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What is Ontology Network? (in simple terms)

What is Ontology Network? (in simple terms)

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Launched in 2017 by China-based Onchain, Ontology is a platform for projects of all types and sizes. It represents a giant step toward removing all barriers between blockchain technology and the business sector.

What is Ontology?

Ontology is a revolutionary technology in the sense that it allows businesses with no prior knowledge of distributed networks to use blockchain. Currently, businesses have no way to integrate blockchain into their infrastructure without costly knowledge of it.

While trusted networks face a variety of challenges, such as poor privacy protection, untapped data value, monopolized information management, and inefficient identity authentication, all present opportunities are created for blockchain. This is where Ontology tries to solve the problem with its strong trust ecosystem.

A deeper dive into Ontology

Ontology, founded in 2017 by China Onchain, was founded by Eric Zhang, Jun Li, and Da Hongwei. Onchain is also the technical team behind NEO blockchain (sometimes called “Chinese Ethereum”). Ontology was developed to allow enterprises to integrate frictionless blockchain solutions into their existing systems. NEO community played a crucial role in raising trust and spreading Ontology.

Ontology Gas: dual model

Ontology is a project that uses a dual token model: an ONT and an ONG. Both are important and fulfill their functions in the blockchain. ONT is the currency of the platform and ONG is the service token for the network. It should be understood that ONG for ONT is the same as GAS for NEO.

The main function of an ONG is to be a way of paying the Ontology platform fees. ONT or ONG transactions will require payment of 0.01 ONG, and will also require users’ ONG. Those who moved their ONT tokens in Ontology MainNet to ONTO, Ontology’s wallet, had automatically received a number of ONG. This is because since the mainnet was launched, ONT coins that were on the blockchain have generated ONG tokens.

At the time, you can obtain both ONT and ONG on Guarda Wallet by swapping or purchasing them with a SEPA transfer. Besides, ONT staking rewards are issued in ONG tokens.

What makes Ontology special?

Flexibility is at the top of Ontology. Ontology uses an elastic architecture that makes it interoperable, forming NEO, Ethereum, and other blockchains as its foundation. It is based on its own consensus mechanism, a DBFT protocol with an average block creation time of 20 seconds and industry-level scalability. There are also some more additional features that should be considered:

  • The experience of the team behind the project. Indeed, the project is supported by OnChain, the company that developed the crypto-asset NEO. Thus, we can be sure that, if necessary, members of the NEO team can come and lend a helping hand to ONT in case of problems.
  • The consensus reached in the VBFT project is really innovative.
  • It is possible to use the technology in many sectors, regardless of the size of the company wishing to take advantage of the technology.
  • Companies wishing to use Ontology for their operational needs do not require in-depth knowledge of blockchain.

In addition, as efficient and ingenious as Ontology is, the network supports “pluggable” mechanisms such as PoW, DBFT, and RBFT, just in case any existing blockchain wants to prove its authenticity with Ontology.

In line with its mission to transform an existing business into the blockchain, Ontology’s APIs and SDKs allow developers to quickly create Dapps and use them as a service. This is critical to lowering Ontology’s user entry barriers, allowing developers to participate without any prior knowledge of distributed systems.

Ontology Staking

Staking involves depositing coins for storage and earning income. As a rule, the mechanism is as follows: coins are sent to the desired address, where they are blocked for a certain period of time by a smart contract. In the case of the Ontology network, the ONT coin is used for this purpose, which in addition to the possibility of staking gives the right to control. Rewards are accrued automatically after each round in Ontology Gas (ONG) tokens — the action token of the Ontology network. This token is required, for example, when you are transferring ONT from account to account, as ONG is deducted as a commission.

Nodes of the network offer remuneration for betting ONTs on them, and thus attract coin holders. By staking their ONTs on a node, holders give their votes in this way, which is important for the nodes to participate in the consensus to process a new block in the blockchain. Each block takes between 1 and 30 seconds to process, and rounds can last anywhere from 16 hours to 20 days, after which a reward in ONG is accrued.

You can easily embark on Ontology staking on web and desktop Guarda Wallet. Starting with only 1 ONT, you are able to receive frequent rewards in ONG with a whopping 35% to 40% APY. Add to an existing stake or unstake anytime.

submitted by /u/Guarda-Wallet
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