Ontology is a high-performance public blockchain designed to enhance trust, privacy, and security in web3 applications through decentralized identity and data solutions. The Ontology blockchain supports various use cases, including digital identity, data exchange, collaboration, and industry-specific applications. It achieves this through its unique architecture, which includes multiple blockchain layers, a smart contract system, and a variety of industry-specific modules.

Ontologys blockchain combines several distributed technologies, including a distributed identity system, distributed data exchange, collaboration, procedure protocols, communities, attestation, and various industry-specific modules. This combination of technologies makes Ontology an ideal platform for creating trust relationships between entities, verifying data, and facilitating secure data exchange.

Ontology offers a high-speed, low-cost public Layer-2 blockchain infrastructure for users and businesses to build and use dApps that comply with regulations. Ontology is EVM-compatible, supporting blockchain interoperability and offering Ethereum-based dApps a more efficient, scalable, and secure platform.

ONT is one of two native tokens of the Ontology network, the second being Ontology Gas (ONG). $ONT serves as a store of value and can be staked via delegation to validator nodes which verify transactions, produce new blocks, and participate in the blockchains governance process.

Ontologys EVM ensures seamless interoperability with Ethereum and serves as the first step in creating the Ontology Mutli-Virtual Machine that will enhance the interoperability features of its network in the future. The Layer-2 blockchain offers a high throughput and low transaction costs and focuses on security and privacy so businesses can maintain regulatory compliance when deploying blockchain-based dApps on their network.

The blockchain also offers the Ontology Web3 Network (OWN) Infrastructure, a set of blockchain-based protocols and products dedicated to designing web3 applications. OWN consists of the following components:

Underlying Layer

This supports the VBFT consensus mechanism employed by the network and offers Mutli-VM support. An Optimistic Rollup-based Layer2 network enables cross-chain collaboration for developing highly scalable decentralized projects.

Protocol Layer

Ontologys protocol layer hosts the ONT ID decentralized identity framework, which includes ONT Login, ONT TAG, Mercury, and OScore. It also supports the Orange reputation protocol and POD metadata protocol.

Application Layer

This layer is the web3 gateway on Ontology, where dApps are built and deployed. The ONTO Wallet - the official wallet of the Ontology blockchain, operates on this layer.

The Ontology project was founded by Li Jun and his team, focusing on decentralized identity and data solutions. Jun is a highly regarded blockchain solutions architect with 17 years of experience in IT and fintech. He founded Ontology with the belief that decentralized identity and data solutions have the potential to change the world.

The Ontology network officially launched in November 2017 in New York City and joined the Decentralised Identity Foundation (DIF) a month later. The Ontology mainnet went live in June 2018, while its official ONTO Wallet was released in July.

Ontologys proposed blockchain standards were approved by IEEE in June 2019, followed by the release of its whitepaper in July. The blockchain released several critical updates in 2020, including Ontology Wasm-JIT and Multi-VM sport in March, Ontology Layer-2 in May, Ontology 2.0 in June, and Score in September. Ontologys first credit-based cross-chain DeFi protocol Wing Finance was launched in September 2020. The network partnered with Daimler Mobility in the same month to develop an automobile blockchain platform.

In February 2021, Ontology became BNBs partner for DID. In June, the team completed the development of Ontology EVM. ONT.ID went live in September, and the developers launched ONT Login and ONT TAG. The OWN Infrastructure was released in June 2022.

The Ontology token could be a great choice if youre interested in investing in a promising crypto asset. Ontology is a project that aims to provide innovative solutions to make dApps more scalable, secure, and suitable for real-world applications, making it a strong contender in the Web3 sector.

As mainstream adoption of Web3 technology continues to rise, the demand for robust ecosystems like Ontology is likely to increase, which could support the ONT token price in the market. Additionally, an increase in developers and enterprises building dApps on the Ontology network could drive up the demand for its ONT token, making it a valuable investment.

The rollout of new upgrades and additional features by Ontologys developers that make the blockchain more attractive for developers and consumers could also drive bullish moves in the price of ONT token. This could bring more developers and users to its ecosystem, increasing its on-chain activity and boosting the ONT price statistics.

Although it is impossible to offer an accurate ONT price prediction, several factors can influence price change and volatility in the Ontology token, including:

Level of Adoption

Developers and businesses increased adoption of the Ontology network can make the ONT token more appealing for crypto traders to invest in and hold. This could support the price of Ontology token in the market.

Future Upgrades

As the developers behind the project roll out more upgrades to make Ontology more efficient, scalable, and secure, there could be a higher interest in its ecosystem among enterprises, developers, and users, increasing the price of ONT crypto. The price of Ontology token could also climb higher when the project announces new partnerships and investments.

Market Outlook

A favorable outlook toward cryptocurrencies and web3 is also vital in driving bullish action in the ONT price. A positive or risk-on sentiment among investors could cause an uptrend in the Ontology value. However, a bearish or risk-averse mood among global investors could drive selloffs in the crypto market, weakening the price of ONT.

Crypto assets are highly speculative and subject to considerable volatility and market risks. We recommend DYOR before trading or investing in Ontology and other cryptocurrencies to limit your risk exposure.

Ontology uses a dual-token model, and ONT has the following functions:

Native Currency

$ONT is used to store and transfer value within the Ontology blockchain. Token holders can delegate their ONT for staking to Triones nodes. The node operators can then leverage this stake to submit proposals and participate in Ontologys governance mechanism.

Staking

You can also stake ONT on the Ontology network and receive rewards in ONG tokens. The staking function will support the security and stability of the Ontology blockchain.

Crypto Asset to Trade and HODL

Trade Ontology against other digital assets to profit from changing market conditions and volatility. You can buy or sell ONT against other cryptos or hold it long-term if you believe in the future potential of the Ontology project.

You can stake $ONT and earn rewards in ONG, contributing to securing the network. Heres how to do this:

1. Download the ONTO Wallet and create an ONT ID Wallet. Fund your wallet with sufficient tokens by buying ONT on BYDFi or other supported platforms and withdrawing your tokens to your wallet.

2. Click the Stake button at the bottom left of the wallet interface.

3. Select a node by clicking on Current Node to view node names and details on their APYs. The top 15 nodes based on the highest amount of ONT staked will be marked as Consensus nodes.

4. After selecting the node to which you wish to delegate your tokens, enter the number of ONT tokens, you want to stake and confirm your transaction.

5. Sit back, earn rewards in $ONG, and grow your crypto holdings by staking $ONT.

Ontology has partnered with several leading names in the crypto industry, including 1inch, Aave, BNB Chain, Polkadot, Chainlink, Chiliz, Elrond, Paxos, Waves, and more. Ontologys partners from mainstream industries include Daimler, Google Cloud, Opera, and Sequoia.

Investors in the Ontology network include BlockVC, Hashed, and OnChain. Several other VC investors have also participated in the projects fundraising rounds.