The Ontology (ONT) coin exists on its namesake platform whose main goal is to clear the obstacles preventing blockchain adoption. The platform aims to introduce this technology to enterprises without them having to possess technical knowledge.
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What Is Ontology
The Ontology platform goes for a simplified implementation of blockchain technology within business systems. Recognizing that the level of expertise needed for integrating blockchain in everyday business may be too high for many enterprises, Erik Zhang and Da HongFei from the Chinese company Onchain (people behind the NEO blockchain) launched their Ontology platform and its native token back in 2017. It came with a set of tools that allow business entities to implement and customize blockchain based on their specific needs. Its distributed ledger platform allowed for easier installation of the blockchain without the need to change the existing business infrastructure from scratch. To make this possible, the Ontology platform had to put various interoperable chains under the umbrella of a central blockchain, which allows for greater flexibility when creating a ledger that will not be dependent on a silo.
So, instead of a single blockchain, enterprises using Ontology should be able to fully utilize both private and public blockchains. Any companies reluctant to leave their data on a public blockchain, for fear of competitors accessing them, can use the Ontology private blockchain which will allow them to customize access permissions for their data. This is made easier via a strategic partnership between the NEO platform and Ontology, enabling the sharing of information between the NEO’s public blockchain and the Ontology’s private one.
This relationship extends to the world of tokens as well – Ontology’s ONT tokens were distributed to the NEO holders as part of an airdrop. Their purpose is to serve as governance tokens with which the owners of these coins can take part in the decision-making process on their network. At the same time, ONT holders will also receive ONG utility tokens (Ontology Gas, which are similar to NEO’s Gas tokens) which are used for managing smart contracts and handling on-chain transactions on the network. After the proper implementation, it’s expected that Ontology will be able to handle thousands of transactions per second, based on its VBFT model which combines Proof-of-Stake (PoS), Byzantine Fault Tolerant (BFT) and Verifiable Random Function (VRF) mechanisms.
Ontology Coin Price
With the partnership with the NEO platform, Ontology hopes to strengthen its position to its competitors such as Ethereum. As of November 2018, Ontology’s market cap stands at USD 350 million, down from more than USD 1.3 billion in mid-2018. The total coin supply is capped at 1,000,000,000 units, with 207,016,949 tokens being in circulation as of today.