What Is Ontology (ONT)?
Ontology (ONT) is a project designed to bring trust, privacy, and security to Web3 through decentralized identity and data solutions. It is building the infrastructure to provide trusted access to Web3, allowing individuals and enterprises to rest assured that users and their privacy come first through regulatory compliant digital identity solutions.
The Ontology blockchain is a high-speed, low cost public blockchain. It is designed to bring decentralized identity and data solutions to Web3 to increase privacy, transparency, and trust. To achieve this, users and enterprises are provided with the flexibility to build blockchain-based solutions that suit their needs while also ensuring regulatory compliance. Through Ontology’s Ethereum Virtual Machine (EVM), ONT ensures frictionless compatibility with Ethereum, the first step in creating the ONT Multi-Virtual Machine and further interoperability for the chain.
At its launch, ONT chose to forego the popular initial coin offering (ICO) model in favor of a series of community distributions and airdrops of its ONT cryptocurrency.
This helped establish organic price discovery and a passionate community quickly and helped the project avoid subsequent regulatory scrutiny.
For example, for a brief period, any person who signed up for the ONT newsletter received an airdrop of free 1,000 ONT, which reached a value of $10 per token soon after the token became listed on major exchanges like Binance.
Ontology launched its MainNet on June 30, 2018, and has been up and running smoothly since.
Who Are the Founders of Ontology?
Established by Li Jun on November 27, 20217, Ontology builds the infrastructure to provide trusted access to Web3, allowing individuals and enterprises to rest assured that users and their privacy come first through regulatory compliant digital identity solutions.
As a philosopher with a technical background, Li Jun named the project ONT in philosophical terms, “Ontology is the branch of philosophy that studies concepts such as existence, being, becoming, and reality.” In the Semantic Web, there is a very basic protocol called ONT. Across the technology and philosophical field, ONT refers to the basic infrastructure of things, which matches our vision of building a decentralized and credit-based infrastructure.
What Makes Ontology Unique?
Ontology offers a variety of real-life use cases and allows businesses to build their blockchain on top of the ONT blockchain. This provides businesses and enterprises with more flexibility, enabling them to create customized blockchains to fit their specific needs.
The ONT chain is designed with interoperability in mind. The network currently supports three virtual machines (Ontology EVM, NeoVM, WasmVM), helping break down development barriers and providing a familiar environment for those wanting to build with ONT. This is the baseline infrastructure to enable easy, cross-chain building for Web3.
Of course, providing the infrastructure is only one of the solutions to the challenges provided by Web3. The user experience is also crucial, and this is another area where ONT is uniquely placed to make a positive contribution. ONTO Wallet gives cross-chain access to the user, placing Web3 in the palm of their hands. Combine this with ONT ID, which allows users to keep control over the ID and data. Furthermore, with features like ONT Login, which simplifies the registration and password management procedures, Ontology has the tools available to provide the most seamless access to the next iteration of the Internet.
How Many Ontology (ONT) Coins Are There in Circulation?
Ontology has a total coin supply of 1,000,000,000 ONT, of which nearly 80% are currently in circulation.
At its launch, 15% of ONT tokens were allocated to its core team, 10% to the NEO council, 28% to institutional partners, 10% to its technical community, and 25% to the development of its ecosystem.
These tokens were subject to a strict screening process and various unlocking periods that ran over two years until October 2020.
How Is the Ontology Network Secured?
The Ontology network is fully decentralized and therefore highly resistant to hacks, which would have to affect over half of the connected devices to make an impact.
Where Can You Buy Ontology (ONT)?
Both ONT and ONG are listed and supported by leading exchanges such as Binance and OKX.