Ontology is a project that aims to make Web3 more trustworthy, private, and secure by using decentralized identity and data solutions. It is building the infrastructure needed to give trusted access to Web3, so that people and businesses can be sure that digital identity solutions that are compliant with regulations will put users and their privacy first.
The Ontology blockchain is a public blockchain that works quickly and doesn't cost much. It is intended to introduce decentralized identity and data solutions to Web3, with the aim of enhancing privacy, transparency, and trust. To do this, users and businesses are given the freedom to build blockchain-based solutions that meet their needs while also meeting regulations. Through its Ethereum Virtual Machine (EVM), Ontology makes sure that it works smoothly with Ethereum. This is the first step toward making the Ontology Multi-Virtual Machine and more interoperability for the chain.
Ontology was made by Onchain, the same company that made the NEO blockchain. Onchain designs and builds blockchain solutions for businesses with the goal of making it easier for businesses to use blockchain technology.
The Ontology blockchain was developed using the NEO platform before its main net was released on June 30, 2018. And unlike most blockchain networks, Ontology didn't have an initial coin offering (ICO). Instead, they did an airdrop: for every NEO a person owned, 2 ONT were dropped into their wallet.
Since both Ontology and NEO are part of Onchain, they have a sort of partnership, or what they call a "Memorandum of Understanding."
Before Ontology, there was no way for businesses to add blockchain to their existing infrastructure unless they knew a lot about it. This was a big problem for most businesses because very few people have the advanced knowledge of blockchain technologies needed to upgrade a business's infrastructure.
This problem got worse because the existing trust networks had problems of their own. Also, businesses aren't likely to try out a blockchain because privacy isn't well protected, data management is centralized, and identity verification isn't very good. Ontology was made to fix these problems.
A consensus mechanism is a method for blockchains to confirm and validate transactions without a third party. In other words, it's what gives the blockchain its decentralized nature. There are a lot of different ways for blockchains to reach a consensus, but Proof-of-Work and Proof-of-Stake are the most common.
However, the Ontology token will use something called "VBFT," which is a combination of three different models. These include Proof-of-Stake (PoS), Byzantine Fault Tolerant (BFT), and Verifiable Random Function (VRF).
The Proof-of-Work consensus model requires that more than 50% of all nodes on the network agree that the transaction is legitimate. However, VBFT only needs 2/3, which makes transactions cheaper and faster.
The use cases of Ontology tokens are:
Unlike other blockchain governance systems, holding ONT doesn't assure any network incentives. To vote and get rewards, people with ONT tokens have to put their tokens in reserved pools. This gives them permission to keep the network safe and reach a consensus by confirming transactions.
Another use for ONT is that it can be staked and used to earn rewards. Ontology Staking ONT is an excellent way to make passive income. Unlike banks, which give a return on investment of about 0.05% per year, each ONT that is staked can give a healthy return on investment of 2.75 percent.
The Ontology network allows other blockchains to be used without the need to migrate. This means that users can build decentralized applications and deploy smart contracts across chains. But these network transactions and operations cost money. The fees are paid with Ontology Gas (ONG), which is the platform's second utility token.
DATE NEWS/EVENTS IMPACT 03/10/2022 Google Cloud collaborates with Ontology (ONT) +22% Increase 07/05/2022 TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath -47% Decrease 21/04/2018 Ontology releases VBFT, a consensus mechanism for the next generation, making it one of the first VRF-based public chains +74% Increase
Ontology has helped find a way for a larger number of people to get closer to blockchain automation. Unlike Ripple and Bitcoin, which only focus on the financial markets, Ontology wants to expand into the Internet of Things (IoT), medicine, government, and other industries. I t has attracted the interest of venture capital firms such as Sequoia Capital China. Onchain knows why so many organizations are hesitant to use blockchain technology. It remains to be seen if Ontology can succeed in getting the latecomers to finally join the party, but it certainly has a good chance.
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