Ontology crypto blockchain is one decent cryptocurrency for crypto enthusiasts to learn more about what and how this cryptocurrency works.
This is one of the projects running on the Polkadot ecosystem network in the infrastructure category. Ontology has a native coin with the ticker symbol ONT. Overview Ontology is an open-source blockchain specializing in digital identities and data.
On rating site, Coinmarketcap, ontology (ONT) is at #90 at the time of writing with a price tag of $0.8595 up 10.84% on the day. Even though the market capitalization is under billions, which currently stands at 753 million USD, this coin is on the watchlist of 123.511.
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- 1 What is ontology crypto?
- 2 What is ontology blockchain?
- 3 What does ontology Crypto do?
- 4 Ontology Team
- 5 Is ontology crypto a good investment?
- 6 Ontology blockchain roadmap
- 7 Ontology cryptocurrency Reddit
- 8 Ontology crypto where to buy?
- 9 Final thought
What is ontology crypto?
Ontology is an open-source blockchain specializing in decentralized identity and data infrastructure. Ontology is a blockchain that supports robust cross-chain collaboration and Layer 2 scalability. This makes it possible to design blockchains that suit business needs.
The Ontology infrastructure uses a decentralized identity suite and data-sharing protocols to increase speed, security, and trust.
The Ontology infrastructure has featured in its environment including ONT ID, mobile digital ID applications, and DID that work within the ecosystem. Includes DDXF features, collaboration framework, and decentralized data exchange.
Ontology offers more flexibility for enterprises. They can build the blockchain to suit their specific needs in terms of features such as stricter governance and privacy.
Ontology crypto history
The ontology crypto blockchain was invented by Jun Li, who was later endorsed by a Chinese company in 2017 called Onchain. Meanwhile, Onchain was founded by Erik Zhang and Da HongFei.
Both of these guys have experience in blockchain development, including the NEO blockchain, which has been worth billions of dollars. Ontology launched its own MainNet on June 30, 2018, and now operates independently of the NEO blockchain.
The crypto blockchain ontology has a dual token model, it is ONT and ONG. ONT is the main token in the Ontology network, serves for network governance and staking.
ONT holders have voting rights for eg when there is a network change. And also for staking by locking the ONT to help secure the network and verify transactions. Staking ONT will be rewarded with ONG tokens.
So the ONG token has a function for on-chain services such as transactions or payments for the deployment of smart contracts. ONG stands for Ontology Gas, which functions similarly to the cost of gas on Ethereum. But the difference is that in the Ethereum network you pay with ETH, in the Ontology network you pay using ONG.
ONT which is the main token in the Ontology network has a maximum token of 1,000,000,000 coins. Meanwhile, 88% have been circulating, to be exact, 877,927,426.00 ONT.
If the maximum supply has been reached, there will be no additional new coins. The ONT token is compatible with the NEO blockchain, it is NEP-5. This is probably because the founding development team of Onchain is being a NEO blockchain developer.
The concept is similar to the ERC-20 token running on the Ethereum blockchain network. The ONT price at the time of writing is $0.8434. with the tendency of prices to increase this week.
Ontology gas (ONG) token
ONG is the second token in the Ontology network which is useful for on-chain fee payments in the Ontology network. ONG was created as a reward who contributed to the network. This token has a total supply of 1,000,000,000, this is the same amount as the ONT token, but the difference is that ONG does not have a maximum supply.
Because there is no maximum supply, if the number of tokens in circulation has reached 1 billion, it is possible that new tokens will be launched. Currently, the number of ONG tokens in circulation stands at 283,837,611.07 ONG at the time of writing.
The current price of ONG tokens is $0.8094. The price surprisingly rose very high on May 20, 2021, to reach $2.5115 from $0.4639. But the high price level is only temporary and the price drops again on May 22, 2021, at $0.8348.
Ontology crypto wallet
Although the ONT token is different from the ERC-20 token, Trustwallet is one of the wallets that supports ONT coins.
For those of you who want to store ONT tokens in Trustwallet, you can use applications that can be downloaded in the App Store and Google play store.
Other alternative wallets that also support ONT tokens you can try choosing one from this list:
- Owallet, this is a desktop wallet, you can get here.
- ONTO, This is a wallet that allows you to create your own digital identity, get it here.
- Cyano, This is an online wallet that supports Chrome and Firefox, you can download it here.
- Infinito Wallet, This is a multi-cryptocurrency wallet including ONT token, you can download it here.
- O3. This wallet platform ONT supports Windows, Mac, iOS, Android, you can get it here.
- Cobo, This wallet specializes in proof of stake for a number of tokens, including supporting ONT tokens. Get it here.
- Clay Wallet, This wallet supports multiple cryptocurrencies, you can store ONT here.
- BitKeep Wallet, Supports major cryptocurrencies, you can use this wallet for ONT, get it here.
What is ontology blockchain?
On further explanation, Ontology is actually a blockchain project built for enterprise-level that wants data protection and identity sovereignty.
This blockchain provides a secure and unique client chain, designed to protect data and systems. It is a blockchain infrastructure platform that can be considered as a ‘private space’ on a public blockchain.
An ontology just like Ethereum uses smart contracts and ledger that is distributed to large businesses in a usable form. Blockchain Ontology offers enterprises a flexible solution to build the blockchain they need.
Ontology blockchain is gaining enough traction from users, which has built Dapp projects on this network of more than 82 projects as of October 2020. Including the top-performing Dapp Wing and Unifi Protocol, which chose Mainnet Ontology.
And more, Ontology blockchain secures partnerships with a number of high-profile enterprises, including a partnership with automobile Daimler.
As a Multi-Platform interoperability platform, Ontology includes support for the Ethereum, Neo, Ontology, and Cosmos platforms.
What does ontology Crypto do?
Ontology is an open-source blockchain with enhanced multi-platform interoperability. Supporting heterogeneous and homogeneous platforms. It works like a bridge between public and private blockchains.
In simple terms, Ontology is an enterprise solution platform that wants private data confidentiality. An enterprise may don’t want to put data information on a public blockchain because it allows competitors to access their data. With the Ontology blockchain, the data is private and only the enterprise can access the data. Or give permission to certain parties to allow access to data.
However, some data may be open to the public. For example information for new clients who are about to register, is by put data on a public blockchain such as NEO which can then communicate with the Ontology blockchain.
Ontology blockchain also uses smart contracts like Ethereum. It will automate processes and increase efficiency. Ontology also uses ONT ID with a trust mechanism based on a verifiable credential system.
Tokenize data using the Distributed Data Exchange Framework (DDFX). It is a framework infrastructure that supports data processing and management.
There are 9 members of the Ontology team including the founder and advisor.
Jun Li is the founder of Ontology who has experience as a blockchain architect since the age of 17. Experienced in IT and Fintech.
Jun Li also has roles in leading companies China Financial Futures Exchange and Infosys. Have a BA in computer science and an MSc in engineering communications.
Served as Chief of ecosystem partnership. Experienced in consulting and marketing products for operations and social enterprises.
He has served as VP of investment and acceleration of Blue Elephant capital.
He also plays a role in DHL, a global logistics company. And AIESEC, a youth-run organization.
Served as head of business and strategy. He is an expert in business development and marketing. Has an MS degree from Johns Hopkins Financial Econometrics.
And BA in mathematics at Boston University. Participate and invest in global projects such as Dorahacks, Fcoin, Bibox, Ox, etc.
Eric Pinos served as Americas Ecosystem Lead at Ontology. And also he serves as President at Blockchain Education Network. He holds an MS degree at the University of Massachusetts Institute of Technology (MIT) in management.
Ning Hu is experienced as a Semantic Web expert and also experienced in software development. He joined the Halo project.
Ning Hu has nearly two decades of experience in software development and high-end technology. He also joined Project Halo, an initiative by Paul Allen, co-founder of Microsoft in 2008, where his role focused on the development of Big Data and Artificial Intelligence (AI). He was also instrumental in the founding of the leading fintech subsidiary Green Dot in China, where he worked as a Development Manager.
Dr. Kendall Mao
He served as Dean of the Research Institute of Ontology. Obtained a Ph.D. in cryptography from Shanghai Jiao Tong University.
His expertise in the blockchain is mainly on blockchain consensus mechanisms, blockchain privacy protection, and data security.
He is an academic whose research has been published in various international journals in the field of cryptography.
He serves as Head of Community at Ontology. Have more than 15 years of marketing experience. Building a business in the fields of education, fintech, and information technology.
Experienced in community building, product management, and marketing.
He helped trusted fintech and Defi initiatives grow across multiple blockchains, as well as securing significant value in staking validators, automated market makers, and cryptocurrency wallets.
He serves as the Japan ecosystem lead. Developed Ontology in Japan since January 2020. Provide support to users in the Ontology community. This Keio University graduate earned a degree in economics.
His experience in the cryptocurrency field is unquestionable, the founder of Ninja Tech LLC in 2018.
Matsuyama Kitao Takayuki
He serves as an advisor at Ontology, has experience in trading companies in Japan including foreign financial institutions, has been an advisor at IT venture.
He also serves as an advisor on Ontology, has experience in blockchain, and is certified in Bitcoin and Cryptocurrency Technologies from Princeton University.
a bachelor’s degree in international affairs and affairs from San Francisco State University, and an MBA from the Universidad Isabel.
Is ontology crypto a good investment?
No one knows for sure what the future of Ontology will be, but this also has its advantages and disadvantages.
One of Ontology’s strengths is its experienced and expert development team. A founder has support from NEO and OnChain developers. Has a wide market potential, which allows it to continue to grow using the Ontology network.
But the downside is that China has banned cryptocurrencies in the country, and the Ontology development team is mostly from China. This will probably affect the development of Ontology in general.
However, there are still many crypto enthusiasts who believe that ONT has a good long-term future.
Ontology blockchain roadmap
The ontology roadmap started in 2018 which is divided into two main lines, Chain and Trust Ecosystem. In the implementation of the two roadmaps, they went hand in hand, until 2020 successfully completed the roadmap.
Ontology roadmap 2021
The Ontology team has published the roadmap for 2021 on medium.com. In 2021, Ontology has future plans to continue to focus on decentralized identity and data.
The team has targets to bring more users to the Ontology platform. In their roadmap, they will focus on ONTID, OScore, ONTO Wallet, Wing_Finance, and Sagaprotocol.
In the roadmap, Ontology ONT ID and UID will integrate with public networks such as Ethereum, Polkadot, and Binance Smart Chain. Next, they will integrate Oscore into more Defi platforms.
Ontology will also support ONTO to get more Dapps within ONTO on the roadmap. The roadmap also includes the team will launch the Wing platform on other blockchains such as Ethereum.
At the end of the roadmap, the Ontology team includes adding to the partner ecosystem, one of which is the SAGA platform.
Ontology cryptocurrency Reddit
In the Reddit community, members of the Ontology subforum have reached 19.8k members. In daily life an average of one hundred members online status.
For Ontology investors, joining the Reddit forum allows them to get the latest updates on Ontology. Knowing the Ontology news updates is important for investors. So they can decide to hold ONT or sell it.
Ontology crypto where to buy?
You may be interested in ONT, and want to buy one right away. Where to buy Ontology tokens? You can buy it on any of the popular exchanges like Binance, Cex.io, Coinbase, OKEx, Gate.io, as well as Huobi.
The growth of projects in the polka-dot ecosystem provides new opportunities for cryptocurrency enthusiasts. Ontology blockchain comes to provide private data security solutions. It has its own uniqueness. Because it offers real-life uses cases.
Even though the Ontology rank is still below the top 100. The future potential of this project is quite promising for some enthusiastic investors.
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