What is Ontology?
Ontology is a public blockchain that aims to help businesses who have little or no experience with cryptocurrency incorporate blockchain technology into their operations. The Ontology network enables users to create public blockchains for a variety of applications, allowing them to get the most out of blockchain technology.
The Ontology platform is a direct rival to Ethereum since it supports decentralized applications. The Ontology platform has two coins: the Ontology coin and the Ontology Gas token, both of which are known as ONT and ONG.
With the introduction of the Ontology MainNet in 2018, the Ontology Gas token was issued as a method of remuneration for users that contribute to the platform.
How does Ontology work?
Ontology is an open-source blockchain that specializes in digital identity and data. Ontology’s architecture enables cross-chain cooperation and Layer 2 scalability, giving companies the freedom to create a blockchain that meets their specific requirements.
Ontology’s features include ONT ID, a mobile digital ID application and DID use across the ecosystem, and DDXF, a decentralized data exchange and collaboration framework with a suite of decentralized identification and data sharing protocols to improve speed and security, and trust.
Ontology enables organizations to construct their own blockchain on top of the Ontology blockchain and provides a number of real-world use cases.
Importantly, Ontology gives businesses greater flexibility by letting them develop unique blockchains to meet their unique demands regarding governance and better privacy, something rivals like Ethereum and NEO lack by design.
By creating and distributing free Ontology Gas (ONG) to ONT holders depending on their holdings, the ONT chain helps negate transaction network expenses.
Smart contracts, cryptographic identity proofs (ONT ID), and tokenized data (DDXF) are further Ontology capabilities that can be smoothly moved across multiple blockchains.
What is the History of Ontology?
Li Jun founded Ontology as a spinoff of Onchain’s NEO. Ontology received technical assistance from several members of Onchain’s developer team during its early stages of development. However, the two have always been legally distinct enterprises with their respective objectives.
The entire currency supply of Ontology is 1,000,000,000 ONT, with almost 80% presently in circulation.
At the time of its introduction, 15% of ONT tokens were assigned to the core team, 10% to the NEO council, 28% to institutional partners, 10% to the technical community, and 25% to the ecosystem’s development.