What is Ontology

What is Ontology

The Ontology blockchain started in 2017 with the focus to remove the barriers between the blockchain space and the business sector. ONT basically works as a BAAS (Blockchain As A Service) provider. This is because of its blockchain structure. Whereas with other blockchains like Ethereum, all transactions are out in the open. With ONT this is different. Because for a Business, it would not be very nice to have all its sensitive data out in the open. For this main reason, the ONT blockchain has a multi-chain infrastructure. This structure consists of an open transparent main chain. With multiple other corporate chains attached to it. But unlike the main chain, these corporate chains have to possibility to keep their transactions and data private. This makes it much easier for companies to join the blockchain space. Without having to give away all their data to everyone watching. On top of that, the main ONT chain still has the functionality to support Dapps. So just like with Ethereum Defi protocols, and Dgames can be built on top of it. 

NEO to Ontology 

When Ontology started out the ONT token did not launch an ICO. No, instead they airdropped a large amount (12%) of the token supply to NEO token holders. The rest of the tokens went to institutional partners (28%), NEO council (10%), ONT ecosystem development (25%), Technical community reward (10%), Core team (15%). Because the ONT tokens first started on the NEO blockchain. They were minted as a NEP-5 token. But later on, moved to ONT as its mainnet tokens in Juli of 2018. Because of this Ontology’s community is very connected to the NEO community, and even shares a lot of people behind the projects. Which gave the project a big boost at the beginning

Ontology token model

Just like with the NEO blockchain, Ontology uses a dual token system. This means the blockchain has 2 tokens for its blockchain, the ONT token, and the ONG token. This first one, the ONT token is Ontology’s main token and works essentially as a governance token. Because of this, the blockchain node providers need ONT tokens to stay in power. For a node provider to operate as a node cost money but also pays out. Because the stakers of the ONT tokens will receive ONG in return. The ONG token (Ontology Gas) works just like NEO gas or VTHO on Vechain. Here these tokens are needed to pay for transaction fees. So giving value to the ONG tokens. This specific token model is meant to keep the prices of both the governance token as the gas token stable. Because both have a more constant use case the tokens should not have enormous movements in price. But as with all crypto these days. The price goes up and down a lot. But the more the crypto market matures the more these price swings should go down. So we hope that also this token can reach its goal and stay more stable in price.

Ontology Github

Because ONT is an open-source project all of its code can be reviewed on Github. Here anyone can see the progress the team is making on all Ontology coin-related projects. Or even submit their own commits. Because ONT does everything open source the community can jump in and help when they want. But the most important thing about Ontology Coin being open source and on Github is that it is verifiable by anyone. Meaning that you do not just have to trust their team. But can see for yourself how and what the project is doing. So you know that you do not get into something that no one works on or has a lot of bugs. 

Smart Contracts on Ontology

Smart contracts on ONT work in a similar way to smart contracts on Ethereum. Although Ontology coin has its own chain and way of deploying smart contracts. It also runs an EVM. Because of this EVM, it can easily take smart contracts and Dapps from Ethereum. Make a small change to the smart contracts and deploy them on ONT. So Dapps can easily move between ONT and any other EVM chain. Or deploy on both networks. But besides Dapps moving to ONT. There is a wide variety of Dapps natively being built on ONT. Dapps like Wing Finance, Unifi Protocol, HyperDragons Go, and many more. With many Dapps already deployed on ONT and some switching over. A rise in usage of the Ontology Network can be expected. Which will hopefully turn into a big and beautiful ecosystem.

Ontology Price

The price of Ontology’s ONT token and ONG token highly depends on the usage of the network. But with the growth of the recent years in the blockchain industry. We can expect the Ontology coin to grow with it. But do note that this article and all other info on Yada Wallets is not financial advice and that only you are responsible for your money. If you want to get some ONT or ONG tokens and are curious about its current price. You can see the Ontology price on websites like CoinmarketCap or CoinGecko. Because here you can track the live prices from many exchanges. But prices in crypto usually fluctuate a lot. So keeping an eye on the Ontology news, or the Ontology Reddit page may help you prepare for that. Because the Ontology crypto news can highly influence the Ontology crypto price. The price of ONT already went from highs around the 10$ to lows of under 1$. Where the price goes exactly is hard to say for sure. But if you are looking for an Ontology crypto price prediction you are sadly at the wrong place. Because here on Yada we do not make Ontology crypto price predictions. Or any other price predictions. But many others online do. So feel free to look search for that as well. 

Ontology Explorer

Then there is the Ontology block explorer. Here you can see all the transactions and block on the open Ontology mainchain. But besides that, there is more. You can also check Ontology Stats. Stats like the number of addresses or consensus nodes, and much more. This way you can verify what happens on the blockchain. But also check up on your own transactions and Dapp usage. A block explorer works as the perfect tool to see all on the blockchain. So you know what’s going on. Plus the Ontology block explorer also shows a lot of useful stats and its specific tokens. Which can help you with research on the chain. Or to see if the users base grows etc. 

Wallets that support Ontology

On our website, you can filter for all the Ontology wallets that exist. These wallets always support the Ontology network. But also the Ontology gas token. Because ONT has an EVM, many wallets can simply add the network manually. This makes it super easy for many wallets out there to add to the network. But besides that, the blockchain also has some native wallets like the OWallets and the ONTO wallet.  Finding an ONT wallet should not be that difficult. If you use the Yada Wallets crypto wallet search engine, you can find one in no time. Because here you can filter for all ONT wallets. Plus you can read reviews about these wallets to see if there are any good. So if you have tried one of these wallets do not forget to leave a review. You can also Filter for ONT token types like OEP-4, OEP-5, and OEP-8. This way you can easily find a wallet that supports OEP-4, OEP-5 OEP-8, ONT & ONG tokens.

Find your wallet here

In case you want to see all the other wallets supporting ONT. You can simply take a look here to filter between all wallets that do!So we hope this article taught you more about ONT. But in case you have Questions regarding Crypto or Bitcoin? Feel free to ask them on our online Facebook or Telegram groups. Because we are happy to help whenever we can!So are you ready to start using your own Blockchain wallet? Take a look at our unique wallet finder functions here! So you can find the perfect wallet for your blockchain.