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Ontology

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Description

What does Ontology do?

Ontology launched in 2017 with the goal of easing the adoption of blockchain technology in the business sector. The biggest hope of the project is that it will be able to solve the problem of trust that exists between institutions. To do this, the project provides verification and authentication services in several areas, such as identity and ownership. Specifically, Ontology hopes to allow any business to create its own blockchain (or sidechain) for its own specific purposes - quickly and easily.

Ontology was launched by the Chinese company OnChain and is designed to work closely with NEO, the other project launched by Onchain. Ontology can even use NeoContracts, which are NEO’s smart contracts.

What are ONT tokens used for?

There are two main tokens used on Ontology: ONT and ONG. ONT is used for services fees on Ontology sidechains. Ontology has a wide variety of business-related use cases that require spending ONT to use. ONT tokens are also used for governance. Users are able to vote for important decisions on the network using their ONT holdings.

With its Proof of Stake consensus mechanism, users can stake ONT tokens to help verify blocks of transactions on Ontology. Staking ONT tokens generates dividends in the form of ONG tokens, which are used as gas on Ontology. When smart contracts are executed and transactions are carried out, the fees created are paid with ONG tokens.

How can ONT tokens appreciate?

Through the Decentralized Identity Foundation (DIF), ONT has already managed to secure important partnerships with NEO, IOTA, Microsoft, and IBM. If the project delivers on its promise and manages to secure new partnerships with large companies, the number of sidechains on Ontology will increase significantly, causing the demand for ONT to rise and the value of ONT to appreciate.

As staking ONT tokens produces dividends in the form of ONG tokens, holding ONT tokens will be seen as more profitable in the long-term that selling them. This will lead to higher ONT prices.

What is the difference between Ontology and its competitors?

With its unmatched complexity, it is difficult to identify a direct competitor to ONT. There are no other cryptocurrency projects that are currently attempting to solve the issue of trust between separate businesses and sectors.

If a significant competitor does arise, it will be important to keep Ontology’s programming flexibility in mind. While many other projects restrict development to certain languages, Ontology promises to allow developers to code smart contracts using a variety of languages such as C/C++, C#, RUST, Java, Go, Python and JavaScript.

  • Mainnet Launch: -
  • Open Source: Yes
  • Consensus Type: PoW
  • Technology: NEO
  • Total Coin Supply: 1,000,000,000
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Description

What does Ontology do?

Ontology launched in 2017 with the goal of easing the adoption of blockchain technology in the business sector. The biggest hope of the project is that it will be able to solve the problem of trust that exists between institutions. To do this, the project provides verification and authentication services in several areas, such as identity and ownership. Specifically, Ontology hopes to allow any business to create its own blockchain (or sidechain) for its own specific purposes - quickly and easily.

Ontology was launched by the Chinese company OnChain and is designed to work closely with NEO, the other project launched by Onchain. Ontology can even use NeoContracts, which are NEO’s smart contracts.

What are ONT tokens used for?

There are two main tokens used on Ontology: ONT and ONG. ONT is used for services fees on Ontology sidechains. Ontology has a wide variety of business-related use cases that require spending ONT to use. ONT tokens are also used for governance. Users are able to vote for important decisions on the network using their ONT holdings.

With its Proof of Stake consensus mechanism, users can stake ONT tokens to help verify blocks of transactions on Ontology. Staking ONT tokens generates dividends in the form of ONG tokens, which are used as gas on Ontology. When smart contracts are executed and transactions are carried out, the fees created are paid with ONG tokens.

How can ONT tokens appreciate?

Through the Decentralized Identity Foundation (DIF), ONT has already managed to secure important partnerships with NEO, IOTA, Microsoft, and IBM. If the project delivers on its promise and manages to secure new partnerships with large companies, the number of sidechains on Ontology will increase significantly, causing the demand for ONT to rise and the value of ONT to appreciate.

As staking ONT tokens produces dividends in the form of ONG tokens, holding ONT tokens will be seen as more profitable in the long-term that selling them. This will lead to higher ONT prices.

What is the difference between Ontology and its competitors?

With its unmatched complexity, it is difficult to identify a direct competitor to ONT. There are no other cryptocurrency projects that are currently attempting to solve the issue of trust between separate businesses and sectors.

If a significant competitor does arise, it will be important to keep Ontology’s programming flexibility in mind. While many other projects restrict development to certain languages, Ontology promises to allow developers to code smart contracts using a variety of languages such as C/C++, C#, RUST, Java, Go, Python and JavaScript.

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