Price info: https://coinmarketcap.com/currencies/ontology/
First of all what is Ontology?
Ontology is launched by the Chinese company Onchain in 2017. Ontology is a blockchain platform for decentralized trust systems in corporations. They aim to provide a big step toward removing barriers between the blockchain and business sector.
Ontology is a new project works with a focus on ‘’The tree dimensions of Trust’’. Trust is a key component in human organization and social collaboration. Trust has become the core requirement of social and economic partnership that has been built up trough technology, law and community throughout history. Ontology tries to digitize trust in many different forms.
Ontology is trying to create a platform which creates a trustless ecosystem on many different levels. Why is this so important? Currently, trust networks face quite a variety of issues. Poor privacy protection, untapped data value, data management monopolization and ineffective identity authentication are all opportunities for blockchain.
The Trust Network includes:
Chain 1: Verification of people, wealth, things, and organizations.
Chain 2: Verify applications and link them together
Chain 3: Verify and link modules, protocols, SDK’s and API’s
Chain 4: All the different networks chains. This layer functions to link all the chains together.
As stated in the whitepaper, “in order to meet the needs of different industries, the flexible design structure is modularized, pluggable, and easily expandable.”
What this means is that Ontology is attempting to be universally adaptable for a wide-range of functions. They hope to be the go-to source for verifying the accuracy and authenticity of things like identity or ownership. Companies like Facebook will be able to easily plug into Ontology for trust.
For Ontology, the creation of its own platform is right now going through the testnet stage, as users are adding and testing nodes. The active testnet is a rare feature, as new projects sometimes take months before launching this stage. Recently, Ontology released its open-source project on GitHub, and plans to draw developer talent to improve its public blockchain infrastructure.
However the ONT tokens are still in the price discovery stage, it has the potential to follow similar projects like NEO or Qtum.
They are very focused on providing the real business world a lot of benefits by their product, so it seems to be a solid plan for cutting another barrier between real world and blockchain.
Also, the collaboration with a project as Neo provides Ontology from decent knowledge and technology. As shown above you can read that you also get Ontology GAS (ONG) from holding ONT. Last but not least, trust is in many ways a missing factor especially in the blockchain industry. If they can implement it as they aim, they might provide a big benefit to real world and the blockchain industry.
ONT was airdropped to NEO holders in March 2018. From this airdrop, 20 million ONT were distributed to the community by the NEO Council.
There will be a max supply of 1 billion ONT tokens which are indivisible, and you’ll get Ontology GAS (ONG) from holding ONT (similar to how NEO GAS functions). Ontology had previously awarded 1,000 ONT tokens to everyone who signed up to their newsletter (which is now closed).
A breakdown of the token distribution:
12% will go to the Ontology community
28% for institutional partners
10% to the NEO Council
25% to the development of the Ontology ecosystem
10% to Ontology technical community rewards
15% to Ontology core team.
There will be a max supply of 1 billion ONT tokens which are indivisible, and you’ll get Ontology GAS (ONG) from holding ONT (similar to how NEO GAS functions). Ontology have mentioned through Neo News Today that the Ontology GAS dividend is 16% for the first year and 12% for the following 3 years (I had to do the division for the other 3 years as they only say 16% for the first year) Source: https://neonewstoday.com/general/ontology-annouce-economic-model/
You can buy Ontology (ONT) on the above exchanges in the ONT/BTC, ONT/ETH, ONT/BNB (Binance) pairs.
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