Ontology blockchain – technical explanation for beginners =

Ontology is a blockchain that focuses on reliability, privacy and security. Blockchain is far from being a mainstream topic, because many people have no idea what it entails. We, at AllesOverCrypto, are happy to change that. That is why in this article I will tell you what the technology behind Ontology Blockchain is and how it works. Are you reading along?

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  • View quickly
  • What is Blockchain?
  • What is Ontology Blockchain?
    • Features of Ontology
    • Background of Ontology
    • The team behind this blockchain
      • Advisors to Ontology
      • Expert team
    • Advantages and Disadvantages of Ontology Blockchain
  • How Does Ontology Blockchain Work?
    • Unique ID verification
    • Simplify verification process
  • What is Ontology in the world of crypto?
    • Ontology (ONT)
    • Gas Ontology (ONG)
    • Buy and store ONT
    • ontology wallet
  • Ontology and the Metaverse
  • Conclusion

What is Blockchain?

Blockchains nowadays come in different shapes and sizes. Previously, the Ethereum blockchain in particular was the standard, but more and more people are looking for systems that do not have the limitations of Ethereum (ETH). You may be thinking now, huh? what is this about? Let me take a step back and explain what a blockchain is exactly.

A blockchain is the solution for transactions, so it forms the basis for our future financial system. You can transact with people you don’t know and don’t trust, without going through an intermediary.

All transactions are accurately recorded, automatically, making them public. Fraud is not possible, since it is transparent and information cannot be edited afterwards.

What is Ontology Blockchain?

Ontology is committed to our most valuable asset: trust. There are so many people who view the world of crypto and blockchain as unknown, untrustworthy, shady or a scam, making Ontology Blockchain determined to turn these judgments around.

They have a white paper online, but it dates from 2017, so it could use a bit of a refresh. In the video below, Exodus tells you what Ontology is in a few minutes. The main focus is on the coin (ONT), but all in all it gives you a good idea of the platform:

 

Features of Ontology

Ontology Blockchain has the following features on their homepage, which gives you an immediate impression of their ideals:

  • Speed
  • Accessible
  • Safe

Ontology (ONT) is fast, cheap and brings all kinds of good. Their platform is fully Web3 ready and entails decentralized data and identity solutions. The affordable layer 2 blockchain is designed to give users flexibility to build blockchain-based solutions themselves. 

Thanks to Ontology’s Ethereum Virtual Machine (EVM), you have full compatibility with Ethereum (ETH), making it an attractive platform for many users.

 

 

Background of Ontology

Ontology (ONT) was founded by Onchain. This is a Chinese FinTech company, which is also the driving force behind Neo (NEO). I wrote an article about the Neo Blockchain before, which I am definitely excited about. However, entrepreneurs run into problems with Neo, because companies would like to use the blockchain, but they have no idea how. With the arrival of Ontology, the transition to the digital should become easier, so that is why it is absolutely not a standard blockchain.

The team behind this blockchain

Advisors to Ontology

Ontology’s advisors are John Izaguirre & Matsuyama KITAO Takayuki. John is an expert on stakeholders and communication, which puts him in good stead in this creative business.

Takayuki has worked in the trading world, which has given him a lot of experience in financial institutions. What is also welcome is that he is a partner of Japanese government agencies. He focuses his services on specialized IT services, in particular for chemical manufacturers, the pharmaceutical industry and university lectorates.

Expert team

Jun Li is the founder of Ontology. He has a firm belief in decentralized identity and likes to delve into data solutions that change the world. He has about 20 years of experience in the blockchain world, so his technical knowledge will definitely come in handy.

In addition to Jun Li, Gloria is WU Chief of Ecosystem Partnerships. She is a master at nurturing and building relationships, working at the intersection of communications and the technical side of the blockchain.

You can find the rest of the team members on the Ontology website.

Advantages and Disadvantages of Ontology Blockchain

The advantages of the Ontology blockchain at a glance:

  • A skilled and experienced team is behind the development of this blockchain;
  • Valuable addition to the Neo blockchain;
  • Clever use of big brother Neo’s community;
  • Actually solves a problem for beginners who want to use Neo.

And then of course there are also the disadvantages:

  • The consumer comes second here, because it’s designed for businesses;
  • Origin in China, where the government can put an end to this project at any time.

How Does Ontology Blockchain Work?

Trust is not something you have to earn. At Ontology, they work on it by making various platforms part of their own ecosystem, so that trust is taken for granted to a certain extent. Security is guaranteed from the platform itself, so there is no dependence on third parties.

A consensus mechanism is, of course, the basis of this body of thought. This technique indicates how transactions on the blockchain are confirmed and verified. In the case of Ontology, we are talking about the special VBFT, a combination of three consensus models:

  1. Byzantine Fault Tolerant (BFT);
  2. Proof of Stake (PoS);
  3. Verifiable Random Function (VRF).

Partly thanks to this consensus, it is possible to carry out cheap, fast and secure transactions on the Ontology blockchain. It is also striking that thousands of transactions can be performed per second. For other blockchains, this scalability is often still a challenge, although Ethereum (ETH) is also making significant progress here.

Unique ID verification

A special feature is Ontology’s incredibly intelligent ID verification. You may have seen your banking app scan your profile to verify larger amounts. We all have unique characteristics, so that you can develop a unique digital DNA based on that.

All users of the internet, especially the crypto fanatics, have unique credentials, ownership ‘papers’ and digital verification data lying around everywhere. This may sound like I’m labeling you sloppy, but that’s definitely not the intention.

Let’s be honest: wouldn’t it be great if all these crumbs were combined into one incredibly tasty bread. All information about your identity, your education, your vehicle(s), medical file and curriculum vitae, in a nutshell. Ready to use, but in a safe way.

 

Simplify verification process

Ontology also has an awesome DRS system. This actually stands for verifying legal entities, where you can imagine how important this step is in the business process. Legal proceedings, or applying for and assigning financial agreements, then go easy peasy lemon squeezy. No more filling in endless data, no fraudulent acts, just a GO or a NO GO.

What is Ontology in the world of crypto?

While companies normally hold an ICO to raise funds for their projects, Ontology has taken a different approach. They gave away their coins to the first batch of newsletter subscribers. You also call this strategy airdropping, because your cryptocurrencies will also fall from the sky of course!

The fact that Neo (NEO) is the brother of Ontology made the start-up phase interesting. They already had a community, so also a target group with many interested people. The Neo fanatics were included in the launch, where the ONT coins were also distributed to the owners of Neo.

The ONT became available to the general public in 2018, immediately setting a maximum limit of one billion coins. Because the community is already familiar with Neo, the popularity of Ontology increased rapidly.

Ontology (ONT)

The image below shows the history of the ONT coin, which has been on the market since 2018. If you had invested € 100 in this crypto coin a year ago, this amount would have been worth € 104.25 today (December 15, 2021). No Bitcoin-worthy amounts, but a year ago you could still add more than 44 euros.

This coin is still in its early stages and given its potential, I wouldn’t be surprised if it continues to increase in value. Note: This is not based on any fact, but a pure guess. Always do your own research if you want to invest or delve into passive income. Never trust anyone else’s judgment and never invest money that you really can’t afford to lose.

 

 

How do I buy Ontology?

Buying Ontology on Bitvavo is a piece of cake. Within a few minutes and for less than a euro you can already be the proud owner of ONT.

  1. Register here for free at Bitvavo
  2. Verify yourself by clicking on your name in the top right corner and then go to ” Verification “.
  3. Transfer money via iDeal. You do this by clicking on ” Deposit Euros “.
  4. Then enter the amount and choose iDeal as payment option so that the money is in your Bitvavo account within a minute. Then click on “Pay”.
  5. If you click on ” Overview ” afterwards, you will see the money.
  6. Find ONT, click on it and then press “Buy”.
  7. Invest the amount you have in mind in ONT.
  8. Congratulations! You bought ONT!
    Don’t forget to save your username and password

Gas Ontology (ONG)

In addition to the standard ONT coin, Ontology has also launched a gas token. It became available on the market after the launch of the Mainnet. ONG had a strong start, then kind of a mild period, but this was at the same time as the pandemic developed.

Currently, the token looks relatively rosy, but since this is not a normal currency, that is a little less telling. The gas token is used by the users to meet the costs of the network.

 

 

How do I buy Ontology Gas?

Buying Ontology Gas on Bitvavo is a piece of cake. Within minutes and for less than a euro you can already be the proud owner of ONG.

  1. Register here for free at Bitvavo
  2. Verify yourself by clicking on your name in the top right corner and then go to ” Verification “.
  3. Transfer money via iDeal. You do this by clicking on ” Deposit Euros “.
  4. Then enter the amount and choose iDeal as payment option so that the money is in your Bitvavo account within a minute. Then click on “Pay”.
  5. If you click on ” Overview ” afterwards, you will see the money.
  6. Find ONG, click on it and then press “Buy”.
  7. Invest the amount you have in mind in ONG.
  8. Congratulations! You bought ONG!
    Don’t forget to save your username and password

Buy and store ONT

I myself am a big proponent of storing your funds in a hardware wallet. You can store your ONT coins in a software wallet, as described below, or in a hardware wallet, such as Trezor & Ledger.

The big advantage of such an external wallet is that you always keep your private key in your possession. This means that the cryptos on your USB-like device really belong to you. An ultra-good wallet is the Ledger Nano X, for which we have of course also written a manual.

 

 

Source: Ledger vs. Ontology

ontology wallet

If you are looking for a wallet for your Ontology (ONT) coins, you can of course use the Owallet of the platform itself. Owallet is a modern desktop wallet, which you can read more about on Github. It is usable on all operating systems and has several attractive features, such as:

  • View and withdraw balance;
  • Sending ONG and ONT;
  • Include ONG;
  • Etc.

Ontology and the Metaverse

If you are a bit into futuristic developments, then you will certainly be familiar with the Metaverse. I have already written several articles about it, such as this complete manual. Ontology has also set its sights on this 3D world, which is why they are also claiming media attention for it.

They are investing in Web3 and the entire ecosystem , so that it will be completely polished for the arrival of the Metaverse, as you can read in their article on Medium.

Conclusion

Ontology Blockchain is promising and definitely has potential , but they are far from there. This blockchain is still quite dependent, in terms of community, on Neo blockchain and the link between the two is often critically examined.

As with Neo, the origins are quite sensitive in the business world, as China is quite protective of their communist society. Crypto has already been connected in the country, with mining also likely to be blacklisted. All because the government there considers it a threat, so imagine what happens if they start considering the blockchain developments as a threat. Then the project quickly disappeared from the map, so you want to put your money in there?

Apart from the political part, they are focused on the future and would like to pave the way for a 3D world, in which identification will not be an issue. It’s all about speed, affordability and protecting online identity. As I can see now, they are doing this well and also have wonderful plans, with an eye to the arrival of the metaverse.

Do you have any questions about Ontology (ONT) or other concepts that came up in this story? In our FAQ you will find the answers quickly and easily. What also works well is to google your question + ‘AllesOverCrypto’. There is a good chance that we have already written an article in the past about the subject that you would like to know more about.

Do you want to talk further about the direction and expectation of ONT? Do you want to know more about investing in crypto? Register quickly with our AllesOverCrypto Facebook group! Here, our crypto and blockchain experts are ready to answer your questions. Will I see you there?

Header image: https://ont.io/

 

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