Ontology is a public blockchain project that runs fully on the NEO platform, unlike most cryptocurrencies which run on the Ethereum blockchain platform.
The NEO platform is considered China’s equivalent of the Ethereum blockchain, and hence it is more convenient for Ontology to run on its own server’s platform. Ontology (ONT) is based on the NEO token system, and was first distributed to its public platform via airdrop.
The NEO platform aims to achieve everything that the traditional Ethereum blockchain platforms offer to its users. They are still in their developmental stage and, hence it remains only a cryptocurrency as of now.
Ontology has huge plans to improve its NEO platform functionality and include all the basic elements of Ethereum blockchain such as smart contract system and a number of uniformly distributed ledgers.
The NEO platform on which Ontology is built around encourages its users to collaborate with other networking chains or platforms. For this reason, Ontology is architectured to support full customization of blockchains to aid their user-developed applications. It also goes without saying that Ontology supports merging of applications within its users or integrating the user’s application to its main system as well.
Ontology is a China based cryptocurrency project founded by Jun Li, a computer scientist, in 2017. Ontology was one of the first NEO platform-based cryptocurrency projects.The NEO platform was founded by Da Hangfei and Erik Zhang in the same year.
Upon the official public release of Ontology, they announced a strategic partnership with NEO platform called ONCHAIN.
ONCHAIN was developed keeping one primary focus as its core priority – to bring its blockchain platform closer to the business sector so that the public, as well as the business sector, could easily invest in it with minimal difficulty.
To encourage more investors and to keep its users encouraged from using the platform, Ontology distributed its token uniformly to all its existing members via airdrop. All the users got an equal share and this only added to the fairness of the whole platform and also ensuring the users of its Decentralized ownership. The free distribution of ONT tokens benefited everyone equally, and this allowed Ontology to gain more popularity and attract more investors.
Ontology is one of the only cryptocurrencies to bypass the ICO process. No funds were raised during its first official release. The Ontology team executed something that was unique and a welcoming sight from its users.
Instead of releasing the tokens, the system distributed its tokens to all its users by mailing it their accounts within a set period of time. Ontology has since then gained in popularity, ultimately leading to their massive success.
Ontology surpassed the $1 Billion in terms of its market capitalization value by April 2018. It took Ontology less than 5 weeks to achieve this monumental feat which most cryptocurrency takes about a year or more.
Ontology working mechanism is identical to that of the traditional Ethereum blockchain (or at least it aims to achieve that very soon). It focuses more on making the whole NEO platform public friendly with a decentralization of ownership. It is much more convenient and user-friendly than competitors in the Chinese market.
The NEO platform, which is the backbone of the whole Ontology project, allows its users to create their own ONT token by mining and also to develop their own DApps to share with other users. The initial method, distributing its tokens uniformly via airdrop, only contributed to its platform.
Although, most counterparts saw this incident as a needy and desperate move to gain attention, it contributed most positively to its platform. Since the tokens were distributed equally to all its users, it ensured its users of the decentralized method of ownership.
The users are free to develop any DApp within the NEO platform using the set of default common modules or protocol that the platform provides. The whole structure of Ontology is built around that specific set of protocols that the system allows, and all its users are encouraged to perform all their task within that jurisdiction. This set of protocols protects the whole platform as well as its users from any external interference, that may exploit its users, making the whole system vulnerable to hackers.
Who doesn’t like transparency in a system? Sadly most cryptocurrencies don’t have this feature. After all, a core feature of most cryptocurrencies is pseudonymity.
Ontology functions differently. They focus on making the whole platform public friendly, by making the system transparent in order to encourage more users to benefit from its platform.
The new users do not need to acquire any specific permissions in order to join or develop their application. This makes access to ontology simple and convenient.
The platform enables all its users to gain equal benefits from their respective transactions and also provides a distributed protocol system to connect all its users to one common ecosystem called the Ontology Ecosystem.
The ownership is completely distributed uniformly to all its users, meaning there isn’t a core group of people that controls the system and everything gets distributed equally.
Ontology encourages its users to follow a specific set of protocols while mining their tokens or developing DApps. This set of protocols is designed to protect their users from any outside threat that may make their account vulnerable and also affect the whole platform as a result.
The first step is to create an account by making a transaction. You can do this by buying either Ethereum or Bitcoin from any exchange that accepts your banking card as a valid payment option. You can purchase BTC or ETH from Coinbase exchange (or any other exchange).
The second step is to transfer all the BTC or ETH from your Coinbase wallet to any other wallet that lets you exchange your BTC or ETH currency to ONT. You can use any of the these wallets:
After conversion, you can store and spend the ONT cryptocurrency using any of the ONT wallets listed below:
As of October 30, 2018 the market trading price of Ontology value is $1.74.
|Supply||598 Million / 1 Billion|
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