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Ontology - the history of one cryptocurrency

2019-12-27

About the Ontology project

Currently, in the field of Internet technologies, as well as in the world of cryptocurrency, there are several urgent problems, the solution of which would lead to a significant breakthrough in the development of this industry. We are talking about problems with the preservation of confidentiality, security of personal data of users and lack of confidentiality. It should also be said that the problem of disclosing your personal data in order to obtain the necessary access to any services or to perform certain actions on the network is also important and relevant at the present time.

In todays review, we will focus on the Ontology cryptocurrency project (assigned ticker - ONT). ONT is a digital token used in the global Ontology network. The main goal of this network is to solve all the above problems. According to the development team, this digital currency forms a special connection, the so-called bridge between the real and the digital world. This approach may seem absolutely fantastic and impossible in modern realities, but such a statement is partly just a marketing ploy, but in reality everything is much simpler.

Speaking about the fact that Ontology will connect the real and digital world, the creators of the project had in mind the formation of a special platform for integrating blockchain technologies into the daily life of various enterprises and corporations, as well as educational and financial institutions. All interactions as planned will take place within the Ontology network itself. It is also worth paying attention to the fact that this network will be connected to a more global blockchain network, for example, to the related NEO project.

Thanks to the use of the versatile and sophisticated blockchain technology based on the Ontology cryptocurrency, many companies will be able to gain access to building their own corporate distribution networks, which will greatly facilitate workflows and improve business productivity.

This blockchain project was released at the end of autumn 2017. A Chinese development team from the Onchain project worked on this platform. They have been working in the field of IT and cryptocurrency since 2014, and therefore there is no reason to doubt their experience and professionalism.

Ontology digital currency was released in order to maximize the functionality of various tools and business mechanisms for companies. The main task of the new project is to build personal blockchain platforms for corporate networks. It is worth noting that to develop a decentralized network, you do not need to be an expert in this area, because a beginner can build such a network. This approach is extremely important for both large corporations and small companies. This became possible thanks to the use of a special modular structure in the Ontology project. Such a project is being implemented due to the existence of ready-made blocks of solutions and it turns out that in the process of creating a corporate network, it just needs to be assembled from the proposed blockchain solutions.

Ontology features

Since the development team that released the project has been working in the field of cryptocurrencies for a long time, they were able to successfully integrate many interesting technological solutions into this system, which in turn expanded the range of Ontologys capabilities. For example, thanks to the use of a modular structure, many companies and enterprises became interested in the project, which in turn caused a demand for the cryptocurrency of this project. And this is not surprising, because such a structure is unique in its kind. Modules implement individual functionality, including:

Verification of users (both individuals and legal entities), individual devices or gadgets in the IoT. It is implemented using ONT ID. It is also worth noting that each owner of the formed blockchain can provide an opportunity to carry out identification for other users. Innovations in the field of consensus building, various algorithms that provide data encryption, and other technical nuances of the project are addressed through ONT Custom.
The toolkit for the formation of decentralized applications through the smart contract system, as well as the choice of management methods, is provided by HydraDAO.
Speaking about the technological solutions that were implemented in the project, I would like to note the structure of the Ontology network. It consists of the following elements:

Chain Network (standard network protocol);
Trust Ecosystem (a toolkit that helps users create their dApps).
The main network implements the most significant functions that ensure the operation of the entire platform: they execute algorithms for reaching consensus, launch communication protocols between individual network components, and ensure the security and scalability of the entire project.

The second element of the network, called the Trust Ecosystem (translated from English - trust ecosystem), helps companies in the process of programming work products to conduct their activities. For this, simple tools are used. The Trust Ecosystem operates at 4 levels:

Identification of user identity and / or property.
Checking the authenticity of the application used in order to ensure the safety of confidential information (entered passwords, bank card details, phone numbers and other important data) from, for example, phishing attacks.
Analysis of all applied modules and protocols that are required to establish communication for the presence of malware and viruses.
Implementation of the processes of ensuring communication of all levels of the ecosystem with each other.
If we talk about the technology of reaching consensus, it is worth noting that the creators of Ontology decided to release their own algorithm, which they called VBFT.

At first glance, such a structure of the network seems very complicated and even a little confusing. However, in reality, everything is much simpler. It must be said that the entire system is ideally thought out down to the smallest details, and its work is well-coordinated and precise. It is because of this approach to security issues that the Ontology platform is preferred by both ordinary users and large companies.

However, Ontology is not only a digital innovator, the project also has its own digital currency that definitely deserves attention. ONT tokens are formed based on the principles of construction and operation of a similar and similar cryptocurrency project NEO. This means that there are two coins in the ONT system:

ONG, which is used to implement smart contracts (for example, NEO GAS).
ONT, which is required to gain access to a decentralized governance system and financial verification processes.


How is Ontology created?

Naturally, when considering any cryptocurrency, you need to know how it is created. Unlike many digital currencies on the modern crypto market, which were issued through ICO (initial coin offering), ONT tokens have bypassed this process. The development team decided that it would be more cost effective to do AirDrop instead. For this reason, it was possible to receive ONT tokens:

Having exchanged on the exchange. This was available to NEO token holders. One NEO coin was equal to 0.1 ONT coin.
For users who have registered early on the Ontology project website. For this category of users, the project provided one thousand ONT tokens.
This approach aroused some interest in the crypto community, which attracted more new users and investors to the project.

It is worth noting that Ontology mining is not technically possible.

Is Ontology endless?

By studying the features that ONT cryptocurrency has, it is necessary to establish whether Ontology is infinite. The answer to this question is simple - no. As a result of the one-time emission, one billion ONT tokens were released to the market. In their official statements, the developers did not mention whether there will be an additional issue of these coins in the future.

It is also necessary to pay attention to the fact that most ONT coins are in the hands of the owners of Onchain and the NEO cryptocurrency. After the release to the market, ONT tokens were distributed as follows:

35 percent went to Ontology (10 percent for the tech community and 25 percent for further development of the project);
25 percent - to shareholders and investors;
15 percent went to the Ontology Core team;
12 percent went directly to the Ontology project;
The NEO project team received 10 percent.


Ontology strengths

Absolutely all cryptocurrency projects, the main goal of which is to introduce the latest digital technologies into the real economy and everyday life, deserve attention, because, according to experts, the future belongs to them. However, the successful integration of such technologies depends on many factors. The undoubted advantage of Ontology is that the project can be integrated into an existing business. In addition to the famous development team, experience of the NEO cryptocurrency and original technical solutions, it is worth noting other strengths of Ontology, which include:

application of the VRF algorithm. This enables Ontology to be much faster and more productive than other similar platforms that use standard methods like PoS or PoW;
use of a unique three-tier system for verifying and ensuring network reliability;
maximum ease of use, convenient toolkit and modular block structure makes the process of writing decentralized applications based on Ontology easy and comfortable even for those users who do not have deep knowledge of programming;
wide area of use - according to the developers, the main goal of Ontology is to create a single workspace between the real and the digital world, as well as the integration of business management processes through blockchain networks.
It is also worth adding that the developers of the digital currency Ontology want to form a global platform for working with all types of Blockchain technology, as well as provide unlimited opportunities for writing decentralized applications. But at present, the blockchain has just begun to develop, and therefore, not all planned opportunities can be implemented due to technical difficulties. It is worth noting, however, that the Ontology team is sticking to their roadmap and publishes monthly reports on the work that has been completed and what remains to be done in the future.

Ontology in the TOP currencies

Currently, Ontology cryptocurrency is ranked 28th in the cryptocurrency rating according to the CoinMarketCap platform. One ONT token costs 0.53 USD, which is far from ideal, because the maximum price at which ONT was traded exceeded $ 9. You can buy Ontology on all major cryptocurrency exchanges.

Nevertheless, even with this value of tokens, the daily trading volume exceeds $ 120 million, and the market capitalization is $ 343,255,367, which is a very good indicator.

It should be noted that, although the price of tokens is far from ideal, the rate is still stable, and over the past year there have been no sharp jumps in it. This means that ONT cryptocurrency is profitable. According to famous traders and crypto experts, this cryptocurrency is not very suitable for long-term deposits at the present time, but for medium-term investments it is quite a good option.

There is no doubt that Ontology digital currency is a very promising project with big plans for the future. If the team is able to realize all the goals, then they will definitely succeed, and the currency will have every chance to take the TOP positions in the cryptocurrency market. Whether the project will be able to achieve such heights - only time will tell.