What is Ontology (ONT)? Analysis of Ontology project and ONT coin

Ontology is a project that many investors are interested in because of its uniqueness and potential in applying blockchain to large enterprises and complex systems. However, not everyone clearly understands the operating mechanism, advantages and disadvantages and value of ONT coin.

Therefore, this article by AZCoin will help you have a more detailed view of the Ontology project and at the same time evaluate ONT coin so that you can make a reasonable investment decision.

What is Ontology (ONT)?

Ontology (ONT) is a public blockchain platform designed to support businesses and organizations to develop dApps and blockchain systems without having to build them from scratch.

Ontology was founded in 2017 by Onchain, a famous Chinese blockchain company. What makes Ontology special is that it was developed in parallel with NEO, another blockchain project also developed by Onchain. This combination allows Ontology to take advantage of NEO superior features, while developing unique features to serve the needs of large organizations.

How Ontology works

Ontology uses a system known as the Dual Token mechanism (ONT and ONG). In this, ONT represents ownership and governance rights, while ONG is used to pay transaction fees and operate the system. The Dual Token mechanism ensures the stability of the Ontology ecosystem and incentivizes users to participate in network operations.

The functioning of Ontology can be broken down into the following basic steps:

• Identity and entity verification: Ontology provides a multi-source identification verification system for both individuals and entities. Users can manage and collect data from various sources, including businesses, organizations and communities.
• Decentralized data exchange: Data is shared only with the consent of the owner, ensuring security and privacy in data transactions.
• Community management and collaboration: Ontology provides tools that allow organizations, businesses and individuals to collaborate transparently, creating an efficient working environment.
• Equity and asset management: Ontology decentralized equity management system ensures the safety and transparency of asset circulation and evaluation.

Evaluate the pros and cons of Ontology

Pros

• High security and privacy: Ontology uses a multi-source verification system and a Dual Token mechanism, protecting privacy and ensuring safety in transactions.
• High integration capability: The Ontology platform allows different blockchain systems to connect flexibly, expanding its range of applications across various sectors.
• Suitable for large enterprises: Ontology is designed with features specifically for large businesses, enabling them to deploy blockchain technology without overhauling their current systems.

Cons

• Intense competition: Ontology faces competition from other blockchain platforms like Ethereum, NEO and Polkadot, which have strong communities and ecosystems.
• Dependent on market acceptance: Although Ontology has great potential, its success hinges on market acceptance and its ability to compete with other solutions.

Basic information about ONT coin

What is an ONT coin?

ONT is the main utility token of the Ontology platform. It represents ownership and governance in the network and ONT holders can participate in voting on important decisions and receive rewards from the system through staking ONT.

ONT was originally issued according to the NEP-5 standard on the NEO blockchain, but after the mainnet was completed in 2018, ONT migrated to Ontology’s own blockchain.

Technical parameters

• Token code name: Ontology
• Ticker: ONT
• Blockchain: Ontology
• Token Standard: Updating…
• Token type: Utility
• Contract: 0xcb46C550539ac3DB72dc7aF7c89B11c306C727c2
• Total supply: 1,000,000,000 ONT
• Market Cap: $165,461,290
• Circulating Supply: 907,697,857 ONT
• Fully diluted market cap: $182,275,420
• Volume 24h (20/09/2024): $5,814,618

ONT coin allocation

The total ONT supply is distributed as follows:

• Institutional partners: 28% (280,000,000 ONT)
• Ontology ecosystem: 25% (250,000,000 ONT)
• Development team: 15% (150,000,000 ONT)
• Ontology community: 12% (120,000,000 ONT)
• NEO council: 10% (100,000,000 ONT)
• Community rewards: 10% (100,000,000 ONT)

Where is ONT coin?

ONT can now be traded on many of the best crypto exchanges, such as: Binance, Huobi, OKX, KuCoin, Gate.io,…You can buy ONT through trading pairs with popular coins such as BTC, ETH, USDT.

Secure ONT coin storage wallet

To store ONT coins, you can use wallets, such as: Ontology Wallet, Trust Wallet, Ledger Nano S and Trezor. These are all popular wallets and support the storage of ONT coins, ensuring the safety of your assets.

Team development, inventors and partner of Ontology

Team development

The Ontology project was founded by DaHongFei and Erik Zhang, who are also behind the success of NEO. Jun Li is the CEO of the project and the co-founder of Onchain. The Ontology development team consists of over 40 members, most of whom are experienced experts in the fields of blockchain, technology and finance.

Inventors

Ontology receives support from many large investment funds such as:

• Partner
• BlockVC
• IOSG Ventures
• 8 Decimal Capital
• JLAB
• Eden Block
• DHVC,…

Although the investments aren’t disclosed in detail, the participation of large investors has strengthened the belief in Ontology development potential.

Partner

Ontology has several key strategic partners, including Onchain, NEO and the Decentralized Identity Foundation (DIF),…These partners play a significant role in the development and expansion of Ontology applications across various industries.

Should I invest in the Ontology project?

Investing in ONT could be a decision worth considering, especially as the project continues to grow and expand its ecosystem. According to predictions, ONT could reach a price of $3-5 by 2025 if the cryptocurrency market continues its stable growth and Ontology maintains its position within the blockchain industry.

However, investing in cryptocurrencies always carries risks, so you should carefully evaluate before making a decision.

Summary

The above article provides detailed information about the Ontology project and ONT coin. Hopefully, through this article, you now have a clearer understanding of the potential and investment opportunities in this project. If you found this useful, share an AZCoin article so others can learn too!