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Ontology: A Blockchain for Self-Sovereign ID, Decentralized Identity, and Data

Ontology: A Blockchain for Self-Sovereign ID, Decentralized Identity, and Data
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There are currently over 13,000 cryptocurrencies and blockchain projects in the crypto space. You probably already know all there is to know about popular cryptocurrency projects such as Bitcoin and Ethereum. However, it would be extremely difficult to keep an eye on smaller projects and what it is they are doing. In today’s article, we are going to take a look at a new blockchain project called Ontology.

We are going to find out everything that you need to know about Ontology. Firstly, let’s take a look at what the Ontology project is about, some of its key features, along with its blockchain. Moreover, we are also going to explain the difference between Ontology’s ONT and ONG tokens. Finally, we will show you how you can get both coins on Swapzone. Let’s get started by finding out what Ontology is.

Ontology: A Blockchain for Self-Sovereign ID, Decentralized Identity, and Data

What is Ontology?

Ontology is a relatively new high-performance public blockchain that aims at removing barriers that exist between the business industry and the blockchain industry. The project was established by Li Jun and launched in 2017. Back then, when the project was launched, there was no way for businesses to actively integrate blockchain into their infrastructure without having extensive knowledge of blockchain. Additionally, the networks in existence at that time faced a myriad of issues such as data management monopolization, poor privacy protection, ineffective identity authentication, and untapped data value.

Therefore, the team of driven specialists designed Ontology with the goal of making it easy to integrate blockchain technology into their business, without having to alter current systems. Additionally, they wanted to make it a very simple process which is perfect for any businesses that don’t have extensive blockchain technology knowledge. Ontology did not hold an ICO. Instead, they opted to airdrop their coins to various parties including NEO coin holders and subscribers of the Ontology email newsletter.

What is Ontology?

Key Features

Some of the key features of Ontology include:

ONT ID

ONT ID is a decentralized digital identity application that uses blockchain and cryptographic technology to connect people, data, and services. It enables users to fully control their data and digital identity by storing it on a phone or trusted cloud storage. 

OScore 

OScore is a DeFi credit score, used to measure creditworthiness. An individual’s OScore is calculated through many different pieces of on-chain transaction data. These data points include payment history, liquidation history, amounts owed and repaid, credit mix, and length of credit history, amongst other things. Using a customized algorithm and quantifiable on-chain behaviour and interactions within existing DeFi protocols, OScore ensures the credit scoring methodology remains empirically sound and statistically valid.

Key Features

ONTO Wallet

ONTO is the first truly decentralized, cross-chain wallet, allowing users to securely manage their identities, data, and digital assets. Its users can manage their crypto assets (including NFTs), perform cross-chain swaps, keep up-to-date with the latest industry developments and events via the ONTO news feed, and enjoy access to a variety of dApps. 

With ONTO Wallet, users can create an ONT ID, a decentralized digital identity that fully protects their private data through an encryption algorithm and enables one-click multi-chain wallet address creation and management. Users worldwide can download ONTO Wallet now via onto.app or their mobile app store. Desktop users can also install ONTO Web Wallet for Google Chrome.

SAGA Protocol

SAGA is a decentralized data protocol powered by the Ontology blockchain. Aiming to establish a new standard for cross-chain organization data exchange, SAGA is designed to help users unlock the intrinsic value of data in a fair, secure, and compliant manner while upholding the highest standards of privacy protection. Empowering the growing data-driven economy, businesses utilizing SAGA can benefit from new data processing capabilities and industry insights, while maintaining full control over their own data.

SAGA Protocol

Ontology Blockchain

To reiterate, the Ontology blockchain is a high speed, low-cost public blockchain bringing decentralized identity and data solutions to Web3. Increasing privacy, transparency, and trust, the high speed, low cost, layer 2 blockchain is designed to give users and enterprises 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

Ontology also comes packed with several data sharing protocols and decentralized identity protocols that boost performance, speed and trust. This customizable approach has led to the creation of several dApps on the Ontology blockchain. Some top-performing Ontology dApps include Wing Finance and Unifi Protocol.

On the backend, Ontology’s systems run on the next-gen Ontology Consensus Engine (OCE). OCE relies on a customized consensus mechanism known as VBFT (Verifiable Byzantine Fault Tolerance). This is a combination of PoS (Proof of Stake), VRF (Verifiable Random Function), and BFT (Byzantine Fault Tolerance). By combining the advantages of these components, Ontology adds an impressive level of scalability and security to its blockchain, making it a complex and dynamic ecosystem.

Ontology Blockchain

What is the Difference Between ONT and ONG?

Since launching, Ontology has relied on two tokens to both power and secure its network. These tokens include:

  • ONT (Ontology)

Ontology coin or ONT is Ontology’s primary coin. It was originally a NEP-5 token launched on the NEO platform. However, once Ontology officially launched its own MainMet, the NEP-5 tokens were swapped for native ONT coins. Since Ontology never did an ICO, they airdropped ONT tokens to those who signed up to their email list and NEO holders. The ONT coin has a total supply of 1 billion, of which around 80% are in circulation.  

ONT holders gain governance rights and the ability to stake tokens. Users who stake their ONT can also earn staking rewards. Therefore, not only do they play an active role in steering network decisions but also, they benefit from their participation. Those who stake their ONT receive rewards in the form of Ontology Gas.

Ontology (ONT)

  • ONG (Ontology Gas)

The ONG coin is a special token that’s produced every time an Ontology block is confirmed. It’s primarily used to pay for Ontology transaction fees. It’s also a reward for users who help keep the Ontology blockchain operational. Additionally, the Ontology Gas coin is used whenever a user performs particular operations on the Ontology blockchain such as deploying smart contracts.

Ontology Gas (ONG)

How to exchange BTC for ONT?

If you are looking for a reliable Ontology exchange platform, Swapzone is here to assist you. Through Swapzone, you can easily convert BTC to ONT or ONT to BTC without the extra hassles of opening and verifying an account. If that sounds like what you are looking for, here is a step-by-step guide on how to swap BTC for ONT:

Step 1. Head to Swapzone through your internet browser.

Step 2. In the “pair tab” choose BTC as the coin that you wish to exchange. Enter the correct amount of BTC as well before you proceed.

Step 3. In the section “get up to” enter Ontology as the coin that you wish to receive in exchange for BTC.

Step 4. After you’ve entered these details, Swapzone will display several BTC-ONT exchange rate offers from different exchange partners.

Step 5. Go through the different offers on display and find the one that you want. You can sort the offers based on transaction time, exchange rate or provider rating. Once you’ve found an offer that you want, select it and click on “exchange” to proceed.

Step 6. After this, enter a wallet address to receive your ONT. You will also need to provide a wallet address to receive a refund in case your transaction doesn’t go through or if you’re swapping BTC-ONT between two of your wallets. Click on “proceed to exchange” to continue.

Step 7. This will trigger the transaction to start. It may take a few minutes before you receive your coins. Be patient as the exchange partner sends your ONT.

Step 8. Once the process finalizes, you will receive ONT in your wallet. Simply take a moment to rate the experience and leave an honest review.


How to Exchange BTC for ONG?

Fortunately, you can also exchange your BTC for ONG easily on Swapzone following the same procedure as above. The only difference is that instead of selecting the ONT coin, you will select the ONG coin. The procedure also works vice-versa for those who want to convert ONG to BTC.

How to Exchange BTC for ONG?