Ontology

Ontology provides high-performance public blockchains that include a series of complete distributed ledgers and smart contract systems. 

It is a project designed to bring trust, privacy, and security to Web3 through decentralized identity and data solutions. It is building the infrastructure to provide trusted access to Web3, allowing individuals and enterprises to rest assured that through regulatory compliant digital identity solutions, users and their privacy come first.

The Ontology blockchain is a high speed, low cost public blockchain. It is designed to bring decentralized identity and data solutions to Web3, with the goal of increasing privacy, transparency, and trust. To achieve this, users and enterprises are provided with the flexibility to build blockchain-based solutions that suit their needs, while also ensuring regulatory compliance. Through Ontology’s Ethereum Virtual Machine (EVM), Ontology ensures frictionless compatibility with Ethereum, the first step in the creation of the Ontology Multi-Virtual Machine and further interoperability for the chain.

Ontology blockchain framework supports public blockchain systems and is able to customize different public blockchains for different applications. It supports collaboration amongst chain networks with its various protocol groups.

Ontology provides common modules on the underlying infrastructure for different kinds of distributed scenarios, such as those for the distributed digital identity framework, distributed data exchange protocol, and so on. 

Ontology uses a dual token (ONT and ONG) model. At first, ONT is a NEP-5 token and does not release ONG. After the launch of Ontology's MainNet, users will be able to exchange NEP-5 ONT for ONT on the Ontology MainNet, which will start to release ONG periodically.

Established by Li Jun in November 27th, 2017, Ontology is building the infrastructure to provide trusted access to Web3, allowing individuals and enterprises to rest assured that through regulatory compliant digital identity solutions, users and their privacy come first.

As a philosopher with a technical background, Li Jun named the project Ontology because:

“Ontology is the branch of philosophy that studies concepts such as existence, being, becoming, and reality.” 

In the Semantic Web, there is a very basic protocol called Ontology. Across the technology and philosophical field, Ontology refers to the basic infrastructure of things, which matches our vision of building a decentralized and credit-based infrastructure.

At its launch, Ontology chose to forego the popular initial coin offering (ICO) model in favor of a series of community distributions and airdrops of its ONT cryptocurrency.

This helped to quickly establish both organic price discovery and a passionate community and helped the project to avoid subsequent regulatory scrutiny.

For example, for a brief period any person who signed up for the Ontology newsletter received an airdrop of free 1,000 ONT, which reached a value of $10 per token soon after the token became listed on major exchanges like Binance.

Ontology launched its own MainNet on June 30, 2018 and has been up and running smoothly since.

The mission of Ontology is to provide high-performance public blockchains that are designed to increase trust, privacy, and security in Web3 through decentralized identity and data solutions. Ontology aims to build infrastructure that provides trusted access to Web3, ensuring that users and their privacy come first. The Ontology blockchain is a low-cost, high-speed public blockchain that is customizable for different applications and supports collaboration among chain networks with its various protocol groups.

Ontology provides common modules on the underlying infrastructure for different kinds of distributed scenarios, such as those for the distributed digital identity framework and distributed data exchange protocol. 

Ontology's vision is to create a decentralized and credit-based infrastructure that provides trusted access to Web3, with a focus on privacy, security, and regulatory compliance. Through its distributed identity and data solutions, Ontology aims to empower individuals and enterprises to have control over their data and ensure their privacy comes first.

To achieve its vision, Ontology has developed a high-speed, low-cost public blockchain that provides flexible solutions for different use cases, including digital identity, data exchange, and more. Ontology also supports collaboration amongst different blockchain networks through its various protocol groups.

Ontology offers a variety of real-life use cases and allows businesses to build their own blockchain on top of the Ontology blockchain. This provides businesses and enterprises with more flexibility, enabling them to create customized blockchains to fit their specific needs.

The Ontology chain is designed with interoperability in mind. The network currently supports three virtual machines (Ontology EVM, NeoVM, WasmVM), helping to break down barriers to development and provide a familiar environment for those wanting to build with Ontology. This is the baseline infrastructure to enable easy, cross-chain building for Web3.

Of course, providing the infrastructure is only one of the solutions to the challenges provided by Web3. The user experience is also crucial, and this is another area where Ontology is uniquely placed to make a positive contribution. ONTO Wallet gives cross-chain access to the user, placing Web3 in the palm of their hands. Combine this with ONT ID, which allows users to keep control over the ID and data. Furthermore, with features like ONT Login, which simplifies the registration and password management procedures, Ontology has the tools available to provide the most seamless access to the next iteration of the Internet.