What is Ontology (ONT) Coin?

Written by Banks Editorial Team
5 min. read
Written by Banks Editorial Team
5 min. read

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Ontology (ONT) Coin is a cryptocurrency like many others. It was founded in China in 2017. In addition to being a cryptocurrency, it’s also a public blockchain network that was launched on the NEO blockchain. In June 2018, the Ontology network was launched following an airdrop of its coins. 

An airdrop is a large-scale distribution of cryptocurrency in the digital assets market. Its main purpose is to generate leads because the traders of crypto assets have to reveal their addresses and oftentimes their identities to acquire the airdropped coins. NEO and Ontology work in close coordination, and in August 2019, Ontology launched OWallet (Ontology Wallet) to be used for transferring the ONT coins from the NEO blockchain to its own blockchain. 

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Ontology Gas (ONG) is another cryptocurrency that’s thrown off by each ONT, offering flexibility to be customized according to different applications for enterprise use by business-level blockchain users. In this article, you’ll learn what ONT is, what makes it unique, whether it’s a good investment opportunity, its potential benefits, and how you can start trading in this cryptocurrency. This article also provides you with a recommended cryptocurrency exchange platform to use for investing in ONT.

Overview of Ontology Coin

In the simplest words, Ontology is a blockchain solution for the business sector. Before the launch of Ontology, no mechanism was in place for businesses to incorporate blockchain into their existing infrastructure unless they were extensively knowledgeable in the blockchain. This was a major problem for most businesses because very few people have the advanced knowledge of blockchain technologies required to upgrade a business infrastructure. 

This issue was worsened by the existing trust networks facing a variety of issues of their own. Also, poor privacy protection, data management monopolization, and only rudimentary identity authentication deter businesses from experimenting with a blockchain. Ontology was launched to resolve these issues. 

With the important tools provided by Ontology, businesses can now implement trust mechanisms by customizing them according to their needs. In other words, Ontology’s blockchain protocol has opened up the adoption of blockchain technologies for all businesses. Businesses no longer need to go through the learning phase and are still able to customize their blockchain according to their business requirements. 

Ontology and NEO have teamed up to lead the transition towards a more digitized world. This will not only be a peer-to-peer trust network across blockchains but also across systems, industries, applications, and devices.

What’s Unique About Ontology Coin

Decentralized Identity and Data

Ontology has one of the very few decentralized identity protocols. The key benefit of this is that any Ontology user, a project launching a security token offering (STO), or a developer can have a decentralized identity, get protected by cryptographic techniques, get a digital identity that’s controlled through decentralization, and enjoy easier authentication, authorization, and auditing.

 A decentralized identity allows a blockchain user to generate and control his own digital identity without any dependence on a digital identity provider. A key benefit of this is that the individual can then update and share only a portion of data as required rather than exposing his entire portfolio.

Ontology Blockchain

Ontology Blockchain is known as a high-performance open-source blockchain that’s been designed with a special emphasis on decentralized identity and data. The unique thing about its infrastructure is that it supports a robust collaboration across blockchains and provides scalability while offering businesses the flexibility to design a blockchain for their enterprise exactly how they need it. 

With regard to its success, Ontology’s customization approach has gained attention and has been deployed by more than 100 decentralized applications. Among the most notable decentralized applications are Wing and Unifi Protocol. The Ontology ID is resistant to tampering, and the Distributed Data Exchange Framework is an extremely useful data exchange and management framework.

Dual Coin System: Ontology and Ontology Gas Tokens

Ontology relies on two coins to secure and power its network. ONTs are the primary coins for Ontology. Instead of having an initial coin offering, ONT Coins were airdropped for free by Ontology to the NEO holders and the people who had signed up for their email list. 

A total of 1 billion ONTs have been minted, with an estimated 90% of these currently being in circulation. ONGs are produced every time an Ontology blockchain is completed. These coins are used to reward the users who keep the blockchain operational.

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Is Ontology Coin a Good Investment?

Before going into the details of whether ONT Coin is a good investment opportunity, it’s important to understand what value it brings to the digital assets industry. Without a doubt, companies have been waiting for many years for a dependable platform that would revolutionize blockchain technologies. This wait is finally over because of Ontology. Ontology has a few distinctive points compared to the other cryptocurrencies: 

  • ONT is a highly reliable cryptocurrency developed by expert engineers and talented programmers.
  • This cryptocurrency is backed by a wealthy Chinese group, which means that it’s not a pyramid scheme or a scam.
  • It’s closely allied with NEO, which makes it an esteemed cryptocurrency.
  • No additional training is required for using the ONG coin as it follows the concept of smart contracting, as with ONT coins.
  • Ontology also has the benefits of policy governance and regulation changes.

The current price of the coin is between $0.55 and $0.60. This makes it one of the least expensive cryptocurrencies to acquire and one with the highest potential for growth in the mid-to-long-term future. 

It’s expected that the entire cryptocurrency market will explode in 2022 and beyond. The current situation is ideal for ONT investors, and the future seems to be bright. In general, the price of a cryptocurrency has six key determinants: 

  • the demand and supply of the cryptocurrency
  • the cost of production of the cryptocurrency
  • the number of exchanges where the cryptocurrency is available
  • the situation of its competitors
  • the governments around the cryptocurrency
  • the regulations around the cryptocurrency

Ontology is doing well in all these areas with a steadily increasing demand and an ever-increasing number of cryptocurrency exchange platforms where it’s available. Overall, indicators suggest that Ontology will gain its holders immense value in the mid-to-long-term future.

The Potential of Ontology Coin

Ease of Use

Like any other currency, ONT is only as easy to use as the platform that you use to trade in it. If you’re using a world-class digital wallet like Exodus that comes with OWallet, then trading in cryptocurrencies or storing them safely becomes a breeze. 

Of course, it’s not compulsory to use Exodus for trading in ONT, but it’s undoubtedly the best option when it comes to making transactions in the least number of clicks and taps. Moreover, even if you’ve already bought ONTs and have never used Exodus, you can easily download OWallet from Exodus and transfer your coins to it.

Scalability

In blockchain terminology, scalability refers to the ability of a blockchain to scale up and handle mass usage. The developers of Ontology are pushing an innovation called sharding, which is a popular solution for scalability that’s also being used by the likes of Ethereum. Because of its scalability features, Ontology has achieved several milestones in its journey: 

  • It was chosen to be a part of the Microsoft Accelerator.
  • The Ontology Development Platform was added to the Google Cloud Platform Marketplace.
  • Ontology launched the first-ever cross-chain testnet.
  • Two of Ontology’s proposed blockchain standards were approved by the Institute of Electrical and Electronics Engineers.
  • Its global community covers 19 languages.

Cross-platform Interoperability

The key to interoperability between two platforms is through the provision of decentralized identity, as explained before. With the help of a decentralized identity, a user of one platform can interoperate with another platform by sharing only the required information and identifiers to the second platform. 

How Can You Buy Ontology Coin?

Exodus is a digital asset wallet with a desktop and mobile app that empowers people to control their digital wealth. The best thing about this platform, which Exodus takes great pride in, is that they have removed all sorts of technical requirements and confusing steps from trading in cryptocurrency and have made it simple and fun to trade and learn how this industry works. 

The three cornerstones that this platform is built on are safety, reliability, and trust. This platform is currently being used by a large and satisfied consumer base worldwide. If you’re interested in trading in ONT, go to the Exodus website now to sign up by following the handful of easy-to-follow steps and start trading in ONT now.

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