The Ontology platform is a self-developing platform with a set of tools that allow commercial organizations to implement and customize the blockchain according to their specific needs. The native token of this platform is $ONT.
Ontology Review-2023
The purpose of the platform, in short, is to provide a simplified implementation of blockchain technology in business systems. Erik Zhang and Da HongFei from the Chinese company Onchain (the people behind the NEO blockchain) launched the platform and native token in 2017, assuming that the level of expertise required for the platform to harmonize blockchain into day-to-day business may be high for many businesses.
The platform offers many innovations that allow companies to implement and customize blockchain according to their specific needs. The distributed ledger platform allows for easy deployment of blockchain without the need to replace existing business infrastructure from scratch.
Easy to Use
To make it possible to allow for easy deployment, the platform aims to put a variety of interoperable chains under the blockchain umbrella, which provides flexibility when creating a silo-independent ledger. Therefore, businesses using Ontology need to be able to fully utilize both private and public blockchains rather than a single blockchain. Companies that fear competitors accessing their data can use Ontology’s private blockchain, which allows them to customize access permissions to data instead of the public blockchain.
In addition, this facilitates the strategic partnership between the NEO platform and Ontology, enabling information sharing between NEO’s public blockchain and Ontology’s private chain.
NEO’s Collaboration with Ontology
The relationship between Ontology and NEO also extends to the token side. Ontology’s ONT token was distributed to NEO holders as part of an airdrop. The main purpose of this airdrop is to serve as a governance token, allowing these token holders to participate in the decision-making process in their networks. At the same time, ONT holders will be able to receive ONG service tokens, which are used to manage smart contracts and perform on-chain transactions on the network.
ONT Coin
With the NEO platform, the platform plans to strengthen its position against competitors such as Ethereum. As of November 2018, Ontology’s market capitalization stands at USD 350 million, up from over USD 1.3 billion in mid-2018. The total token supply is 1,000,000,000,000, of which 207,016,949 are in circulation today.
The ONT token is traded on major crypto exchanges such as Binance and HitBTC.
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