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

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

1. WHAT IS ONTOLOGY?

Ontology (ONT) is a public blockchain network and also a decentralized collaboration platform that supports the integration of 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, privacy, and security to Web3 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 fact, there were quite a few similar blockchain platform projects launched around the same time as Ontology—such as EOS, NEO, and VeChain. However, the ONT coin network offers a wide range of practical solutions, enabling businesses and organizations to build their own blockchains based on the ONT blockchain. This provides flexibility, allowing the newly created blockchains to be customized to best suit each organization’s specific needs.

Ontology Chain is dubbed a high-speed yet low-cost public blockchain designed with interoperability in mind. The ONT coin network currently supports three virtual machines (WasmVM, NeoVM, and Ontology VM), which help break down barriers and provide the infrastructure for building cross-chain solutions, making Web3 development easier.

And of course, this is just one special feature, one of the solutions to the challenges posed by the “Web3 topic.” Additionally, the project does not forget to optimize the user experience, building the ONT coin ecosystem where users can actively contribute to the project. For example, the ONT coin wallet allows users to have control over their IDs and data. With the ONT Login feature, all registration and password management procedures are simplified.

3. HOW THE ONT COIN NETWORK WORKS

The Ontology Network is divided into three distinct layers:

• Core Layer: Made up of protocols and various chain groups.
• Application Layer: Consists of application frameworks, partners, and modules.
• User Layer: Represents all users in the ONT coin ecosystem.

Ontology allows organizations and businesses to use and benefit from the blockchain that Ontology has provided:

3.1. Smart Contract

There are three types of smart contracts with different execution tools, called through a coordination center, including 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 their corresponding functions.
• NeoVM Contract: The smart contract is converted into AVM bytecode and then run on the NeoVM tool. Currently, this tool supports Python and C#.
• WebAssembly (WASM) Virtual Machine Contract: The smart contract is converted into a binary-encoded format that can be read and executed by the WebAssembly tool, which supports 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 seen as an upgraded and improved version of the traditional Byzantine Fault Tolerance (BFT) consensus mechanism. A set of nodes proposing alternative blocks is selected sequentially based on VRF for a consensus validation round. This algorithm combines two 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 of smart contracts being unable to interact with the outside world. Essentially, it acts as a bridge to transfer data, enabling smart contracts to find and load data from external sources.

Ontology Framework Infrastructure is divided into two main parts:

• Onchain: Oracle contracts primarily serve the purpose of collecting and storing data sent from off-chain nodes, ensuring that the data is always available when ONT smart contracts within the network need to access it.
• Offchain: The two components of the Ontology Oracle network that exist off-chain are the oracle nodes and the data sources. These nodes connect to the ONT coin network, waiting for requests from the Oracle contracts. Each node independently handles data requests and will expand across multiple blockchains in the future. The two main tasks that nodes in the ONT coin network need to perform are data collection and data analysis.

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, linking applications together.

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

Ontology’s customized blockchain approach, as of the end of 2021, had attracted more than 100 decentralized applications running on the Ontology mainnet. Some of the top dApps supported by the ONT coin network include Wing, Unifi Protocol, and more.

4. ONTOLOGY ECOSYSTEM

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

• Technology: This is considered the core part of the entire ONT coin ecosystem, bringing together a community of developers and partner applications that collaborate to form an interconnected, interdependent group to develop 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 within a larger ecosystem, optimizing the user experience.
• Governance: The Ontology Council works together to create an Ontology governance ecosystem, including service certificate providers, service providers, applications, and more, ensuring transparency in governance, security, and harmony within the entire Ontology ecosystem.

The products developed on the Ontology ecosystem currently include:

• Ontology Authenticator: A tool for managing ownership verification, similar to a useful server for developers, and can be used as a mobile application. The latest features include ONT ID, account management, complaints, and a signing server for verification.
• OntoWallet: This is a cryptocurrency wallet developed by Ontology. Currently, it has mobile app versions and a Google Chrome extension, supporting over 500 dApps, with cross-chain connectivity similar to other cryptocurrency wallets. Additionally, you won’t need to worry about where to store your ONT coin, as the Ontology ecosystem itself provides you with a wallet to do so.

• Explorer: This feature is developed within the Ontology ecosystem to facilitate the monitoring of activities within the Ontology blockchain. Users can search for transactions, smart contracts, and transaction blocks through various 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 there are two tokens that coexist within its blockchain and ecosystem: ONT and ONG.

• ONT token is used as a tool for staking, paying operational fees, staking fees for input nodes, and participating in governance activities within the network.
• ONG coin is used as a tool to anchor value, and it is used for transactions within the Ontology chain and applications within the chain.

An interesting fact is that the development team of ONT coin, the founders, decided not to organize an ICO (Initial Coin Offering), which is the event of releasing tokens to the public for fundraising. Instead, they organized an airdrop, distributing ONT coins for free to those who held NEO coins and registered early for project updates via email.

5.1. Basic Information about ONT Token

Below are some basic details about the ONT coin, with data sourced from ONT CoinMarketCap:

• Token symbol: ONT
• Blockchain: Ontology
• Token type: Utility Token
• Consensus mechanism: VBFT
• ONT coin market cap: 366,126,387.40 USD
• Current ONT coin price: 0.4174 USD
• 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 distributed according to the following allocation:

• Community: 12% – 120,000,000 ONT coins
• Strategic 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. ONT COIN REVIEW

According to data from ONT CoinMarketCap, the ONT coin currently ranks 138th by market capitalization. The all-time high (ATH) price of ONT reached 11.18 USD four years ago, raising concerns and questions from investors regarding the coin’s evaluation and future potential. Let’s take a look at the recent ONT coin price chart from TradingView:

Since reaching its all-time high (ATH), the value of the ONT coin has not experienced strong fluctuations that could push it to higher price levels. Looking at the ONT coin TradingView chart above, we can see that after a prolonged downtrend, the price of ONT is now moving within an accumulation range.

6.1. ONT Coin Founding Team

The Ontology project was introduced at the end of 2018 by a blockchain system development company called Onchain. According to the project’s official website, the ONT coin founder is Jun LI. He has 17 years of experience in IT development and financial technology (fintech).

In addition to Jun LI, the Ontology ecosystem also has the participation of experienced people with extensive knowledge of blockchain, cryptocurrency, and project management such as Gloria WU – Chief of Ecosystem Partnerships, Erick Pinos – Americas Ecosystem Lead, Humpty Calderon – Community Development Team Leader, Morio Katayama – Ecosystem Team Leader in Japan, Dr. Kendall MAO – Chief Scientist and Ning HU – Chief Technology Officer.

6.2. ONT Coin Roadmap Update 2022

Since its official introduction to the public, the Ontology project has positioned itself in the blockchain market for 4 years. By focusing on the development of features such as ONT ID and Multi-VM (Multi Virtual Machine) integration, the ONT coin network has consistently been recognized as one of the leading projects in the field of data.

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

Besides offering a blockchain to support Web3 app development, providing seamless access and smooth user experience is crucial. That’s why ONTO Wallet set the objective of becoming the preferred access point in 2022, delivering the easiest gateway to Web3.

7. CONCLUSION

With today’s article “What is ONT Coin?”, TradaFX hopes you’ve gained a solid understanding of what the Ontology project is, what ONT Coin is, how it works, and the products developed within the Ontology Ecosystem.

In addition, through our analysis of the ONT price chart on TradingView, along with the project’s roadmap and future plans, we hope this information can best support investors in evaluating whether or not to invest in ONT coin.