Ontology
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About Ontology

Ontology (ONT) is a proof-of-stake blockchain network that aims to provide distributed trust infrastructures across various industries and business scenarios. The primary goal of Ontology is to enable businesses, even those unfamiliar with blockchain technology, to develop and implement blockchain solutions into their models. This approach allows companies to reap the benefits of a decentralized system without needing in-house blockchain expertise.

Distributed Services and Dual Token Economy

The Ontology network offers several distributed services, including data exchange, data collaboration, and digital identity. These services form a peer-to-peer trust network adaptable to different business models, applications, and devices. Furthermore, Ontology operates on a dual token economy consisting of the ONT staking token and the ONG utility token. The ONT token is used for staking in its consensus system Triones while ONG is utilized for transactions such as network storage and smart contract deployment.

Who are the Creators of Ontology (ONT)

Created by Onchain, the same company behind the NEO blockchain, Ontology was initially built on the NEO blockchain before its mainnet went live on June 30, 2018. There's an existing partnership between Ontology and NEO under which they collaborate on smart contract development, data integration, and cross-chain research.

Ontology Decentralized Network

Ontology’s robust protocols allow it to be used across businesses, devices, systems, and industries for maximum compatibility and trust; this allows companies to benefit from decentralized systems without needing blockchain expertise on their team. In essence, identification, trust, consensus are taken care of by Ontology's suite within the distributed ledger, providing a technological framework that businesses can leverage to become decentralized.

Sources:

• https://www.abra.com/cryptocurrency/ontology/