Buy Ontology (ONT)

Ontology (ONT) is a blockchain platform designed to help businesses integrate blockchain technology into their existing systems without requiring deep technical knowledge. The platform offers a range of services that help businesses operate more efficiently and securely.

Companies can create their own blockchain network, tailored to their specific needs. This is made possible by the Ontology Chain Group, a collection of distributed ledgers that together form Ontology’s trust network. Each company can set up its own service chain, which acts as a personal blockchain within the broader Ontology ecosystem.

A key feature is ONT ID, a decentralized identity framework that provides secure digital identities. This is useful in industries where identity and confidentiality are important, such as healthcare and finance. Companies can integrate this feature into their blockchain network or applications. In addition, Ontology offers the Distributed Data Exchange Framework (DDXF), a platform for secure and transparent data exchange. This allows companies to share data more efficiently and reliably, improving collaboration between systems and companies.

Ontology uses a dual token economy, consisting of ONT and ONG. ONT is used for staking within the Proof-of-Stake (PoS) consensus mechanism called Triones. Stakers receive a percentage of network revenue, such as transaction fees and smart contract execution fees. ONG acts as the “gas” that enables transactions and operations on the network, similar to how ETH is used on the Ethereum network.

The project has entered into several strategic partnerships with major companies. One notable partnership is with Daimler, the manufacturer of Mercedes-Benz, to develop a blockchain-based in-vehicle experience and identity verification service. This project called ‘Welcome Home’, aims to improve the user experience by providing simple and secure identity verification for drivers.

In August 2020, Ontology expanded its interoperability by partnering with NEO and Switcheo to launch PolyNetwork. This protocol facilitates cross-chain transactions, allowing different blockchain platforms to communicate with each other, making it easier for businesses to manage and integrate different digital assets.

Who founded Ontology?

Ontology was founded by Onchain, the same company responsible for the creation of the NEO blockchain. Onchain is a Chinese company that develops blockchain solutions for enterprises and is based in Shanghai. The company was founded by Da Hongfei and Erik Zhang, two prominent figures in the blockchain world. Da Hongfei is an experienced entrepreneur, while Erik Zhang is a developer with deep knowledge of blockchain technology.

Ontology offers several features and use cases for end users and developers:

• Build your own blockchain: Companies can create their own blockchain network within the Ontology ecosystem, fully tailored to their specific needs. This provides flexibility and customization for a variety of business applications.
• Develop smart contracts: Ontology supports the creation and execution of smart contracts. These self-executing contracts automate transactions and processes, increasing reliability and efficiency.
• Execute cross-chain transactions: It enables the exchange of digital assets and data between different blockchain platforms, facilitating collaboration between networks.
• Digital identity (ONT ID): ONT ID provides a decentralized identity framework. This is ideal for industries where security and confidentiality of identity information are crucial, such as healthcare and finance.
• Data exchange (DDXF): The Distributed Data Exchange Framework (DDXF) enables secure and transparent data exchange. This allows companies to share data efficiently and reliably.
• Autonomous supply chain management: Distributed ledgers and smart contracts enable companies to automate and improve their supply chain processes for greater transparency, lower costs, and improved regulatory compliance.

Ontology uses an advanced consensus mechanism called Verifiable Byzantine Fault Tolerance (VBFT). VBFT combines three technologies: Proof-of-Stake (PoS), Verifiable Random Function (VRF), and Byzantine Fault Tolerance (BFT).

PoS, called Triones, makes the network more sustainable and efficient by using stakers instead of miners. VRF provides verifiable randomness in node selection, which adds to security. BFT ensures fast and final consensus, which improves the overall efficiency and security of the network.

Dual-token system: ONT and ONG

Ontology has a unique dual token system, consisting of ONT and ONG. ONT is the staking and governance token that gives holders the right to vote on important network proposals and participate in the consensus process. ONG is used for paying transaction fees, network storage, and smart contract execution. This system ensures a clear separation of functions, making the network more efficient and scalable.

ONT ID and DDXF

Ontology offers several services that businesses can use to decentralize and secure their processes. ONT ID is a key service. ONT ID is a decentralized identity framework that provides secure and reliable identity verification on the blockchain. It is designed to meet the needs of businesses that require confidential and secure identity services.

Another service developed by Ontology is the Distributed Data Exchange Framework (DDXF). This is a platform for secure and transparent data exchange. DDXF enables companies to share data efficiently and securely, which should improve collaboration between different systems and organizations.

Interoperability with PolyNetwork

In collaboration with NEO and Switcheo, Ontology has launched PolyNetwork, an interoperability protocol that enables cross-chain transactions, allowing different blockchain platforms to communicate with each other. This facilitates the exchange of digital assets and data between different networks.

The ONT token is the primary token of the Ontology network and is used for staking within Ontology’s Proof-of-Stake (PoS) consensus mechanism, called Triones. ONT holders can stake their tokens to participate in the consensus process and earn rewards in the form of ONG (Ontology Gas). This staking process helps secure the network and validates transactions.

Additionally, ONT holders have voting rights on important network proposals, giving them influence over future developments and decisions within the Ontology ecosystem. The total supply of ONT tokens is limited to 1 billion.

Staking ONT tokens is a simple process. You start by creating a wallet that supports staking. Once you have ONT tokens in your wallet, you can choose a node to delegate your tokens to. By staking, you contribute to the security of the network and receive staking rewards in the form of ONG tokens.

Rewards are automatically distributed based on the amount of ONT staked and the staking duration, which lasts between 16 hours and 20 days depending on the block time. Staking ONT is an effective way to generate passive income while contributing to the stability and security of the Ontology network.

Ontology stands out from other blockchain projects with a number of unique features and functions:

• Decentralized identity (ONT ID): ONT ID provides a secure digital identity solution, ideal for industries where secure and confidential identity verification is crucial.
• Distributed Data Exchange Framework (DDXF): DDXF enables secure and transparent data exchange, improving collaboration between different organizations and systems.
• Dual-token economy (ONT and ONG): The dual-token system separates the functions of staking and transaction fees, allowing the network to operate more efficiently and provide better scalability.
• Interoperability with PolyNetwork: Enables cross-chain transactions via PolyNetwork, allowing different blockchains to communicate and collaborate with each other, promoting interoperability.
• Unique consensus mechanism: Ontology’s consensus mechanism combines Proof-of-Stake, Verifiable Random Function, and Byzantine Fault Tolerance to optimize the network.
• Customizable infrastructure: Companies can create their own blockchain networks that are fully tailored to their specific needs, increasing the flexibility and usability of the platform and driving adoption of blockchain technology.

At Bitvavo, you can buy Ontology (ONT). Our platform is suitable for both beginners and experienced traders. Follow these steps to buy ONT tokens via our website or app:

1. Log in to your Bitvavo account or create a new account.
2. Add funds to your account by clicking "Deposit".
3. Go to the Ontology (ONT) purchase page.
4. Enter the amount in euros you want to spend or the number of ONT tokens you wish to purchase, and click "Buy".

After purchase, ONT tokens will be automatically and directly added to your Bitvavo account, where you can easily manage and trade them. Selling ONT tokens is just as easy, allowing you to quickly respond to market changes.

You can safely store your ONT tokens in your Bitvavo account. Bitvavo keeps the majority of assets in cold storage, which means they are kept offline for extra security. For extra protection of your account, we recommend enabling two-factor authentication (2FA).

Many software and hardware wallets support ONT. After purchase, you can easily transfer the ONT tokens to an external wallet by linking the wallet address to your Bitvavo account. This gives you full control over your cryptocurrencies and increases the security of your digital assets.