Significant price surges are amusing. Everyone wants to hop on and have a ride to the moon: some people are driven by FOMO, some HODL for the blind faith, the others believe in DYOR. In the “Rolling Stocks’’ series, we overview the hottest outbreaks and find out the reasons for such successes.
This time we’ll dive into Ontology and explore its basics, key features, and recent updates!
What Is Ontology?
Ontology was established in 2017 by OnChain, a Chinese company. OnChain also created the NEO cryptocurrency.
Ontology was created to facilitate the adoption of blockchain in companies of various sizes, without completely changing the way they operate. The idea of the team behind the project is to make this use as easy as possible for people who do not necessarily have extensive knowledge of the technology to make the blockchain work.
The ONT tokens were distributed in the form of an airdrop and the company, therefore, did not resort to any fundraising.
The team that runs Ontology has a pretty impressive number of people for a project that started with an airdrop. No less than 63 individuals are listed on their website. Most of the members are of Chinese descent.
How Does Ontology Work?
The Ontology network allows companies to use a public blockchain and a private blockchain at the same time. For example, a financial institution doesn’t not want to put its data on a public blockchain. In this case, it uses a private blockchain, possibly with access authorizations for certain people who are not its employees.
But still, there may be things that need to be public, such as verifying a customer’s identity. In this case, the verification process can be done through a public blockchain, like NEO, which sends data to a private blockchain, like Ontology.
Ontology deploys a consensus called VBFT, which uses three distinct mechanisms:
- The Proof of Stake (PoS) consensus for certain elements;
- The concept of Byzantine Fault Tolerance (BFT);
- The so-called Verifiable Random Function (VRF).
The Ontology network is made up of two parts:
- The consensus network. These are all the nodes responsible for transactions, generating the blocks, and making the blockchain work.
- The consensus candidate network. These nodes do not participate in the verification of transactions but remain synchronized with the blockchain.
The stake required to manage a node must be blocked in the consensus network. The size of the consensus network is managed through a consensus management smart contract. This smart contract operates continuously and regularly updates the list of nodes in the consensus network as well as the VBFT algorithm.
One of the most important parameters in the VBFT algorithm is the consensus network node table. During the verification process, all nodes randomly choose which nodes will participate in transaction processing based on what is entered in the node table.
The VBFT consensus can be considered as an improvement of the BFT algorithm thanks to its random selection function. The nodes that accomplish the different stages of the process are different each time, which makes any attempt of attack by hackers almost impossible as long as the number of existing nodes is large enough.
The VBFT consensus works in several steps:
- Nodes are randomly selected by the consensus network. Each of these nodes offers a block.
- Nodes that check blocks are also chosen at random. Once the blocks have been verified, they vote to elect the priority blocks.
- Nodes that are responsible for checking the results of the vote are chosen according to the VRF in order to determine the blocks to be validated.
- Each of the nodes receives the list of blocks that have been validated and these steps are repeated again.
The ONT Coin And The ONG Token
Ontology has two crypto assets to run its project. The first asset fulfills all the roles of a classic coin, while the second is just a token that is used to pay transaction fees on the network.
- The first token is the ONT and there are a billion units of it. When it was released, it was a NEP-5 type token, the equivalent of Ethereum’s ERC-20 tokens, but existing on the NEO blockchain. Nowadays, the ONT has its own blockchain.
- Since the ONT has a separate blockchain, a second token has been created, the Ontology Gas (NGO). It is used to pay transaction fees when transferring ONT coins, as happens with the GAS linked to the NEO coin.
- Ontology aims to create a platform that connects any blockchain system. Moreover, she will work with non-specialists, which can increase her popularity.
- From a technical point of view, the project is well thought out. There is a roadmap, some of the ideas have already been implemented, and in the required form. And the competence of the developers is beyond doubt.
- The authors of the system have entered into a number of partnership agreements. Including a partnership agreement with the NEO blockchain. Consequently, Ontology is trusted by some large investors.
Where To Buy Ontology Coin?
It is possible to buy ONT on Binance, HitBTC, KuCoin and other minor exchanges.
What Is The Best Ontology Coin Wallet?
The safest way to store Ontology tokens is to use a hardware wallet. These are electronic wallets in the form of USB keys. The two best known are the Ledger Nano S and the TREZOR.
Since Ontology is not an ERC-20 token, it is not possible to store ONTs on wallets such as MyEtherWallet (MEW).
Ontology also has its own dedicated storage portfolio, the OWallet.
Ontology Coin News
As of July 2021:
- Ontology’s EVM, which is designed to be fully compatible with the Ethereum contract ecosystem, is fully complete;
- 189 new members have joined Ontology’s global community;
- An event celebrating Ontology’s 3rd MainNet Anniversary has taken place, and ONTO released 10,000 limited edition collectible NFTs.
Ontology Coin Price Prediction
According to some analysts, Ontology coin prices may reach as high as $1.81 and as low as $1.23 by the end of 2021. The average Ontology price prediction for the next one year by them for ONT price is $1.45.
Originally published at https://coinjoy.io.