About Ontology

Ontology Coin Review: Mining Guide, Price & Analysis of Ontology Cryptocurrency

Ontology is an exciting cryptocurrency that wants to revolutionize the world by connecting all entities. The coin is among the altcoins that are doing great in the market. In this review, we shall dive into the importance and the technology behind this technology.

The main purpose of designing an Ontology platform was to allow the business to use blockchain technology. It is not necessary to change their system for them to utilize the network. The work of this entity is impressive.

Ontology real-time application is a necessity for every business. The platform allows users to have full control of their data. Moreover, there are multiple similarities between Ontology and NEO. The reason behind this is because the founders are the same.

History of Ontology

Ontology made its first digital footprint in 2017. The entity did not perform an ICO, but they airdropped their tokens to multiple users. The company transferred for free their currency to NEO holders and individuals who subscribed to the newsletter of Ontology email.

The entity also got its funds from private investors. Ontology and NEO currency are from the same parent company. Therefore, both platforms are working hand in hand to ensure the mass adoption of blockchain technology.

They want to transform the business sector and also create an avenue for Decentralized Applications. Ontology is a unique coin with amazing features. The platform is a network of various blockchains. Ontology is not only a single blockchain like most of the entities.

The company aims to help other entities to transfer their traditional systems to distributed blockchain technology. It reduces the time taken to change the systems. The platform's main blockchain is available to the public. Additionally, their other chains are private.

How Does Ontology Operate?

The company is secure and gives other businesses a quick and secure alternative to shift and use blockchain technology. Moreover, entities do not need to hire developers to perform these tasks. The ontology platform also allows developers to create decentralized applications.

The platform was initially designed to provide a solution to the problems facing the Ethereum blockchain. Data on the Ethereum blockchain is available on the open-source. Unfortunately, the majority of enterprises are not pleased with this model.

They prefer a more secure model. Moreover, the entity also targets being a form of payment to various users on the globe. The entity is working together with NEO to strengthen its features and pose greater competition for Ethereum and other decentralized companies.

It is not an easy task for platforms to migrate their systems. Multiple businesses will benefit from the services Ontology is offering. These include; the government, healthcare, banks, insurance companies, among others.

Any entity that is after privacy sees Ontology as an asset. The information of the users is a top priority of these businesses. Therefore, the information of the consumers is highly protected. Neo and Ethereum face the same challenges since their blockchain is open source and public.

Therefore, the majority of their users are hesitant because they are afraid of losing their data. Hence, Ontology was born to help resolve this issue. The platform enables various companies to have access to and control of their data. The ontology allows users to select who has access to the stored data.

Founder and Team

The company behind Ontology coin is known as OnChain. It is a Chinese entity led by two founders Da HongFei, and Erik Zhang. The team of OnChain is reputable and successful in the industry. Furthermore, the corporate is also the one behind the NEO coin.

The entity targets businesses and individuals who do not have adequate knowledge regarding blockchain tech. Jun Li is the co-founder of the Ontology entity. The team behind this venture is large. The community of this platform is large.

Can Ontology be mined?

Yes, it is possible to mine Ontology coins. The platform uses the consensus mechanism to verify users’ transactions. Unlike the traditional method of payment, the company does not require a third party. The entity is unique in that it uses the VBFT.

The method which the entity uses is environmentally friendly as it does not require high electricity. Users who stake more funds have a high chance of verifying a block. The company rewards nodes using transaction fees.

The method which the company uses is great since it allows users to stay active. The platform is growing popular because it will enable investors to use both the public and private networks. Ontology has limited purposes.

The venture uses three methods: Byzantine Fault Tolerant, Proof of Stake (PoS), and Verifiable Random Function (VRF). Comparing Ethereum with Ontology, we can say that Ontology has a fast and cheap transaction.

The mechanism which the entity uses only needs 2/3 of all nodes to verify a transaction. However, PoW requires 50%, which makes the systems a bit slower. The platform technology will be used for various purposes.

Ontology has multiple modules that help business. It has community management, financial transactions, building smart contracts, confirming digital identity, and data exchange modules.

How to Buy

Acquiring an Ontology coin is an easy process. The coin is available on multiple exchanges like Bitfinex. First, you need to exchange your fiat money. You can purchase BTC or ETH on exchanges like Coinbase, Gemini, or Binance.

The ONT coin has a total supply of 1 Billion. The other token is the ONG gas, which acts as the transaction fee for users who help the platform verify transactions. Find a reliable wallet that can store your ONT.

Advantages

• Great Potential
• Create an easy entry process for companies to use blockchain technology
• The strong company behind their operation
• The endless list of businesses that will benefit from Ontology technology
• It is secure and safe
• Creates a link for the virtual and real world
• The platform uses a unique consensus

Disadvantage

• Volatile
• Originates from China

Our Take on Ontology

Ontology is a coin that has a bright future. First, the coin is backed by a reputable team. The community is also active on their various social media platforms. The company allows various enterprises to transfer data in a transparent, secure, and cheap manner.

The company allows developers to create dApps. On the other hand, China is one of the countries with strict jurisdictions when it comes to cryptocurrency. Therefore, this poses a threat to the entity.

Nonetheless, Ontology has made steps and conducted meetings with the relevant authority in the country. All seems alright, and the platform also focuses on security. It is very hard to hack their system.

Final Verdict

Ontology is offering a secure platform for businesses that want a private network. Therefore, there is the possibility of their competitors getting their data. Nonetheless, certain information will be available to the public, like identity verification.

Ontology wants to use its blockchain to help and link all businesses, financial institutions, individuals, police, learning institutions, and other entities. All cryptos are volatile, but the problems they want to solve in the real world are intriguing.

The company has grown, and they target users from all over the world. They did not conduct an ICO, and the support that the entity has from its community is impressive. The company is ambitious, and we look forward to seeing the full potential of ONG.