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What Is Ontology?

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Nov 22, 2022
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4 min read
what-is-ontology

This blog post will cover:

  • About Ontology (ONT)
  • Where did Ontology (ONT) come from?
  • What are the advantages of Ontology (ONT)?
  • What are the disadvantages of Ontology (ONT)?
  • How to buy Ontology (ONT) on SimpleSwap?

About Ontology (ONT)

Ontology is a high-performance public blockchain of distributed trust interaction. This is a platform which helps to create blockchain systems for the needs of any organization.Initially, the project was created for the development and implementation of the blockchain in various spheres of life.The main infrastructure of the Ontology project consists of three different elements: blockchains, a framework that combines different blockchains, and a set of interaction protocols. Each element can be considered separately:

  • ONT Blockchains is a decentralized system that operates on the principle of a chain of blocks. Both networks based on the platform and third-party chains can interact with the platform.
  • ONT Framework is a system that combines various blockchains into a single network. Here they can interact with each other.
  • ONT Interaction Protocols - this includes a variety of interaction protocols for various systems and structures.

Where did Ontology (ONT) come from?

Members of the Onchain company, have made a great contribution to the development of the network and its launch process. Next, Onchain stepped back to allow the Ontology Foundation and its open-source developer community to observe the future direction of the Protocol.

ONT cryptocurrency is the brainchild of the Ontology project, which actively began to develop in 2017. Ontology is a revolutionary system that allows companies to apply blockchain technology in their work without having prior skills in using distribution networks.The founder is Jun Li. He has a wealth of academic experience, including a bachelor's degree in computer science, and a master's degree in communication engineering.There are several important dates in the history of Ontology:

  • November 18, 2017 - announcement of the project at the OnChain conference in Shanghai;
  • March 1, 2018 - the main round of token distribution. Ontology cryptocurrency was distributed to all NEO holders;
  • April 13, 2018 - publication of the first version of the roadmap.

What are the advantages of Ontology (ONT)?

  • Confidentiality
    
    Ensuring complete confidentiality of user information and security of transactions;
  • Efficient work
    
    Which ensures fast operations;
  • The decentralized structure of the cryptosystem
    
    Solves the problem of potential monopolization;
  • Authentication rates are higher than those of major competitors that do not use decentralized algorithms.
  • Accessibility
    
    Simple tools and a modular structure make creating applications on Ontology accessible to users who do not have advanced programming knowledge.
  • Using the VRF algorithm
    
    Allows you to make Ontology faster and more efficient compared to other networks that use popular algorithms such as PoW or PoS.

What are the disadvantages of Ontology (ONT)?

  • The dBFT consensus mechanism on which the Ontology algorithm is based is criticized for its high degree of centralization.
  • Cross-chain transactions
    
    Also suggest an increase in centralization.
  • High dependence of the platform developers on the Chinese authorities.

How to buy Ontology (ONT) on SimpleSwap?

If you decide to buy the Ontology cryptocurrency, the simplest way is to use the SimpleSwap service and follow the instructions below:

  • For example, you want to swap BTC for ONT. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select ONT in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. ONT will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ONT exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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