Ontology is a cryptocurrency compatible with the Ethereum blockchain. The traditional definition of a cryptocurrency is a digital currency meant to be used as a medium of exchange. Bitcoin is a well-known cryptocurrency, along with Litecoin, Dash, Ripple, and Zcash. It’s also worth noting that Ethereum is not a cryptocurrency. Ethereum was built on blockchain technology; it’s a cryptocurrency. Ontology (ONT) is a new network that aims to connect the world through blockchain.
Ontology is a new high efficiency public blockchain system that conducts the exchange of digital goods and services in the real world. Because Ontology is a new high efficiency public blockchain system that conducts the exchange of digital goods and services in the real world, it is referred to as an “ ontology blockchain”.
An Ontology is a platonic ideal of a thing, a general concept of that thing as defined by its most essential properties. It’s often used for describing persons or other abstract concepts. In this sense, Ontology is a “bigger” understanding of a concept, based on knowing the “smaller” things that make it up. Ontology is an essential concept in the field of blockchain technology. It’s a way of grouping all “blocks” of knowledge that exist on a blockchain.. Read more about blockchain crypto and let us know what you think.
Ontology is a public platform aimed at bridging the gap between blockchain and the corporate world.
Without prior understanding of distributed networks or blockchain technology, businesses may utilize Ontology. There were practically no methods for companies to incorporate blockchain into their infrastructure without significant understanding of blockchain until Onchain, a Chinese startup, released Ontology in 2017.
Furthermore, existing trust networks are beset by a slew of problems. Blockchain offers possibilities for poor privacy protection, underutilized data value, data management monopolization, and inefficient identity authentication. With its strong trust environment, Ontology seems to address these problems.
Corporations may build trust mechanisms and adapt them to their business requirements using the tools developed by Ontology. In essence, its blockchain protocol pave the way for worldwide corporate adoption of blockchain technology. It has a low learning curve and allows for bulk customisation.
In the words of Ontology:
“Ontology is a blockchain/distributed ledger network that combines a distributed identity system, distributed data exchange, distributed data collaboration, distributed procedure protocols, distributed communities, distributed attestation, and various industry-specific modules,” according to the company. This creates the foundation for a cross-chain, cross-system, cross-industry, cross-application, and cross-device peer-to-peer trust network.”
In the drive to digitize our world, Ontology and NEO are ideal collaborators. Take a look at the video above to get a decent idea of what the project is all about.
The Relationship Between NEO and Ontology
A group of blockchain enthusiasts and investors gathered in New York City in November. They gathered to hear Onchain, a blockchain development firm, announce the launch of Ontology, a ground-breaking platform.
“Not only did the Ontology launch bring our project to the global stage, but it also brought the greatest industry brains together,” Da Hongfei, CEO of Onchain and co-founder of NEO, stated during the event. “To service the actual economy, Ontology and NEO will create a wide ecosystem based on blockchain and other emerging technologies. ”
Jun Li is listed as the Founder of Ontology on the official website, and as the co-founder/chief architect of Onchain on LinkedIn.
The crypto community, on the other hand, has a habit of conflating project responsibilities. It is important to note that NEO does not own Onchain, and Onchain does not own NEO. Da Hongfei clears up the misunderstanding over the businesses’ involvement in a Youtube interview.
“First and first, I must state that NEO and Onchain are distinct companies, and that Onchain does not own NEO, nor does NEO own Onchain. They are financed separately: NEO is supported by the community, while Onchain is funded by Fosun, a well-known Chinese financial conglomerate. In Europe, they purchased a large number of insurance firms and banks. As a result, they are distinct. Second, the NEO ecosystem helps Onchain. DNA is a product that is very similar to NEO, except it is built in the Go programming language. OnChain is using DNA to assist other blockchains and financial institutions create their own blockchains. It’s quite similar to NEO, and everything can be connected together in the future using NEOx (the cross-chain protocol).” – Hongfei Hongfei Hongfei Hongfei Hong
The Ontology Trust Network (OTN) is a group of people that
- Chain 1: People, wealth, objects, and organizations are all verified.
- Chain 2: Check apps and connect them.
- Verify and connect modules, protocols, SDKs, and APIs in Chain 3.
- Chain 4: All of the various network chains. This layer connects all of the chains together.
“In order to satisfy the requirements of various sectors, the flexible design structure is modularized, pluggable, and readily expandable,” according to the whitepaper.
This implies that Ontology is trying to be generically flexible for a variety of purposes. They want to be the go-to place for confirming the correctness and validity of things like identification and ownership. Companies like Facebook will be able to simply integrate Ontology into their trust management systems.
Structure of the ONT Token
In March 2018, NEO holders received ONT by airdrop. The NEO Council gave 20 million ONT to the community as a result of this airdrop.
There will be a maximum quantity of 1 billion indivisible ONT tokens, and owning ONT will earn you Ontology GAS (ONG) (similar to how NEO GAS functions). Prior to this, Ontology had given out 1,000 ONT tokens to anybody who joined up for their newsletter (which is now closed).
The following is a more detailed analysis of the token distribution:
- The Ontology community will get 12% of the proceeds.
- Institutional partners get a 28 percent discount.
- a ten percent donation to the NEO Council
- 25% of the proceeds will go toward the development of the Ontology ecosystem.
- 10% of the proceeds will go to the Ontology technical community.
- Ontology’s core team will get 15% of the proceeds.
Where can you get Ontology and store it?
ONT was issued solely as an airdrop to NEO holders who owned NEO by March 2018 and never had a public ICO.
ONT is already accessible on the majority of prominent exchanges, and storing it is easy. Users may, for example, utilize Guarda Wallet to “build an Ontology Wallet” that smoothly interacts with their existing holdings.
Guarda’s Ontology Wallet
ONT is also supported by the hardware wallets Ledger Nano S and Trezor.
Final Thoughts on Ontology’s Adventure
According to the whitepaper, “sociologists estimate the number of individuals we trust at fewer than one hundred,” demonstrating that trusting and getting to know someone requires time and effort for most people. Ontology aims to replace the existing time-consuming methods of gaining trust with blockchain-based trust automation.
In addition, Ontology and NEO will collaborate to bridge the gap between blockchain technology and the real world. While both NEO and Ontology have similar objectives, NEO is more concerned with digital assets and a global Smart Economy, while Ontology is more concerned with trust, identity, data sharing, and permission. NEO and Ontology go together like peanut butter and jelly. They benefit each other, and when combined, they create a delicious sandwich.
Finally, the Ontology team consists of renowned cryptocurrency industry experts with a proven track record of accomplishment. And, unlike many other blockchain initiatives, Ontology isn’t only focused on the financial sector. During its development, they will concentrate on insurance, government, medical, IoT, and other sectors, making it a large-scale initiative with a lot of promise.
With a lengthy history in the blockchain sector and a clear goal for the project, it wouldn’t be surprising to see Ontology collaborate with NEO to transform the way many companies operate.
Frequently Asked Questions
What is Ontology ONT?
Ontology is a public multi-chain project that aims to construct a new trust ecosystem.
What is Ontology blockchain?
Ontology is a public multi-chain project and distributed trust collaboration platform.
What is Ontology crypto coin?
Ontology is a public multi-chain project and distributed trust collaboration platform. It supports smart contract systems, has an integrated crypto wallet, and provides new high-performance public blockchains that can be customized to meet the needs of different business verticals.
Related Tags
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