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What Is Ontology ($ONT)?

[Ontology] is a project designed to bring trust, privacy, and security to Web3 through decentralized identity and data solutions. It is building the infrastructure to provide trusted access to Web3, allowing individuals and enterprises to rest assured that through regulatory compliant digital identity solutions, users and their privacy come first.

The Ontology blockchain is a high speed, low cost public blockchain. It is designed to bring decentralized identity and data solutions to Web3, with the goal of increasing privacy, transparency, and trust. To achieve this, users and enterprises are provided with the flexibility to build blockchain-based solutions that suit their needs, while also ensuring regulatory compliance. Through Ontology’s Ethereum Virtual Machine (EVM), Ontology ensures frictionless compatibility with Ethereum, the first step in the creation of the Ontology Multi-Virtual Machine and further interoperability for the chain.

At its launch, Ontology chose to forego the popular [initial coin offering (ICO)] model in favor of a series of community distributions and airdrops of its ONT [cryptocurrency].

This helped to quickly establish both organic price discovery and a passionate community and helped the project to avoid subsequent regulatory scrutiny.

For example, for a brief period any person who signed up for the Ontology newsletter received an airdrop of free 1,000 ONT, which reached a value of $10 per token soon after the token became listed on major exchanges like [Binance].

Ontology [launched its own MainNet] on June 30, 2018 and has been up and running smoothly since.

Who Are the Founders of Ontology?

Established by Li Jun in November 27th, 2017, Ontology is building the infrastructure to provide trusted access to Web3, allowing individuals and enterprises to rest assured that through regulatory compliant digital identity solutions, users and their privacy come first.

As a philosopher with a technical background, Li Jun named the project Ontology, 1) in philosophical terms, “Ontology is the branch of philosophy that studies concepts such as existence, being, becoming, and reality.” 2) In the Semantic Web, there is a very basic protocol called Ontology. Across the technology and philosophical field, Ontology refers to the basic infrastructure of things, which matches our vision of building a decentralized and credit-based infrastructure.

What Makes Ontology Unique?

Ontology offers a variety of real-life use cases and allows businesses to build their own blockchain on top of the Ontology blockchain. This provides businesses and enterprises with more flexibility, enabling them to create customized blockchains to fit their specific needs.

The Ontology chain is designed with interoperability in mind. The network currently supports three virtual machines (Ontology EVM, NeoVM, WasmVM), helping to break down barriers to development and provide a familiar environment for those wanting to build with Ontology. This is the baseline infrastructure to enable easy, cross-chain building for Web3.

Of course, providing the infrastructure is only one of the solutions to the challenges provided by Web3. The user experience is also crucial, and this is another area where Ontology is uniquely placed to make a positive contribution. ONTO Wallet gives cross-chain access to the user, placing Web3 in the palm of their hands. Combine this with ONT ID, which allows users to keep control over the ID and data. Furthermore, with features like ONT Login, which simplifies the registration and password management procedures, Ontology has the tools available to provide the most seamless access to the next iteration of the Internet.

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How Many Ontology (ONT) Coins Are There in Circulation?

Ontology has a total coin supply of 1,000,000,000 ONT, of which nearly 80% are currently in circulation.

At its launch, 15% of ONT tokens were allocated to its core team, 10% to the NEO council, 28% to institutional partners, 10% to its technical community and 25% to the development of its ecosystem.

These tokens were subject to a strict screening process and various unlocking periods that ran over two years until the end of October 2020. Read more about its [token distribution here].

How Is the Ontology Network Secured?

The Ontology network is fully decentralized and therefore highly resistant against hacks, which would have to affect over half of the connected devices to make an impact.