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Ontology is a high performance, open source blockchain specializing in digital identity and data. Ontology's unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. 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
At its launch, Ontology chose to forego the popular initial coin offering (ICO) model in favor of a series of community distributions and airdrops of its ONT cryptocurrency, which began life as a NEP-5 token on the NEO blockchain.
This helped to quickly establish both organic price discovery and a passionate community and helped the project to avoid subsequent regulatory scrutiny.
For example, for a brief period any person who signed up for the Ontology newsletter received an airdrop of free 1,000 ONT, which reached a value of $10 per token soon after the token became listed on major exchanges like Binance.
Ontology launched its own MainNet on June 30, 2018 and now operates independently from the NEO blockchain.
Ontology was established by Li Jun, Founder of Ontology. During Ontology’s early stages of development, Ontology received technical support from some members of Onchain’s developer team. However, the two have always been officially separate projects pursuing their own goals.
Ontology offers a variety of real-life use cases and allows businesses to build their own blockchain on top of the Ontology blockchain.
Importantly, Ontology offers more flexibility for enterprises, allowing them to create customized blockchains to fit their specific needs in terms of features like governance and enhanced privacy, functionality that competitors like Ethereum and NEO lack by design.
The ONT chain also helps negate transaction network fees by generating and distributing free Ontology Gas (ONG) to ONT holders based on their holdings.
Ontology further provides additional features such as smart contracts, cryptographic identity proofs (ONT ID) and tokenized data (DDXF) that can seamlessly be transferred between different blockchains.
Example: A patient's medical records, subject to strict data privacy laws in most countries, may be utilized across the Ontology network without compromising the integrity and privacy of the patient's data. The medical business that is transferring the confidential data is able to control what is shared with other parties and under which conditions, with no fear of patient data falling into the hands of unauthorized parties.
Ontology has a total coin supply of 1,000,000,000 ONT, of which nearly 80% are currently in circulation.
At its launch, 15% of ONT tokens were allocated to its core team, 10% to the NEO council, 28% to institutional partners, 10% to its technical community and 25% to the development of its ecosystem.
These tokens were subject to a strict screening process and various unlocking periods that ran over two years until the end of October 2020. Read more about its token distribution here.
The Ontology network is fully decentralized and therefore highly resistant against hacks, which would have to affect over half of the connected devices to make an impact.