Ontology ONT
About
What Is Ontology ($ONT)?
Ontology 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.
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.
Who Are the Founders of Ontology?
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, 1) in philosophical terms, “Ontology is the branch of philosophy that studies concepts such as existence, being, becoming, and reality.” 2) 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.
What Makes Ontology Unique?
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.
How Many Ontology (ONT) Coins Are There in Circulation?
Ontology has a total coin supply of 1,000,000,000 ONT, of which nearly 80% are currently in circulation.
At its launch, 15% of ONT tokens were allocated to its core team, 10% to the NEO council, 28% to institutional partners, 10% to its technical community and 25% to the development of its ecosystem.
These tokens were subject to a strict screening process and various unlocking periods that ran over two years until the end of October 2020. Read more about its token distribution here.
How Is the Ontology Network Secured?
The Ontology network is fully decentralized and therefore highly resistant against hacks, which would have to affect over half of the connected devices to make an impact.
AI Analysis
What is the Ontology (ONT) cryptocurrency good for? What are its main use cases?
Ontology (ONT) is a blockchain-based platform designed to provide a decentralized identity and data exchange framework. It aims to create a trustless, secure, and scalable ecosystem for businesses and individuals. Here are its main use cases and features:
1. Decentralized Identity (DID)
- Ontology ID (ONT ID): A self-sovereign identity system that allows users to control their personal data without relying on centralized authorities.
- Use Cases:
- Secure authentication for financial services, healthcare, and government applications.
- Privacy-preserving identity verification for DeFi, Web3, and enterprise solutions.
2. Data Exchange & Privacy
- Ontology Data Exchange (ODE): A decentralized data marketplace where users can securely share and monetize data.
- Use Cases:
- Businesses can buy/sell data while maintaining privacy.
- Individuals can control access to their personal data (e.g., medical records, financial history).
3. Smart Contracts & Enterprise Solutions
- Ontology Smart Contracts: Supports high-performance, secure, and scalable smart contracts.
- Use Cases:
- Enterprise blockchain applications (supply chain, logistics, IoT).
- Cross-chain interoperability with other blockchains (via Polkadot, Ethereum, etc.).
4. Cross-Chain Compatibility
- Interoperability: Ontology integrates with other blockchains (Ethereum, Binance Smart Chain, etc.) via bridges and cross-chain protocols.
- Use Cases:
- Seamless asset transfers between different blockchain networks.
- Enhanced liquidity for DeFi applications.
5. Governance & Staking (ONG Token)
- ONG Token: Used for gas fees, staking, and governance.
- Use Cases:
- Staking ONG to earn rewards and participate in network governance.
- Paying transaction fees on the Ontology blockchain.
6. Enterprise Adoption
- Ontology is used by businesses for secure, decentralized identity and data management.
- Use Cases:
- Financial institutions (KYC/AML compliance).
- Healthcare (secure patient data sharing).
- Supply chain tracking (provenance verification).
Conclusion
Ontology (ONT) is primarily focused on decentralized identity, data privacy, and enterprise blockchain solutions. It competes with platforms like SelfKey, uPort, and Polkadot in the identity and interoperability space. While not as widely adopted as Ethereum or Solana, it has niche applications in enterprise blockchain, DeFi, and Web3 identity management.
Would you like a deeper dive into any specific aspect?
What blockchain does Ontology use? Is it its own blockchain or built on top of another?
Ontology operates on its own blockchain, which is designed to be a high-performance, public blockchain infrastructure. It is not built on top of another blockchain like Ethereum or Binance Smart Chain.
Key Features of Ontology's Blockchain:
- Consensus Mechanism: Ontology uses a Proof-of-Stake (PoS) consensus algorithm called Ontology Consensus Engine (OCE), which is designed to be efficient and scalable.
- Dual-Token System:
- ONT: The governance token used for staking, voting, and network participation.
- ONG: The utility token used for gas fees and smart contract execution.
- Smart Contract Support: Ontology supports NeoVM (a virtual machine similar to Ethereum’s EVM) and later introduced WASM (WebAssembly) for better performance.
- Interoperability: Ontology is designed to work with other blockchains, including Ethereum, through cross-chain solutions.
Comparison with Other Blockchains:
- Unlike Ethereum (which is a general-purpose blockchain) or Polkadot (which uses a relay chain and parachains), Ontology is a standalone blockchain focused on identity and data management.
- It competes with other enterprise-focused blockchains like Hyperledger Fabric but remains public and permissionless.
Conclusion:
Ontology has its own independent blockchain and is not a layer-2 or sidechain of another network. It was launched in 2018 as a separate project to provide decentralized identity and data solutions.
Would you like details on its architecture or use cases?
Is Ontology programmable? Does it support smart contracts or decentralized applications?
Yes, Ontology is a programmable blockchain platform that supports smart contracts and decentralized applications (DApps). Here’s a breakdown of its capabilities:
1. Smart Contracts
- Ontology uses a high-performance smart contract system written in Python, Java, and C# (via the Ontology Smart Contract Framework).
- It supports deterministic execution, ensuring contracts run predictably.
- Smart contracts on Ontology can interact with OEP (Ontology Ecosystem Protocol) tokens and other blockchain assets.
2. Decentralized Applications (DApps)
- Ontology provides tools and SDKs for developers to build DApps on its blockchain.
- The Ontology DApp Store hosts various decentralized applications, including DeFi, identity verification, and data management solutions.
- Developers can use Ontology’s cross-chain capabilities to integrate with other blockchains like Ethereum, Polkadot, and Cosmos.
3. Key Features Supporting Programmability
- Ontology Virtual Machine (OVM): A high-performance, secure environment for executing smart contracts.
- OEP Standards: Similar to Ethereum’s ERC standards, Ontology has OEP-4 (fungible tokens), OEP-7 (NFTs), and OEP-8 (multi-signature wallets).
- Cross-Chain Interoperability: Ontology supports cross-chain smart contracts, allowing interactions with other blockchains.
- Identity & Data Solutions: Ontology’s ONTO wallet and Ontology Identity (ONT ID) enable secure, decentralized identity management for DApps.
4. Use Cases for Programmability
- DeFi Applications: Lending, staking, and decentralized exchanges.
- Identity Verification: Secure, self-sovereign identity solutions.
- Supply Chain & Data Management: Immutable record-keeping and traceability.
- Gaming & NFTs: Decentralized gaming ecosystems and digital asset ownership.
Conclusion
Ontology is fully programmable and supports smart contracts and DApps, making it a versatile blockchain for developers. Its focus on identity, data, and cross-chain interoperability sets it apart from other platforms.
Would you like details on how to develop on Ontology or specific DApp examples?
How fast are Ontology transactions? What is the typical confirmation time and throughput (transactions per second)?
Ontology is a high-performance blockchain platform designed for decentralized identity and data management. Its transaction speed and throughput depend on the consensus mechanism and network conditions. Here’s a breakdown of its performance:
1. Transaction Speed (Confirmation Time)
- Typical Confirmation Time: ~2–5 seconds per block.
- Block Time: ~5 seconds (adjustable based on network conditions).
- Finality: Transactions are considered final after a few blocks (usually within 10–15 seconds).
2. Throughput (Transactions Per Second - TPS)
- Theoretical Max TPS: ~5,000–10,000 TPS (under optimal conditions).
- Real-World TPS: Typically ranges between 1,000–3,000 TPS in practice, depending on network load and consensus efficiency.
3. Consensus Mechanism (Ontology Consensus Engine - OCE)
- Uses a Byzantine Fault Tolerant (BFT)-based consensus (similar to Tendermint) for fast finality.
- Supports parallel execution of smart contracts, improving scalability.
4. Comparison with Other Blockchains
- Faster than Ethereum (15–30 TPS) and Ethereum 2.0 (100,000 TPS theoretical, but real-world TPS varies).
- Slower than Solana (2,000–65,000 TPS) but more decentralized.
- Similar to EOS (4,000+ TPS) but with a focus on identity and data management.
5. Factors Affecting Performance
- Network Congestion: High demand may slow down confirmations.
- Smart Contract Complexity: More complex contracts take longer to execute.
- Node Participation: More validators improve speed and security.
Conclusion
Ontology offers fast transaction speeds (~2–5 sec confirmation) and high throughput (~1,000–3,000 TPS), making it suitable for enterprise and decentralized identity applications. For real-time performance, monitoring the network status is recommended.
Would you like details on gas fees or specific use cases?
How much data can I store on the Ontology blockchain? Does it support on-chain data storage?
The Ontology blockchain supports on-chain data storage, but the amount of data you can store is limited by the blockchain's design and economic constraints. Here’s a breakdown:
1. On-Chain Data Storage in Ontology
Ontology allows developers to store data on-chain using:
- Smart Contracts (written in VAScript or Solidity for cross-chain compatibility)
- Ontology Data Service (ODS) – A decentralized storage solution built on top of the blockchain.
- Ontology Identity (DID) & Credentials – Stores identity-related data on-chain.
2. Storage Limits & Costs
- Block Size & Gas Fees: Ontology has a block size limit (similar to Ethereum), so storing large amounts of data directly on-chain can be expensive due to gas fees.
- Economic Incentives: Storing excessive data on-chain is discouraged because it consumes network resources, leading to higher transaction costs.
- Off-Chain Storage Options: For large datasets, Ontology recommends using IPFS, Filecoin, or ODS (Ontology Data Service) for decentralized storage while keeping only references (hashes) on-chain.
3. Best Practices for Data Storage
- Small, critical data (e.g., identity credentials, contract state) should be stored on-chain.
- Large datasets (e.g., documents, media) should be stored off-chain (IPFS, Filecoin) with only a hash reference stored on-chain.
- Ontology Data Service (ODS) provides a hybrid approach, allowing structured data storage with on-chain verification.
4. Comparison with Other Blockchains
| Feature | Ontology | Ethereum | IPFS |
|---|---|---|---|
| On-Chain Storage | Limited (gas-based) | Limited (gas-based) | No (off-chain) |
| Decentralized Storage | ODS, IPFS | IPFS, Filecoin | Yes |
| Cost | Moderate (ONT gas fees) | High (ETH gas fees) | Low (storage fees) |
Conclusion
Ontology supports on-chain data storage but is optimized for small, critical data. For large datasets, use ODS, IPFS, or Filecoin with on-chain references. If you need massive storage, consider a hybrid approach.
Would you like guidance on implementing a specific storage solution?
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