Ontology (ONT) Token Introduction: Everything You Need To Know
Ontology (ONT) is an enterprise-grade blockchain project that aims to provide secure and unique client chains in order o to protect the data and systems. The platform is considered as a ‘’private room’’ in a public blockchain with the aim of brining the distributed ledger to companies in usable form. ONT is the native token of the project.
OnChian is the Chinese company that has been building blockchains and distributed network architecture for the companies around the country since 2014. The co-founder CEO Da HongFei and CTO Erik Zhang created the NEO/GAS blockchain in april 2016 after two years of development and then in 2017 they created Ontology. The ontology network is a separate company from both OnChain and NEO. It operates as a network full of blockchains rather than one single blockchain and it is designed to migrate proprietary enterprise platforms on the distributed ledger model.
Ontology’s blockchain network aims to act as a bridge between the existing system and the NEO blockchain and it is not seeking for a consumer-facing currency such as Bitcoin. Ontology is dedicated to serve to companies and it is not really interested with cryptocurrency exchanges.
ONT Token: What Is It?
The total supply of the token will cap at 1,000,000,000 ONT. Now, more than $50 million worth of the ONT token is traded daily. Only 12 percent of the ONT supply is distributed to the Ontology community while 28 percent is owned by institutional partners only. 10 percent of the tokens are held by the NEO council and 35 percent is held by Ontology for further development and the remaining 15 percent was distributed to the Ontology core team.
Instead of a traditional ICO, Ontology chose a series of airdrops on the NEO blockchain back in 2018. The airdrops were distributed to Ontology’s newsletter subscribers which were about 1000 ONT airdrop, the NEO DevCon attendees and NEO holders. More of the airdrops will occur in the future. Binance, Bitfinex, KuCoin, Allcoin, Livecoin and huobi all support the ONT airdrops but not all of them support the US crypto investors.
An Update To The Token Is Coming
This is mainly because the iteration of the ONT token is a NEP-5 token on the NEO blockchain. The mainnet of the token is expected to launch Q2 2018. When this happens, the NEP-5 ONT tokens will be changed with the ONT tokens on the new network. Another ONT airdrop will also coincide with the launch. Once the Ontology (ONT) mainnet launches, it will be a dual-token blockchain just as NEO is with GAS.
ONT is indivisible while the ONG will be divisible by multiple decimals. ONG will be generated in the next 22 years with 16 percent generated in one year. The Ontology (ONT) token is not related to the ONG.social coin that is listed on CoinMarketCap and other exchanges as well.
Ontology Use Cases And OnChain’s DNA
To understand why the Ontology Network is useful and needed, first you need to understand how the enterprise software platforms work. They released a white paper which is recommended you read but we will try to explain slightly here. As discussed above, Ontology (ONT) is not a single blockchain. It also operates as a cloud storage network and there are a lot of governments and organizations that store the data on the chain but it is only accessible to those entities. The AWS cloud works as a network of servers that host a database and folders with multiple permissions.
How Do Transactions Work?
The entire point of the Ontology framework is that it allows businesses to make full use of the private and public blockchain. For example, a financial institution will not want to put all of their data onto the public blockchain so they will have to install the Ontology blockchain which is a private blockchain only accessible by the Financial institution so they will choose with whom they want to share the permission with. However, there could be some information that they will want to make public such as the ability to verify the people’ s identity. So one a new customer will want to open an account with the financial institution and then they want to verify their identity, the public blockchain can then communicate with the private blockchain which is where the private information is stored.
Ontology acts as a bridge between the real and digital world all in a trust-less environment. What is also important is that the Ontology (ONT) network uses a consensus mechanism. The consensus mechanism is a way for blockchains to confirm and to verify transactions without the need of a third party. The Ontology token is using the VBFT tool which combines three different models for the consensus mechanism.
The potential of the digital asset is practically unlimited. The blockchain protocol would benefit all types of businesses because it allows the data to be transferred in a secure, fast and transparent manner. Ontology will also be able to provide a platform for the Dapps and smart contracts which will be supported by the NEO blockchain. This will open the door to complete automation which means that the organizations can perform data transactions without the need of a third party to verify it.
The value of the Ontology coin has grown very fast since its release and it also reached an all-time high of more than a billion dollars which makes it one of the most popular cryptocurrency projects in the market. The company made a lot of partnerships within China alone which could also spike the price of the cryptocurrency.
Is It Safe?
Every data transaction is confirmed in a decentralized environment which means that there is no single person or authority that can take control of the network. As the confirmation responsibilities are confirmed by the community, a hacker would have to take control over more than half of the devices to make an effect whatsoever.
This is much more secure than a centralized system. Every single data transaction that occurs on the blockchain is immutable and cannot be removed. This makes the blockchain extra secure and adds a layer of transparency for the community that uses the protocol.
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