Ontology Blockchain is a revolutionary project which is a high-performance public platform for applications. Ontology is aiming to be a solution to provide a decentralized trust ecosystem which supports digital identity and enables a network of private, public and consortium blockchains.
Launched by OnChain focuses on building a bridge between blockchain and business sector. It has made it easy for businesses with no prior knowledge of blockchain and distributed networks to integrate the same into their infrastructure. The network combines various databases among the distributed identity system, distributed data collaboration, distributed data exchange, and distributed communities.
Features of Ontology Blockchain
- Distributed Identity System – By offering a multi factor identity verification system for individuals, organizations and objects, it assures privacy of data and helps in building a trust network.
- Distributed Ledger Technology – Ontology takes into account the procedure protocols, distributed data exchange, smart contracts, data collaboration, and distributed attestation. These modules are empowered by a storage system over distributed ledger.
- Copyright protection of data – A digital identity created through the complete process of registration, request, authorization and exchange are protected through copyright protection recorded to each copy.
- Distributed Data Exchange – With centralized database Ontology offers accuracy while searching and transmission of data between two parties by allowing peer-to-peer data transmission using blockchain technology.
- Key Functions and Modules – Modules such as Ontology Marketplace (OM), Ontology Crypto Package (OCP), and GlobalDB are used to build further modules as per the requirements of the clients.
Pros of Ontology
Ontology guarantees more advantages than its counterpart cryptocurrencies and thus makes a niche for itself. Some of the advantages of Ontology Blockchain include-
- It provides users with absolute cover from third-party seizures and nobody can access or take over the investment within the network.
- Whenever key decisions are being made, the contribution of people is taken into consideration and people can make updates to the network. This is made possible through nodes that allows users to own the network and make changes in it.
- It has demonstrated huge potential for growth over time since its launch even after a dip in its value. It aims to be resilient and grow over the course of next few months. If it is able to maintain the same growth, it may grow up to level the top cryptocurrencies available in the crypto market.
- All the personal investment transactions are encrypted and the details can be accessed only by the user. Even the nodes spread in the network cannot follow back to the owners.
- Ontology blockchain is highly reliable and helps in protecting the assets and users form cyber attacks.
How Ontology Works?
Ontology provides a platform for other blockchains to be embedded to its core and run as side chains. Projects such as smart contracts can be added and various other blockchains can be customized for multiple operations. Ontology has made it possible to send value from one blockchain to another without linking the two networks.
The first layer allows the verification process of people, wealth, things and organizations while the second layer focuses on verification and linking of applications. The third layer is used to verify link modules, protocols, interfaces, etc and the last layer links different network protocols.
How to Buy Ontology Cryptocurrency (ONT)?
Ontology cryptocurrency can be bought through a wire transfer by acquiring an ontology wallet. The preferred cryptocurrency exchange can be selected through a platform which accepts direct payments such as Coinmama.
A trading account selected and verified using personal details can be used and the coins can be purchased from the purchase section of the trading exchange from where they are transferred to the wallet. Preferred wallets to store ONT are Ledger Nano S and NEO Cli as they are compatible with NEO currency.
ONT tokens have not had a public ICO sale and thus can be bought through airdrops. The most recent was the ONT airdrop through NEO where every NEO fetched 0.2 ONT in the users’ wallets.
Future of Ontology
Ontology has been instrumental in finding a solution to bring a larger number of people nearer to blockchain automation. Unlike Ripple and Bitcoin which focuses only on the financial markets, Ontology aims to venture into , IoT, medicine, government, and other diverse industries. In spite of being a fairly new crytpocurrency, it has been able to capture the attention of venture capital firms such as Sequoia Capital china.
Ontology has been able to hole a position in the top 20 cryptocurrencies and has a market cap of approximately 3 Billion USD and price of $8.22 USD. It promises a bright and lucrative future for its traders with its growth rate and latest upgrades.