those holding NEO tokens were rewarded with 0.01 ONT tokens per NEO token. Additionally, those who attended the NEO DevCon event shared 500 ONT tokens.
In June of this year, Ontology migrated to its own mainnet which was followed by a series of airdrops. After migration, the Ontology platform introduced a two coin system as it is the case with the NEO blockchain.
The Ontology platform introduced a unique consensus algorithm called Verifiable Byzantine Fault Tolerance (VBFT). The algo combines the functionalities of other consensus algorithms. i.e. it combines Proof of Stake algorithm (PoS) with the Verifiable Number Function algo (VRF) plus the features of the Byzantine Fault Tolerance algorithm (BFT).
This combination powers the Ontology Consensus Engine (OCE) that is tasked with guaranteeing “the randomness and fairness of the consensus population generation, and ensure that state finality can be reached quickly.”
The Two Coin System:
The Ontology platform has two native tokens i.e. the ONT and ONG tokens. The functionality of the two tokens is different.
The ONT token gives its holders a voice while making decisions on issues affecting the Ontology network. Its holders also receive Ontology Gas (ONG) tokens which are system generated. ONG will be used to power the execution of smart contracts, network storage, among other utilities on the platform.
The generation of ONG will take place for 22 years with different generation percentages per year. All the ONG tokens used on the platform will be distributed to those holding ONT tokens.
One billion ONT tokens were introduced on the platform during the creation of the genesis block. Additionally, after 22 years, one billion ONG tokens will have been generated.
Ontology’s Current & Future Developments:
The works in progress include service partnerships, ecosystem apps, ecosystem cooperation, and community expansion among others.
Before the end of this year, the Ontology team seeks to expand its focus from just optimizing the recently launched main chain to also focus on the ONT ID-based trust application system. The system aims to help individuals and businesses to create a digital identity on the ONT blockchain.
In conclusion, the ONT token can be purchased on popular cryptocurrency exchanges such as Binance, Huobi, OKEx, Bibox, and others. However, the ONT token cannot be purchased with fiat and you have to convert fiat to a known crypto coin before exchanging it with ONT.
Also, the Ontology project has some great real-world use cases that may see businesses embracing blockchain tech in their day to day operations.