Ontology (ONT)

Overview & History

Ontology is a high-speed, low-cost, public blockchain bringing decentralized identity and data solutions to Web 3.0. Its open-source network provides a platform for smart contract creation and decentralized application deployment. The project is concentrated on facilitating self-sovereign identification (ID) and data management. Ontology features a two-token system. ONT enables holders to contribute to the network's security mechanism and participate in governance decisions, while ONG is used to pay transaction fees.

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History

Ontology was founded in Nov. 2017, and its mainnet officially launched in June 2018. Ontology is a high-performance, public blockchain specializing in decentralized identity and data. Ontology's infrastructure supports robust cross-chain collaboration and Layer-2 scalability, offering businesses the flexibility to design a blockchain that suits their needs, while also ensuring regulatory compliance. Through Ontology's Ethereum Virtual Machine (EVM), Ontology ensures frictionless compatibility with Ethereum, the first step in the creation of the Ontology Multi-Virtual Machine and further interoperability for the chain.

With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID used throughout the ecosystem, and DDXF, a decentralized data exchange and collaboration framework.

Ontology has developed a host of products and protocols to support its vision of a safe and secure decentralized ecosystem. ONT ID, a decentralized identity framework that helps users manage their own data and enables blockchain-based, multi-dimensional authentication provided by global verifiers, is a key product Ontology implemented through native smart contracts on the Ontology public chain.  Decentralized identity is also a feature of Wing Finance, another Ontology key product, and their DeFi suite, playing a role in OScore, the decentralized credit scoring system developed by Ontology.

The next stage of Ontology's development sees big changes coming to the broader Ontology ecosystem, starting with the development of an Ethereum Virtual Machine, which will connect its trusted decentralized identity solutions with millions of developers and users in the EVM-based blockchain ecosystem upon completion in late 2021.