What is Ontology (ONT)?
Ontology is a coin that was specifically created for use within the global Ontology cryptoplatform like a payment instrument. The main task of the creators of the project Ontology is the development of a special platform that can become a bridge between digital money and the rest of the world.
As a basis for the project, Ontology uses a unique technology called Ontology Trust Framework. With this technology, all members of the cryptosystem get the opportunity to show confidence to companies through the holding of universal suffrage. Thus, a trust cryptocurrency ecosystem is formed.
Where did Ontology come from?
Onchain, the company that created Ontology, was founded in 2014 and became one of the first in China to participate in Hyperledger projects to integrate blockchain into existing businesses. Onchain partners include Microsoft China, Ministry of Economic Affairs and Industry of Japan.
The launch of the Ontology project was first announced in November 2017 at the Onchain conference in Shanghai. Despite the close connection of the new network with the blockchain NEO, Onchain representatives strongly emphasized that these projects are not connected by a common team or funding sources. So Ontology is an absolutely independent project.
The founder of the platform is Jun Li, chief IT specialist and one of the founders of the Ontology platform. In total, the project team has 40 people. Almost all of them live in China.
What are the advantages of ONT?
- Ensuring full confidentiality of user information, as well as the security of transactions.
- Effective work that ensures rapid operations.
- The decentralized structure of the cryptosystem solves the problem of potential monopolization.
- Authentication indicators are higher than those of main competitors operating on the basis of decentralized algorithms.
What are the disadvantages of 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 from the Chinese authorities.
How to buy Ontology?
If you decide to buy the Ontology cryptocurrency, the simplest way is to use the SimpleSwap service and follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select ONT in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. Ontology will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.