What is Ontology

Ontology is a public blockchain project whose main aim is to
create an integration in all sectors of the economy. Ontology’s platform
supports all public blockchains and can customize the blockchains for different
applications. It also promotes collaboration between chain networks that have
protocol groups.

Ontology has been able to remove barriers between the blockchain sector and the business sector. It is commonly considered to be a second-generation cryptocurrency that’s eliminating the scalability flaw of first-generation blockchains and cryptocurrencies.

The team behind ONT: Development of Ontology

Ontology is a cryptocurrency developed by Da Hangfei and Erik Zhang of Onchain, a Chinese company that’s also behind the development of NEO. The principal founder of Ontology is Jun Li, a guy with vast experience in IT and Fintech.

Yan Zhou is Ontology’s Technical managing director with extensive experience in software marketing and development. He was among the first people who were able to integrate data striping and distributed caches on the Ontology blockchain. 

ONT has also partnered with well-known companies like LianAn, Cocos, Identity mind global, and CFCA.

LianAn is a security provider company which provides security for smart contracts on the ontology network while Cocos is a gaming development platform which has partnered with Ontology to create a gaming ecosystem on the blockchain.

Identity Mind Global, on the other hand, builds identities which are KYC compliant. Ontology will be able to use Identity Mind Global‘s software services to identify, authenticate risks and avert identity fraud.

CFCA is an electronic certification service provider that will help ontology provide network identity authentication and face recognition technology.

The Ontology’s blockchain

Ontology

Ontology’s distributed ledger network combines distributed communities, data collaboration, and distributed procedure protocols. Its peer-to-peer trust network facilitates cross-application, cross-device and cross-chain. Its blockchain also facilitates Ontology’s communication protocol, security, and scaling.

3 key components in Ontology’s infrastructure

ONT blockchain
frameworks
: the framework of the blockchain is highly customizable and
modularized to support various kinds of businesses.

ONT blockchain:
the blockchain provides services and blockchains required in the Ontology ecosystem.

ONT interaction protocols: ONT’s protocol makes the Ontology platform compatible with different systems, blockchains, and devices.

Ontology’s architecture is built in four layers which are:

The 1st layer contains the distributed ledger which allows data transfer and crosses chain mapping. It also helps in supporting different blockchains built on Ontology.

The 2nd layer comprises the Core protocols that create the distributed trust framework, storage/security, and a smart contract system. This layer allows different industries to develop their own blockchains. 

The 3rd layer is the application layer made out of protocols and application modules. It enables Ontology to provide a diverse set of modules and application protocols which allows developers to develop decentralized apps without having to understand the underlying complex architecture.

The 4th layer comprises data trade, reputation system, and content sharing.

Use cases of Ontology

Finance: Ontology can be used in the trade of securities, collateral management, and supply chain finance.

Internet of Things: Ontology can be used to facilitate automated operations, grid management, office management, and device-to-device payments.

Insurance: Ontology can be used in the filing of claims,
fraud detection, digital authentication of insurance claims and telematics and
ratings.

Media: Ontology can be used in digital rights management, Ad
placement, and resale of authentic asset.

Different areas where Ontology’s technology can be applied include; software development, medical field, and voting.

Pros associate with ONT

•    It has a very high processing speed of up to 5000 transactions per second which is provided by its mainnet.

•    It has strong partnerships which assure investors of its viability

•    It is created to offer blockchain benefits to businesses.

•    It has a great team behind it.

Cons of ONT

•    Ontology operates from China, a country that has not been fully appreciated by many within the cryptocurrency space. Running a blockchain project from such a country could instigate fear on many who might want to invest in ONT.

•    It is still in the early stages of development; hence many might not fully trust and invest in it.

How to buy ONT

Below is a guide of how you can purchase ONT from any major exchange.

Create an account with the exchange you have chosen

It is important to note that ONT is only available on a few exchanges. You should, therefore, choose an exchange that offers Ontology in one or more pairings. Once you settle on one exchange, you can go ahead and register using your email and create a strong password.

Additional KYC information may be required for account creation, depending on the exchange. It is recommended that you enable 2-factor authentication for extra security of your coins.

Deposit funds into the
account

Since you cannot exchange Fiat currency for ONT in most of its supported exchanges, you will have to buy any cryptocurrency that’s listed as an ONT pair on the exchange such as Ether or Bitcoin.

Ontology

After acquiring the necessary tokens or coins, login to your account and find the deposit link, copy your wallet address and then transfer coins or tokens to your account.

Buy ONT

At this stage, go through the available pairings on the
platforms and pick one of your choices. Click on ‘’buy ONT’’ and input the
number of coins you wish to spend and the number of Ontology tokens that you
want to buy. It is crucial to go through all the details you have provided
before finalizing your transaction.

Storage of ONT tokens

If you decide to store your tokens on an exchange’s wallet for an extended period, beware of the fact that you may be exposed to losing your coins should there be a security breach on the exchange. It is, therefore, recommended that every investor owns a secure wallet where they store their coins after purchasing on an exchange.

Ontology can be stored on several wallets. Though it is built on the NEO blockchain, it is not possible to store ONT on all NEO-compatible wallets. Examples of good wallets that you can use to store ONT are; Ledger Nano and Nano S, Neon wallet, Morpheus wallet, NEO wallet, and NEO Tracker.

It is advisable to use a hardware wallet if you have a huge amount of ONT because they are the most secure wallets.

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(Excerpt) Read more Here | 2019-04-19 14:42:48
Image credit: source

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