Ontology (ONT)
Ontology is a high-performance public blockchain and distributed collaboration platform. It is designed to create a decentralized network environment that addresses key issues related to identity security and data integrity. The platform ensures data sharing and productive collaboration by building trust among users.
Ontology, established in 2017, focuses on self-sovereign identity and data management. It offers high-performance public blockchains specializing in decentralized identity and data, supported by various distributed ledgers and smart contract systems.
| Ticker | ONT |
| Category | Smart Contract Platform |
| Website | https://ont.io/ |
| @OntologyNetwork | |
| Telegram | OntologyNetwork |
| https://www.reddit.com/r/OntologyNetwork/ |
Overview
Ontology operates as a multi-chain and multi-system framework, integrating various industries and regions through its protocols. It facilitates mapping between different blockchain networks and traditional information systems. Known as Ontology Chain Group or Ontology Chain Network, it serves as a link between blockchains.
The Ontology platform allows customization of public blockchains for diverse applications and supports multiple blockchain systems. It encourages collaboration across chain networks with its many protocol groups. Ontology also provides common modules for different distributed scenarios, such as distributed digital identity systems and data exchange protocols, creating new modules based on specific requirements.
History of Ontology
Ontology was launched in 2017 by the Chinese company Onchain to leverage the benefits of blockchain networks. Unlike earlier cryptocurrencies focused on decentralization, Ontology, part of the third generation of cryptocurrencies, aims to enhance interactions within blockchain systems. It was developed by Da Hongfei and Erik Zhang, who worked to demonstrate the advantages of blockchain to government entities. The Ontology Coin initially started as a NEP-5 token on the NEO blockchain, transitioning to its native main net ONT on June 30, 2018.
Onchain, the company behind Ontology, also developed NEO, a well-known blockchain project often referred to as the "Chinese Ethereum" due to its focus on smart contracts. Notably, Ontology did not conduct an initial coin offering (ICO), opting instead for a private sale and an airdrop of ONT tokens to NEO holders and email subscribers.
ONT ID
ONT ID is a decentralized identification protocol using blockchain and cryptographic technology to connect people, data, and services. It ensures user privacy and data security, enabling trusted collaboration. Key features include:
- Allowing users to manage their own data and identity.
- Enhancing data trustworthiness through blockchain technology.
- Protecting data privacy and security with blockchain-based security and cryptographic algorithms.
- Connecting trust anchors to establish a collaborative trust network.
When sharing identity with third parties, users provide proof of identity rather than full credentials, similar to a notary signature. Ontology Trust Anchors offer credential verification services for ONT ID users in exchange for ONT tokens. This system is secure and resistant to tampering due to advanced cryptographic protocols, benefitting applications and developers by enabling quick and secure user verification without handling sensitive documents.
Founders
Da Hongfei is known for co-founding the blockchain-based "Smart Economy" network Neo with Erik Zhang in 2014. He graduated from the South China University of Technology with degrees in technology and English. After working at a consulting firm, Da learned coding and founded Neo. Along with Zhang, he also established Onchain, a commercial blockchain firm providing services to private companies.
Jun Li holds a Bachelor's degree in Computer Science, a Master's in Communication Engineering, an MBA, and a PMP. He is a senior blockchain architect and solutions professional with 16 years of experience in IT and fintech. Li has supported technical architecture and management for international IT firms and major Chinese financial exchanges, contributing to significant system designs and building multiple technical teams from the ground up.
Ontology token economics
Ontology employs a dual token model (ONT and ONG) to support its governance framework. This design accommodates the needs of a multi-chain ecosystem, ensuring effective operation across the Ontology network.