Ontology: Everything you need to know

If there is something about cryptocurrencies like Ontology that is here to stay, it is not only the concept of virtual money without a conventional asset backup. It is also the blockchains or the technology called Blockchain which poses a promising future.

Walking this line, we can find different companies that have made it their goal to offer Blockchain development services beyond a simple cryptocurrency. That is why we found Ontology, a platform which has pros and cons that are worth evaluating. That is the reason why we will tell you about this platform below.

➡What is Ontology? ✨

We can define Ontology as a collaborative platform focused on high performance. Its main objective is to allow companies to implement solutions based on Blockchain easily. In this way, it is possible to create a chain of both public and private blocks which allows you to operate on the Blockchain, but keeps your information confidential.

In addition to being a platform that allows companies to create Blockchain, always keeping control of their data. Ontology also has its own cryptocurrency focused on operating in this market, its name is Ontology Coin.

The main objective is to offer users, companies, the possibility of creating their own chain of blocks linked to the main Ontology Blockchain. This allows maintaining a personalized set of rules, as well as the governance of the same chain, taking advantage of the benefits of the main block.

Ontology has similarities with different cryptocurrencies on the market such as NEO or Onchain, since all these coins have been launched in the same Asian market. Similarly, Ontology has among its developers figures who also participated in the birth of NEO, for example, which makes them similar.

ontology

➡Ontology differences compared to other virtual currencies✨

  • Adaptable: For many, one of the main advantages that we can find in Ontology is the fact that it is a very adaptable platform. That's how it is, we can adapt the blockchain and all its solutions to any business.
  • Algorithm: One of the ways in which scalability, performance and stability problems have been solved in this cryptocurrency is through the use of a new algorithm. And it is that operating the VBFT consensus algorithm allows the operation of the blockchain to be much more efficient and stable.
  • Transaction rate: Compared to Bitcoin, for example, Ontology offers a huge transaction rate advantage. Bitcoin has a TPS of 7, Stellar reaches 100 TPS while Ontology exceeds 5000 TPS. This means that the speed and rate of transactions is much higher, thus improving its operation.
  • Dual Token Model: In order to reward the user, Ontology incorporates a Dual Token system. In this way, if you have Ontology cryptocurrencies (ONT Token) you also become the owner of ONG Coins, the gas of this platform. As you can see, its operation is very similar to NEO.
  • Symbiosis with NEO: Both NEO and Ontology share a host of similarities, including the way both networks and the Blockchain collaborate. Having the backing and support of NEO, Ontology gains much greater confidence knowing that you are partnering with one of the fastest growing systems.
  • Users: Finally, you should know that, although both platforms focus on the search for users, Bitcoin stays on the individual user while Ontology focuses on companies. This in order to create more and better Blockchain solutions.

 

➡Technology behind✨

Although Ontology works through the concept of Blockchain, it operates in a different way than what we find in other cryptocurrencies. This because here The objective is not only to operate a Token but to create new blockchains designed to be operated by companies and linked to the main chain.

For this, a technology of data deposited in the chain is used, which is decentralized. This allows the process to be much simpler and more efficient by creating bridges between the main Blockchain and those created for companies without using third parties.

The operation of these blockchains focuses both on the use of a public chain, the main Ontology Blockchain, and private chains. This allows companies to have greater governance over their data and information. This is how they differ from other currencies, as they operate privately.

Finally, it is worth mentioning that a unique algorithm is used here which mixes the best of other algorithms. That's right, the VBFT consensus algorithm is operated which unites elements of the PoS, BFT and VRF algorithms in a single technology.

Ontology

➡Mining✨

The first thing you should know is that Ontology is not a currency that can be mined, this because the Token is controlled by the same platform. This is because the developer seeks to control the operation and value of this coin, thus guaranteeing that it does not suffer from volatility.

Although you should also know, secondly, that it is possible to generate a small return by having coins stored in your Wallet. Although the performance is not generated in ONT, but in NGOs, the gas of this ecosystem, the performance can be attractive depending on the number of coins stored.

➡How can I get coins? ✨

Because Ontology virtual currencies cannot be mined, we can find them by purchase. For this you can go to one of the most important exchange or exchange houses in the world, since this virtual coin is quite popular in the market.

Take into account that the Ontology currency cannot be exchanged for fiat money so it can only be operated as an exchange with other cryptocurrencies. Due to the ease it offers when operating with these currencies, as well as the possibility of creating Blockchain solutions, Ontology may be a good option.


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About Pedro Martinez Gonzalez

I'll tell you a little about myself! I am a financial analyst and economist with a master's degree in finance.

About my studies: I studied at the University of Salamanca for a Degree in Economics and then did a Master's in Finance in Madrid.

Do you want more information? You can read more about me here in my biography.

2 comments on «Ontology: Everything you need to know»

  1. Gregory Reply

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