What is Ontology (ONT Coin)? Everything You Need to Know About ONT Coin Cryptocurrency

ONT Coin is the next coin that many investors consider to have great potential, belonging to the Ontology project. Questions such as what is Ontology, what is the ONT token, the purpose of using ONT coin, which ecosystem ONT belongs to, and evaluations of ONT cryptocurrency and its potential will be presented in more detail in the sections below.

1. WHAT IS ONTOLOGY?

Ontology (ONT) is a public blockchain network as well as a decentralized collaboration platform that supports integration for ledger accounts and smart contracts. Not only does it support features, services, and applications on its own public blockchain, the ONT coin network also supports public blockchains of projects built on the Ontology blockchain—even those using different protocols.

Ontology believes that most businesses can benefit from blockchain technology in terms of both efficiency and security, especially regarding identity and data. The ONT coin project is designed to bring trust, ensure privacy, and enhance security for Web 3 through decentralized identity and data solutions. Ontology’s infrastructure supports cross-chain collaboration and layer 2 scalability.

2. WHAT MAKES THE ONT COIN PROJECT DIFFERENT

In reality, the market has no shortage of blockchain platform projects similar to Ontology that were launched around the same time, such as EOS, NEO, or VeChain. However, the ONT coin network offers a variety of practical solutions, allowing businesses and organizations to build their own blockchain based on the ONT blockchain. This brings flexibility, as the blockchains created can be tailored to best meet the specific needs of the organization or business.

Ontology Chain is known as a high-speed, low-cost public blockchain, designed with interoperability in mind. The ONT coin network currently supports three virtual machines – WasmVM, NeoVM, and Ontology VM – helping break down barriers and providing the infrastructure for cross-chain development, making it easier to build for Web3.

And of course, that is just one unique feature—one of the solutions addressing the challenges posed by the “Web3 topic.” In addition, the project also focuses on optimizing user experience and building the ONT coin ecosystem, where users can actively contribute to the project. For example, the ONT coin wallet allows users to take control of their ID and data. Thanks to the ONT Login feature, all registration procedures and password management are simplified.

3. HOW THE ONT COIN NETWORK WORKS

The Ontology Network is divided into three distinct layers:

• Core Layer – Composed of various protocols and groups of chains
• Application Layer – Includes application frameworks, partners, and modules
• User Layer – Represents all users within the ONT coin ecosystem

Ontology enables organizations and enterprises to use and benefit from the blockchain infrastructure provided by Ontology:

3.1. Smart Contract

There are three types of smart contracts with different execution engines, invoked through a coordination hub: native contracts, NeoVM contracts, and WASM virtual machine contracts.

• Native Contract: The ONT and ONG smart contracts of Ontology govern all OEP token protocols and corresponding functionalities.
• NeoVM Contract: The smart contract is converted into AVM bytecode, which is then executed on the NeoVM engine. This engine currently supports Python and C#.
• WebAssembly (WASM) Virtual Machine Contract: The smart contract is converted into an encoded binary format that can be read and executed by the WebAssembly engine, supporting Rust and C++.
  Solidity smart contracts on Ethereum’s EVM virtual machine can also be deployed on the Ontology mainnet and testnet.

3.2. VBFT Consensus Algorithm

The consensus algorithm used by the ONT coin network is VBFT, which stands for Verifiable Byzantine Fault Tolerance. It can be considered an upgraded and improved version of the traditional Byzantine Fault Tolerance (BFT) mechanism. A set of block proposer nodes is selected sequentially based on VRF (Verifiable Random Function) for each consensus validation round. This algorithm combines three consensus mechanisms: Proof of Stake, Verifiable Random Function (VRF), and Byzantine Fault Tolerance (BFT).

3.3. Ontology Oracle Framework

The ONT coin network’s Ontology Oracle Framework is designed to address the issue that smart contracts cannot interact with the external world. Essentially, it functions as a data bridge, allowing smart contracts to locate and retrieve data from outside sources.

The Ontology Framework infrastructure is divided into two main parts:

• Onchain: The Oracle contracts mainly serve to collect and store data sent from off-chain nodes, ensuring that it is always available when smart contracts within the ONT coin network need to access it.
• Offchain: The two components of the Ontology Oracle network that exist off-chain are the oracle nodes and data sources. The nodes connect to the ONT coin network and await requests from the Oracle contracts. Each node processes data requests independently and will be expanded to multiple blockchains in the future. The two main tasks for nodes within the ONT coin network are to collect and analyze data.

3.3. Ontology Trust Network

Essentially, the ONT coin network is divided into 4 chains to handle activities within the network:

• Chain 1: User and organization verification
• Chain 2: Application verification and linking of those applications together.

• Chain 3: Verification and linking of modules, protocols, APIs, and SDKs.
• Chain 4: Linking the chains together.

The customized approach of the Ontology blockchain, as of the end of 2021, has attracted over 100 decentralized applications running on the Ontology mainnet. Some of the top dApps supported by the ONT coin network include Wing, Unifi Protocol, and others.

4. ONTOLOGY ECOSYSTEM

Ontology builds an infrastructure along with a connectivity mechanism to establish a trusted ecosystem. The following three important components of the ecosystem will be developed and upgraded throughout the ONT coin ecosystem’s development process:

• Technology: This is considered the core part of the entire ONT coin ecosystem, gathering a community of developers and partner applications to collaborate and create a linked and interdependent group, enabling the development of secure decentralized applications.

• Applications: Partners with different platforms can contribute to the system by utilizing the features provided by Ontology. These applications will be connected in a large ecosystem, optimizing the user experience.
• Governance: The Ontology Council collaborates to create an Ontology governance ecosystem that includes service certifiers, service providers, applications, and more, ensuring transparency in governance, security, and harmony throughout the entire Ontology ecosystem.

The products developed within the Ontology ecosystem currently include:

• Ontology Authenticator: A tool for managing ownership verification, functioning like a helpful server for developers, which can be used as a mobile application. The latest updates include: ONT ID, account management, complaints, and signing server for verification.
• OntoWallet: This is a cryptocurrency wallet developed by Ontology. It is available as a mobile application and a Google Chrome extension, supporting over 500 dApps and cross-chain connectivity, similar to other cryptocurrency wallets. Furthermore, you won’t need to worry about where to store ONT coins, as the Ontology ecosystem itself provides a cryptocurrency wallet for this purpose.

• Explorer: This feature is developed within the Ontology ecosystem with the purpose of facilitating the monitoring of activities within the Ontology blockchain. Users can fully search for transactions, smart contracts, and transaction blocks through parameters such as hash functions, ONT ID, block size, and more.

5. WHAT IS ONT COIN?

The Ontology project uses a dual token model, meaning two tokens coexist within its blockchain and ecosystem, which include the ONT coin and the ONG token:

• ONT token is used as a tool for staking, paying operational fees, staking fees for input nodes, and participating in network governance activities.

• ONG coin is used as a tool to peg value, and is used for transactions within the Ontology chain and applications on the chain.

An interesting fact is that the development team of the ONT coin founder decided not to organize an ICO (Initial Coin Offering) event, which is the public token issuance or fundraising event through the sale of tokens. Instead, they conducted an airdrop to distribute ONT coins for free to those who held NEO coins and registered for early project information via email.

5.1. Basic Information About ONT Token

Here is some basic information about the ONT coin, data taken from ONT coin on CoinMarketCap:

• Token Symbol: ONT
• Blockchain: Ontology
• Token Type: Utility Token
• Consensus Mechanism: VBFT
• ONT Coin Market Cap: $366,126,387.40
• Current Price of ONT Coin: $0.4174
• Max Supply: 1,000,000,000 ONT tokens
• Circulating Supply: 875,249,524 ONT tokens

5.2. ONT Token Allocation

The ONT coin has been allocated with the following distribution:

• Community: 12% – 120,000,000 ONT coins
• Partners: 28% – 280,000,000 ONT tokens
• Development Team: 15% – 150,000,000 ONT tokens
• Ontology Ecosystem: 25% – 250,000,000 ONT coins
• Community Rewards: 10% – 100,000,000 ONT
• NEO Council: 10% – 100,000,000 ONT coins

6. EVALUATION OF ONT COIN

According to data from ONT coin on CoinMarketCap, the ONT coin is currently ranked 138th by market capitalization. The all-time high (ATH) price that the ONT coin reached was $11.18, four years ago, which leads investors to have some concerns about the evaluations of ONT and its potential. Let’s take a look at the recent ONT coin price chart on TradingView:

Since reaching its ATH, the value of the ONT coin has not experienced significant fluctuations to reach higher prices. Looking at the ONT coin chart on TradingView above, it can be seen that after a long decline, the ONT coin price is currently in a consolidation phase with fluctuations within a range.

6.1. Development Team and Founder of ONT Coin

The Ontology project was introduced in late 2018 by a company specializing in developing blockchain systems called Onchain. The founder of the ONT coin, according to the official project website, is Jun Li. He has 17 years of experience in IT development and fintech. Jun Li and his team have played a crucial role in building Ontology as a powerful blockchain platform, providing identity and security solutions for decentralized applications (dApps).

In addition to Jun Li, the Ontology ecosystem also includes individuals with extensive experience and knowledge in blockchain, cryptocurrency, and project management, such as Gloria Wu – Chief of Ecosystem Partnerships, Erick Pinos – Americas Ecosystem Lead, Humpty Calderon – Community Development Lead, Morio Katayama – Ecosystem Lead in Japan, Dr. Kendall Mao – Chief Scientist, and Ning Hu – Chief Technology Officer.

6.2. ONT Coin Roadmap Update 2022

Since the Ontology project was officially introduced to the public, it has positioned itself within the blockchain market for 4 years. Through focusing on the development of features like ONT ID, multi-virtual machine (Multi-VM) support, and its emphasis on data, the ONT coin network has always been recognized as one of the leading data-centric projects in the blockchain space.

In 2022, the project aimed to focus on building and developing the platform and infrastructure tools for Web3, with the goal of developing a high-speed, low-cost public blockchain for Web3 applications.

In addition to providing a blockchain for building Web3 applications, offering easy access and a seamless user experience is crucial for user satisfaction. That is why ONTO Wallet aimed to become the preferred access point in 2022, providing the easiest access to Web3.

7. CONCLUSION 

With today’s article on ONT coin, Finance Solutes hopes that you have at least gained an understanding of what the Ontology project is, what the ONT coin is, its operating mechanism, and the products built within the Ontology Ecosystem. Along with the analysis from the ONT coin price chart on TradingView, and the upcoming plans and roadmap of the project, we hope to provide the best support for investors in analyzing whether or not they should invest in ONT coin.