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AAX Trends

Ontology Explained

Ontology Explained

Explainers Networks

19 Apr 2022

Ontology is a multi-chain and multi-system network, which makes it a connector between blockchains. The project is capable of many things, from building blockchain infrastructure to creating end-user applications. It specializes in digital identity, data protection, and secured data sharing on top of a robust collaboration network.

It brands itself as a “high speed, low-cost public blockchain”, which aims to help grow Web3 through its decentralized identity and data solutions services.

Ontology brings trustless identity in Web 3

Officially launched in November of 2017, the protocol has come a long way since. It released the ONTO Wallet in 2018, its MainNet in 2019, and the ONTO Web Wallet in February last year.

It ended Q1 2022 with the announcement of its Ethereum Virtual Machine (EVM) and a $10 million funding to support Web3 developments based on the protocol. Let’s learn more about the project in this brief explainer.

The Ontology ecosystem

The Ontology ecosystem uses the chain network as a carrier. The infrastructure serves as the decentralized underlying layer. The trust layer provides the identity system and covers account credit ratings for upper-layer application.

The transaction layer offers business service functions such as information asset exchange and complex interaction services.

The application layer provides various on-chain businesses, such as search services, integrated clients, and other upper-layer application tools.

Each of these layers can communicate and work simultaneously to provide an open cross-chain ecosystem.

A blockchain product line

ONT ID

One of the core problems of the current internet services is data privacy and protection. ONT ID is one of Ontology’s products that provides identity protection or data encryption. One ID to manage your assets, data, and identity.

It aims to deliver a future where you are guaranteed of complete control of who can access and use your online data.

ONTO wallet

ONTO wallet is a cross-chain wallet, which uses the ONT ID for increased security. The product promises you complete control of your data, from assets to transaction history.

Wing Finance

Wing Finance is a cross-chain DeFi lending protocol with a reputation scoring system called OScore. The reputation system is the first and only one of its kind.

Users can obtain under-collateralized loans based on their reputation. The protocol also provides lending, borrowing, and insurance services.

SAGA

SAGA is a decentralized data protocol that helps users purchase and monetize data in a fair, secure, and compliant way. It provides a fair and secure data marketplace.

It can tokenize data and data authorization and it provides an API market for fair and compliant data trading. The protocol is also developing a toolkit to offer enterprises to check authorization prior to releasing data.

The dual token model

Ontology has created two tokens, ONT and ONG, which can be stored, exchanged, and used in transactions in the ONTO wallet.

ONG is mainly used to pay for fees on the Ontology network, keeping the transaction costs predictable. ONT can be staked in exchange for ONG rewards to support the network’s security and stability.

These tokens also allow you to participate in DeFi by becoming liquidity providers on Wing Finance.

Where can I buy, sell, and trade ONT and ONG?

ONT has a circulating supply of 875.2 million coins out of a 1 billion maximum supply. It can be bought and traded on AAX, Gate.io, Huobi Global, Binance, KuCoin, Crypto.com, and Bithumb, among others. It is usually paired with USDT, USD, BUSD, ETH, BTC, and KRW.

ONG has a circulating supply of 305 million coins out of a 1 billion maximum supply. It can be bought and traded on AAX, Gate.io, Binance Bittrex, MEXC, CoinEx, and Digifinex, among others. It is usually paired with USDT, ETH, BTC, USD, EUR, and KRW.

What’s ahead for Ontology?

Ontology founder Li Jun stressed that with the most recent launch of EVM, the protocol is poised to increase interoperability for a safer and more decentralized internet.

He envisions creating a more mature web3 and metaverse future through an upgraded protocol with EVM. The EVM saves time in allowing a smart contract to run in another blockchain instead of having to rewrite and test new smart contracts.

Through the EVM Fund, the project also provides extensive support to developers who supports the use and expansion of Ontology in the blockchain sphere.

Any new or established dApp interested in the EVM Fund can apply and will be subject to evaluation from the Ontology community and team.

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