Ontology (cryptocurrency)

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Ontology is a blockchain /distributed ledger network which combines distributed identity verification, data exchange, data collaboration, procedure protocols, communities, attestation, and various industry-specific modules.[1]

Overview

Ontology was created in 2017 by OnChain Capital, a Chinese firm co-founded by Erick Zhang and Da Hongfei. The project did not issue an initial coin offering but airdropped Ontology tokens on its host platform, NEO blockchain.[2]


During the airdrop, the Ontology team gave out 1000 ONT tokens to its newsletter subscribers while those holding NEO tokens were rewarded with 0.01 ONT tokens per NEO token.[2]


The Ontology platform introduced a unique consensus algorithm called Verifiable Byzantine Fault Tolerance (VBFT). The algorithm combines the functionalities of other consensus algorithms: it combines proof-of-stake algorithm (PoS) with the Verifiable Number Function algorithm (VRF) plus the features of the Byzantine Fault Tolerance algorithm (BFT).[2]

The Two Coin System

The Ontology platform has two native tokens - the ONT and ONG tokens. The functionality of the two tokens is different. The ONT token gives its holders a voice while making decisions on issues affecting the Ontology network. Its holders also receive Ontology Gas (ONG) tokens which are system generated. ONG will be used to power the execution of smart contracts, network storage, among other utilities on the platform.[2] Binance, Huobi, Bitfinex, KuCoin, Allcoin, Livecoin, and OKEx all support ONT airdrops.[5]



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