Ontology focuses on enhancing trust, privacy, and security in the Web3 space by offering decentralized identity and data solutions. It aims to build a foundation that guarantees secure and trustworthy access to Web3, ensuring that both individuals and businesses can rely on digital identity solutions that prioritize user privacy while staying compliant with regulations.
The Ontology blockchain is a high-performance and cost-effective public blockchain. It aims to integrate decentralized identity and data solutions into Web3 to boost privacy, transparency, and trust. This setup allows users and businesses to create blockchain-based solutions that meet their specific requirements, all while adhering to regulatory standards. Ontology’s Ethereum Virtual Machine (EVM) facilitates seamless compatibility with Ethereum, marking the initial phase in developing the Ontology Multi-Virtual Machine for enhanced chain interoperability.
Originally, Ontology sidestepped the widespread initial coin offering (ICO) approach, opting instead for community distributions and airdrops of its ONT currency to swiftly foster organic price discovery and cultivate a dedicated community, while steering clear of regulatory issues.
For instance, for a short while, anyone who subscribed to the Ontology newsletter received a free airdrop of 1,000 ONT, which soon reached a value of $10 per token after it was listed on prominent exchanges like Binance.
Ontology launched its own MainNet on June 30, 2018, and it has been operating smoothly ever since.
Who Started Ontology?
Ontology was founded by Li Jun on November 27, 2017. It's focused on developing the infrastructure to facilitate trustworthy Web3 access, ensuring that individuals and companies can have confidence in regulatory-compliant digital identity solutions that prioritize user privacy.
Li Jun, who has a combined background in philosophy and technology, named the project Ontology. In philosophical terms, ontology examines concepts like existence, being, becoming, and reality. In the realm of the Semantic Web, Ontology also refers to a fundamental protocol. Across both technological and philosophical domains, Ontology stands for the foundational infrastructure of things, aligning with their vision of creating a decentralized and credit-based framework.
What Distinguishes Ontology?
Ontology stands out by offering a range of practical applications, enabling businesses to construct their own blockchain on the Ontology platform. This provides greater flexibility, allowing enterprises to customize blockchains to meet their particular needs.
The Ontology chain is crafted with interoperability as a core feature. It currently supports three virtual machines (Ontology EVM, NeoVM, WasmVM), easing the development hurdles and offering a familiar setting for developers working with Ontology. This serves as the foundational infrastructure for seamless, cross-chain development in Web3.
However, providing infrastructure is just one part of addressing Web3's challenges. User experience is equally crucial, an area where Ontology is poised to make a significant impact. The ONTO Wallet delivers cross-chain access, effectively putting Web3 capabilities directly in users' hands. Coupled with ONT ID, which lets users maintain control over their identity and data, Ontology simplifies the process with features like ONT Login for easier registration and password management. These tools facilitate smooth access to the future of the Internet.
What's the Circulating Supply of Ontology (ONT) Coins?
Ontology has a total supply of 1,000,000,000 ONT, with almost 80% currently circulating.
During the launch, 15% of ONT tokens were designated for the core team, 10% for the NEO council, 28% for institutional partners, 10% for the technical community, and 25% for ecosystem development.
These tokens underwent a strict vetting process and various unlocking periods spanning two years, concluding at the end of October 2020. You can find more details about its token distribution here.
How Is Security Maintained in the Ontology Network?
The Ontology network benefits from full decentralization, making it highly resistant to attacks. A successful hack would require compromising over half of the connected devices, which is a difficult feat to achieve.
Where Can Ontology (ONT) Be Purchased?
Both ONT and ONG are available for trading on major exchanges such as Binance and OKX.
