Ontology

Ontology

 ONT

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 Exchange Rate

What is Ontology?

Ontology is a high-performance project, whose goal is ‘to bring trust, privacy, and security to Web3 through decentralized identity and data solutions’. The project was established by Li Jun on November 27th, 2017, launching its MainNet in 2018 on June 30th . Back then, when the project was launched, 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. So, Ontology aimed to build an infrastructure that would provide individuals and organizations to get trusted access to Web3 through regulatory compliant digital identity solutions.

Achieving the goal of increasing privacy, transparency, and trust Ontology established a high-speed, low-cost public blockchain. Ontology blockchain provides its users with agility to design blockchain-based solutions that respond to their needs - which, also enforcing regulations, helps bring decentralized identity and data solutions to Web3.

Key Features

Some of the key features of Ontology include:

ONT ID

ONT ID is a Web3 identity framework based on the W3C recommendations for decentralized identifiers and verifiable credentials. The framework can quickly identify and connect people, data, and services, using blockchain and cryptographic technology, and is extremely easy-to-use. It enables users to fully control their data and digital identity being decentralized, self-sovereign, and privacy-preserving.

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.

ONTO Wallet

ONTO Wallet is a DID-based gateway for a seamless Web3 experience: an all-in-one option for securely managing your identities, data, and digital assets. ONTO allows you to manage your crypto assets (including NFTs), perform cross-chain swaps, and readily access a variety of dApps. If you need to learn more you can do it real time via ONTO news feed.

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

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.

Ontology Blockchain

To reiterate, the Ontology blockchain is a public blockchain with high speed and low costs. Through Ontology’s Ethereum Virtual Machine (EVM), Ontology ensures frictionless compatibility with Ethereum, the first step in creating the Ontology Multi-Virtual Machine and further interoperability for the chain.

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.

What is the Difference Between ONT and ONG?

Since launching, Ontology has relied on two tokens to both power and secure its network. This dual-token model include:

ONT (Ontology)

ONT is Ontology’s primary token, serving principal means of the Ontology network - both storage and transfer of the value of the network. The ONT token has a total supply of 1 billion, of which around 87% are in circulation.

ONT holders gain governance rights and the ability to stake tokens, gaining ONG rewards. Also ONT holders have the ability to delegate stake to a node operator (Triones) so that it could vote and propose on their behalf.

ONG (Ontology Gas)

The ONG token is a special token that allows you to pay fees and transactions on the network. It’s also a reward for users who help keep the Ontology blockchain operational. Additionally, the Ontology Gas token is used whenever a user performs particular operations on the Ontology blockchain such as deploying smart contracts. The main aim of ONG is to keep the network’s transaction costs predictable, though as the ONG rewards are given to those staking ONT - security and stability of the network is contributed.

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:

  • Head to Swapzone through your internet browser.
  • 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.
  • In the section “get up to” enter Ontology as the coin that you wish to receive in exchange for BTC.
  • After you’ve entered these details, Swapzone will display several BTC-ONT exchange rate offers from different exchange partners.
  • 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.
  • 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.
  • 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.
  • Once the process finalizes, you will receive ONT in your wallet. Simply take a moment to rate the experience and leave an honest review.

Popular pairs to convert Ontology

Frequently asked questions

What is the Ontology exchange rate?

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An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.

There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.

Where to find the lowest transaction fees?

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Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.

If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.

What is average transaction time?

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Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.

The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.

The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.

How to choose a cryptocurrency wallet to store Ontology?

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To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.

There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.

If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.

What is the best cryptocurrency exchange for beginners?

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There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.

To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.

What is Swapzone?

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Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.

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