What Is Ontology (ONT)? All You Need To Know

Key Takeaways

  • Ontology (ONT) is a public blockchain network focused on decentralized identity and data solutions in Web3.
  • The project aims to solve trust issues on blockchains by focusing on identity security and data integrity.
  • The Ontology network is designed to comply with regulations, so you can be confident that your data is handled securely.

What Is Ontology (ONT)?

Ontology (ONT) is a public blockchain network that provides decentralized identity and data solutions specifically for Web3 applications. The project aims to create an infrastructure that allows users and enterprises to control their digital identities and data by offering solutions compliant with regulations and prioritizing user privacy.

It is important to note that Ontology was created by Onchain, the company that also created the NEO blockchain and its its mainnet went live on June 30, 2018.

How Does Ontology (ONT) Work?

Ontology (ONT) is a blockchain platform designed for businesses. It aims to address challenges businesses face with traditional blockchains, like data fragmentation and lack of interoperability. Here’s a breakdown of how it works:

Dual Token System

  • ONT – Users stake ONT to participate in Ontology’s Proof-of-Stake consensus mechanism, Triones.
  • Ontology Gas (ONG) – Functions as the utility token within the network. Similar to gas on Ethereum, ONG is used to pay for transactions, data storage, and smart contract execution.

Interoperable Blockchains

Ontology allows businesses to create their own private blockchains while connecting to others on the Ontology network. This enables secure data exchange between businesses while maintaining individual data privacy.

Focus On Decentralization

Ontology utilizes a Proof-of-Stake system where validators are chosen based on their staked ONT. This helps decentralize the network and prevents malicious control by any single entity.

Benefits For Businesses

Ontology offers businesses a way to build secure and scalable blockchain applications with features like digital identity management and data-sharing protocols.

Ontology (ONT) Token And Tokenomics

Tokenomics

The ONT token is Ontology’s native cryptocurrency. It is used for:

  • Governance
  • Staking
  • Integration With Ethereum Virtual Machines (EVM)

Token Details

Total Supply 1,000,000,000 ONT

Circulating Supply 875,249,524 ONT

Current Price $0.383

Market Capitalization $333,161,327

This information is current as of May 3rd, 2024, and the token’s price, market value, and available supply may fluctuate.

Distribution

  • Ontology Community (12%)
  • Co-Builders (28%)
  • NEO Council (10%)
  • Ontology Ecosystem Development (25%)
  • Ontology Technical Community Reward (10%)
  • Ontology Core Team (15%)

Where Can I Buy Ontology (ONT)?

Binance Binance is a major exchange offering a wide range of cryptocurrencies. It offers multiple ways to buy crypto, including credit cards, debit cards, and peer-to-peer (P2P) trading.

KuCoin KuCoin is a smaller exchange known for its competitive fees and support for many cryptocurrencies.

Gate.io This exchange provides ONT, other cryptocurrencies, and margin trading options.

Is Ontology (ONT) A Good Investment?

Pros

  • Enterprise-Focused – Unlike Ethereum, Ontology caters specifically to enterprises. It offers a public main chain for transparency and private chains for businesses that need confidentiality.
  • Strong Team & Backing – Ontology has a team of experienced developers and advisors, and it’s backed by major companies.
  • Limitless Potential – Ontology’s focus on digital identity and data verification has the potential to revolutionize many industries. Its applications could range from supply chain management to secure voting systems.

Cons

  • Competition – Ontology faces competition from other smart contract platforms like Ethereum and NEO. It needs to establish itself as a unique and valuable solution for enterprises.
  • Uncertainty In Adoption – While Ontology offers advantages for enterprises, large-scale adoption of blockchain technology by businesses is still uncertain.

Final Thoughts

Whether Ontology (ONT) is a good investment depends on your risk tolerance and goals. Remember, this guide only provides a starting point for your research. Always conduct your due diligence before making any investment decisions.

Via: 2Usethebitcoin.com

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