There are currently over 13,000 cryptocurrencies and blockchain projects in the crypto space. You probably already know all there is to know about popular cryptocurrency projects such as Bitcoin and Ethereum. However, it would be extremely difficult to keep an eye on smaller projects and what it is they are doing. In today’s article, we are going to take a look at a new blockchain project called Ontology.

We are going to find out everything that you need to know about Ontology. Firstly, let’s take a look at what the Ontology project is about, some of its key features, along with its blockchain. Moreover, we are also going to explain the difference between Ontology’s ONT and ONG tokens. Finally, we will show you how you can get both coins on JansWap. Let’s get started by finding out what Ontology is.

What is Ontology?

Ontology is a high-performance project, whose goal is ‘to bring trust, privacy, and security to Web3 through decentralized identity and data solutions’. The project was established by Li Jun on November 27th, 2017, launching its MainNet in 2018 on June 30th . Back then, when the project was launched, the networks in existence at that time faced a myriad of issues such as data management monopolization, poor privacy protection, ineffective identity authentication, and untapped data value. So, Ontology aimed to build an infrastructure that would provide individuals and organizations to get trusted access to Web3 through regulatory compliant digital identity solutions.

Achieving the goal of increasing privacy, transparency, and trust Ontology established a high-speed, low-cost public blockchain. Ontology blockchain provides its users with agility to design blockchain-based solutions that respond to their needs - which, also enforcing regulations, helps bring decentralized identity and data solutions to Web3.

Key Features

Some of the key features of Ontology include:

ONT ID

ONT ID is a Web3 identity framework based on the W3C recommendations for decentralized identifiers and verifiable credentials. The framework can quickly identify and connect people, data, and services, using blockchain and cryptographic technology, and is extremely easy-to-use. It enables users to fully control their data and digital identity being decentralized, self-sovereign, and privacy-preserving.

OScore

OScore is a DeFi credit score, used to measure creditworthiness. An individual’s OScore is calculated through many different pieces of on-chain transaction data. These data points include payment history, liquidation history, amounts owed and repaid, credit mix, and length of credit history, amongst other things. Using a customized algorithm and quantifiable on-chain behaviour and interactions within existing DeFi protocols, OScore ensures the credit scoring methodology remains empirically sound and statistically valid.

ONTO Wallet

ONTO Wallet is a DID-based gateway for a seamless Web3 experience: an all-in-one option for securely managing your identities, data, and digital assets. ONTO allows you to manage your crypto assets (including NFTs), perform cross-chain swaps, and readily access a variety of dApps. If you need to learn more you can do it real time via ONTO news feed.

With ONTO Wallet, users can create an ONT ID, a decentralized digital identity that enables one-click multi-chain wallet address creation and management and fully protects their private data through an encryption algorithm. Users worldwide can download ONTO Wallet now via onto.app or their mobile app store. Desktop users can also install ONTO Web Wallet for web browsers.

SAGA Protocol

SAGA is a decentralized data protocol powered by the Ontology blockchain. Aiming to establish a new standard for cross-chain organization data exchange, SAGA is designed to help users unlock the intrinsic value of data in a fair, secure, and compliant manner while upholding the highest standards of privacy protection. Empowering the growing data-driven economy, businesses utilizing SAGA can benefit from new data processing capabilities and industry insights, while maintaining full control over their own data.

Ontology Blockchain

To reiterate, the Ontology blockchain is a public blockchain with high speed and low costs. Through Ontology’s Ethereum Virtual Machine (EVM), Ontology ensures frictionless compatibility with Ethereum, the first step in creating the Ontology Multi-Virtual Machine and further interoperability for the chain.

Ontology also comes packed with several data sharing protocols and decentralized identity protocols that boost performance, speed and trust. This customizable approach has led to the creation of several dApps on the Ontology blockchain. Some top-performing Ontology dApps include Wing Finance and Unifi Protocol.

On the backend, Ontology’s systems run on the next-gen Ontology Consensus Engine (OCE). OCE relies on a customized consensus mechanism known as VBFT (Verifiable Byzantine Fault Tolerance). This is a combination of PoS (Proof of Stake), VRF (Verifiable Random Function), and BFT (Byzantine Fault Tolerance). By combining the advantages of these components, Ontology adds an impressive level of scalability and security to its blockchain, making it a complex and dynamic ecosystem.

What is the Difference Between ONT and ONG?

Since launching, Ontology has relied on two tokens to both power and secure its network. This dual-token model include:

ONT (Ontology)

ONT is Ontology’s primary token, serving principal means of the Ontology network - both storage and transfer of the value of the network. The ONT token has a total supply of 1 billion, of which around 87% are in circulation.

ONT holders gain governance rights and the ability to stake tokens, gaining ONG rewards. Also ONT holders have the ability to delegate stake to a node operator (Triones) so that it could vote and propose on their behalf.

ONG (Ontology Gas)

The ONG token is a special token that allows you to pay fees and transactions on the network. It’s also a reward for users who help keep the Ontology blockchain operational. Additionally, the Ontology Gas token is used whenever a user performs particular operations on the Ontology blockchain such as deploying smart contracts. The main aim of ONG is to keep the network’s transaction costs predictable, though as the ONG rewards are given to those staking ONT - security and stability of the network is contributed.

How to exchange BTC for ONT?

If you are looking for a reliable Ontology exchange platform, JansWap is here to assist you. Through JansWap, you can easily convert BTC to ONT or ONT to BTC without the extra hassles of opening and verifying an account. If that sounds like what you are looking for, here is a step-by-step guide on how to swap BTC for ONT:

• Head to JansWap through your internet browser.
• In the “pair tab” choose BTC as the coin that you wish to exchange. Enter the correct amount of BTC as well before you proceed.
• In the section “get up to” enter Ontology as the coin that you wish to receive in exchange for BTC.
• After you’ve entered these details, JansWap will display several BTC-ONT exchange rate offers from different exchange partners.
• Go through the different offers on display and find the one that you want. You can sort the offers based on transaction time, exchange rate or provider rating. Once you’ve found an offer that you want, select it and click on “exchange” to proceed.
• After this, enter a wallet address to receive your ONT. You will also need to provide a wallet address to receive a refund in case your transaction doesn’t go through or if you’re swapping BTC-ONT between two of your wallets. Click on “proceed to exchange” to continue.
• This will trigger the transaction to start. It may take a few minutes before you receive your coins. Be patient as the exchange partner sends your ONT.
• Once the process finalizes, you will receive ONT in your wallet. Simply take a moment to rate the experience and leave an honest review.