Investing In Ontology (ONT) – Everything You Need to Know
Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.
Table Of Contents
Ontology (ONT) operates as a decentralized identity and data infrastructure provider. The network leverages blockchain security and advanced cryptography to provide the market with a secure multi-chain ecosystem. This decentralized trust collaboration platform was built with the goal to clear obstacles preventing blockchain adoption.
What Problems Does Ontology (ONT) Attempt to Fix?
Ontology seeks to solve some critical issues in the market. The protocol tackles scalability concerns primarily. The system provides scalability using layer-2 solutions. As such, it can scale vertically to meet the needs of the growing community without sacrificing security.
Data breaches are a huge problem in the market today. There have been billions in stolen identities auctioned off on the dark web. These breaches have grown more frequent and larger in their size. Sadly, these issues have proven to be unavoidable as the current structure of the traditional system is too centralized.
Every time you provide your personal information to a third party, you open yourself up for a data breach at a later date. Organizations like banks are much better at securing your money than your personal information. As such, they often lose their clients' data to hacks.
Ontology's proven blockchain identification system can alleviate these problems and provide a more cost-effective alternative to the people who need it most. The system uses blockchain consensus and smart contract capabilities to eliminate the need for third parties during the verification process. The results are a highly secure and easy-to-implement system that is geared towards enterprise and business clientele.
Developer restrictions are another concern that was at the forefront of the protocol’s strategy. The network specifically goes after Ethereum developers with its low gas costs and scalability. The network is fully EVM compatible so developers can migrate or expand their operations to Ontology without the need to recode. This frictionless compatibility is at the core of Ontology’s approach.
The Ontology network makes it easy for businesses to design an enterprise blockchain to meet their specific needs. Additionally, Ontology supports the creation of fully customized subnetworks making it ideal for specific use case scenarios.
Benefits of Ontology (ONT)
Ontology brings a lot of benefits to the market. The protocol operates as a high-performance infrastructure provider. The network was designed to help businesses use blockchain technology to improve efficiency and security. The network is open source, which is ideal for developers seeking to integrate Ontology's features into their networks.
Ontology enables developers to adapt public blockchains for different types of apps. They can leverage the ecosystem's cross-chain capabilities to improve Dapp programmability and capabilities. This flexibility makes Ontology a smart solution for enterprise clientele seeking blockchain security features.
How Does Ontology (ONT) Work
Ontology leverages a decentralized infrastructure that can be integrated into third-party systems. This strategy makes it easy to deploy blockchain-based authentication systems into existing business applications. This decentralized identity framework provides a cost-effective alternative to the market.
ONT ID is the main feature provided by Ontology. ONT ID is an identity verification protocol and a suite of features. The system was based on the W3C recommendations for decentralized identifiers and verifiable credentials. The suite of tools includes privacy persevering options and an easy-to-use dashboard.
The process to create an ONT ID is simple. The network’s interface walks you through the process from step one to finish. There are a couple of different types of digital IDs you can create using ONT. There is one geared towards users seeking a singular digital ID for all applications. There is also one geared towards developers. The system incorporates interoperable tools and multi-VM support to improve flexibility.
The main goal of ONT ID is to make it simple for any business to integrate blockchain ID services. The network streamlines onboarding and was built to seamlessly integrate into your existing systems. This strategy saves businesses money, time, and resources.
The ONT wallet is another popular feature provided to the public. This flexible digital asset wallet can hold all types of cryptocurr3encies including NFTs (non-fungible tokens), stablecoins, safehaven tokens, and more. The wallet is a non-custodial system which means you are the only one who can access your tokens.
Non-custodial wallets are the most secure. They require you to use a private key to access the funds. If you lose this private key, the funds are gone forever. The main advantage of this approach is that your funds are safe from hackers as they usually target large centralized wallets full of hundreds of people's crypto.
The Ont Wallet was built to support the Web3 environment. Users can log into a variety of Dapps simply by linking their wallets. The wallet supports cross-chain transactions across sovereign DeFi ecosystems. Best of all, it’s available in desktop and mobile format to simplify your trading.
ONT is the main utility token for Ontology. This token is used to send value and use features. ONT is a scalable asset that can be sent globally in seconds using layer 2 solutions. ONT has a capped total supply of 1,000,000,000 tokens.
Ontology gains its high performance from the use of three different consensus models. Specifically, the three models in use include the Proof-of-Stake (PoS), Byzantine Fault Tolerant (BFT), and Verifiable Random Function (VRF) to provide network validity and scalability in near real-time.
Ontology entered the market officially in June 2018. The network launched its mainnet to a crowd of followers. The company behind the concept, Onchain, isn’t a stranger to the cryptomarket. They were the same developers that brought NEO to the market years earlier. Their experience and notoriety helped Ontology secure funding with ease.
How to Buy Ontology (ONT)
Currently, Ontology (ONT) is available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
Binance – Best for Australia, Singapore, UK, & USA residents. Canadian residents are prohibited.
Discount Code: EE59L0QP for 10% cashback off all trading fees for non-USA residents. USA residents: Trade $100 & Earn $10 in 30 days after account registration.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. This exchange currently accepts International & United States residents.
WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality. It is the best exchange for residents of India.
Ontology (ONT) – Layer 2 Solutions are Changing the Game
Layer 2 solutions like Ontology are changing the crypto market for the better. These advanced protocols take the best aspects of their predecessors and improve on their shortcomings. Ontology provides an easy-to-integrate blockchain-based ID security system that any business can afford to use to protect their employees and clientele. As such, Ontology is set to remain a core project to watch in 2022
David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com
You may like
Investing in NEO (NEO) – Everything You Need to Know
Investing in EOS (EOS) – Everything You Need to Know
Investing In Cardano (ADA) – Everything You Need to Know
Investing In Avalanche (AVAX) – Everything You Need to Know
Investing In Polkadot (DOT) – Everything You Need to Know
Investing in Polygon (MATIC) – Everything You Need to Know