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Frequently Asked Questions
Bitvavo makes Ontology as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
What is Ontology Gas?
Ontology (ONT) is the second project set up by Onchain. Onchain is a Chinese FinTech company that was also behind the launch of NEO. The aim of Ontology is to make blockchain technology more accessible for business. Despite the fact that many companies have already shown interest in the use of blockchain technology, there are still many companies that have difficulty with its actual implementation. Ontology tries to change this by offering a network of different types of blockchains, which has been designed in such a way that companies can easily switch to this new technology.
How does Ontology Gas work?
Ontology consists of different layers which are classified as follows:
1. Verification of people, capital, things and organizations; This first layer makes it possible for trusted information about people, capital and things to be stored and organizations to be verified based on this information.
2. Verifying applications and making it possible to link them to each other; This layer makes it possible for decentralized applications to be linked to each other, so that the functionalities can be combined with each other.
3. Verifying and linking modules, protocols, SDKs and APIs; This layer is mainly technical in nature.
4. All other network layers; This layer ensures that all previous layers can connect and work together.
By incorporating the above layers into the Ontology platform, Ontology expects to offer an all-in-one solution that should make the technology accessible to business.
How to buy Ontology?
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Ontology. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
How to store Ontology?
Storing Ontology and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Ontology without any technical knowledge. Here is a brief overview of the existing wallet options to store your Ontology:
Hosted wallets are wallets where the private keys to your Ontology are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Ontology online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Ontology. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Ontology, and if malicious parties have access to your device, your private keys (and therefore your Ontology) can be stolen.
A hardware wallet is a physical device on which you can store your Ontology offline. It is one of the safest ways to store your Ontology, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Ontology is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Ontology. Once you have purchased Ontology on Bitvavo, you can choose to send your Ontology from your Bitvavo wallet to your own software or hardware wallet.
Direct Euro Transfers
Buying digital assets with Euros has never been easier. Bitvavo supports 8 payment methods, including SEPA for instant transfers.