Ontology Ontology is a cutting-edge public, multi-chain infrastructure designed to create an all-in-one decentralized trust network using a segmented distributed ledger architecture paired with a decentralized trust scheme.
Through a range of protocol standards and self-governing modules, Ontology establishes an open, coherent platform that spans multiple sectors, enabling them to connect with blockchain solutions through a cooperative and dynamic environment.
This comprehensive guide dives into the mechanics of Ontology and lists the best exchanges for acquiring the ONT native token.
Where to Buy Ontology ONT Coin
This part highlights our top recommendations for purchasing the Ontology (ONT) crypto token. These choices are informed by our user experience, assessing factors like fees, security, payment options, and reputation.
- Binance: Foremost Cryptocurrency Exchange with Competitive Fees
- Kucoin: Highly Esteemed Platform Designed to be Intuitive for Newcomers
- Gate: Solid Platform With Lots of Coins
Visit The Top Pick
Binance: Reputable Exchange with High Liquidity
Binance This is the premier cryptocurrency platform by daily trade volumes, giving investors access to trade more than 600 digital assets.
This famous platform is equipped with a comprehensive learning curve and advanced tools for trading, catering to seasoned traders looking to broaden their cryptocurrency acquisitions. Although Binance offers an intuitive user experience, it is more geared towards seasoned traders.
Read: Our Full Binance Review Here
With a $10 minimum deposit requirement, Binance allows investors to begin their investment journey with reasonable costs. Deposits can be initiated via user-friendly payment methods like bank transfers, credit/debit cards, P2P payments, and various e-wallet solutions.
Binance charges a fee on deposits, which varies depending on the payment method. For example, when using a debit/credit card, a global exchange fee of up to 4.50% applies.
Traders on Binance benefit from significantly low fees, with a standard trading fee set at 0.1%. Additionally, investors using Binance Coin (BNB) can enjoy a 25% discount on trading fees.
Investors can have confidence regarding the security of their resources and data on Binance, which employs state-of-the-art security measures like 2FA, cold storage for most currencies, whitelisting, and advanced encryption to safeguard funds and data. Binance serves in over 100 countries and includes a regulated subsidiary (Binance.US) for US-based users.
Pros
- Trading fees at 0.01%
- High liquidity
- Wide range of payment methods
- 600+ crypto assets in library
Cons
- Interface optimized for traders with advanced skills
- Customers based in the US have restricted access to most coins via its subsidiary
KuCoin: Exchange With Lots of Listings
KuCoin One of the most established and renowned cryptocurrency exchanges globally, based in Seychelles, known for offering derivative products to market speculators.
At the moment, KuCoin enables access to more than 600 cryptocurrencies. Besides trading and investment, this platform lets investors save, stake their crypto assets, and engage in Initial Exchange Offerings. KuCoin offers a comprehensive hub for all cryptocurrency activities.
Read: Our Full Kucoin Review Here
Much like other brokers of its kind, KuCoin may seem complex for beginners. The platform is particularly better suited for experienced traders looking to engage in advanced speculation and trade of sophisticated products, while beginners may encounter challenges.
Despite this, many advantages are possible when trading on KuCoin. The broker requires a minimal balance of $5, with deposit options available in key fiat currencies, P2P transfers, and some credit card choices.
KuCoin's trading fees are set at 0.1%. However, these fees may reduce according to an investor's 30-day trading volume and ownership of the KCS token.
KuCoin offers impressive security featuring bank-level encryption and safeguards to protect users' assets and data. Additionally, the platform has a specialized risk control team to enforce stringent data usage protocols.
Pros
- Discounts on trading fees are offered
- Comprehensive staking capabilities
- Quick P2P trading system
- Anonymous trading available
- Low minimum balance
Cons
- No bank deposit option
Gate.io: Solid Platform With Lots of Coins
Gate.io This platform serves as a cryptocurrency trading site aiming to provide its members an alternative to the leading exchanges in the market.
Operating since 2017, this site intends to capture a segment of the crypto trading market by granting users straightforward access to numerous rare coins and potential projects.
The platform also assists investors in locating particular information about their preferred coins and broader market trends.
Read: Our Full Gate.io Review Here
Most trading takes place on a web-based interface typical of many cryptocurrency exchanges. The platform is equipped with functional features like an order book, trade history, and charting tools.
Pros
- A wide range of currencies
- A low fee structure
- Simple registration process
- Functional platform supported by a mobile application
Cons
- Unregulated
- The team is not very transparent
- No fiat currency transfers
What is Ontology?
Ontology strongly prioritizes open-source contributions and technical community involvement to advance the platform's improvement and promote long-term viability.
The platform's modular architecture and suite of protocols are crafted to encourage widespread adoption by businesses and organizations across various fields.
Users can handle their digital identity, securely manage and share data, operate distributed ledgers to suit their needs, develop decentralized applications, and leverage numerous unique features that distinguish the Ontology Chain Network.
Ontology's technological framework consists of four layers. They are organized from bottom to top, starting with:
- The distributed ledger layer facilitates cross-chain mapping and data exchange.
- The primary protocols form the distributed trust framework, responsible for data protection and storage, and the smart contract layer.
- The application framework is comprised of application modules and protocols.
- The decentralized feature set includes mechanisms for data interaction and trading, sharing content, and maintaining a reputation system.
At its foundation, the distributed ledger layer features a decoupled structure designed to accommodate multiple blockchains. This level's interactive protocol framework establishes an environment that permits chain mapping between distinct systems and sectors, forming a matrix grid that cultivates an adaptable and autonomous network.
The distributed ledger encompasses a consensus and smart contract system along with functional support for the overarching application framework. Different industries and enterprises can establish their distinct public chains tailored to their needs, utilizing alterable protocols.
The overarching aim is to construct a compatible platform for various fields, equally serving as a high-scalability network's underlying infrastructure.
Consensus Mechanism
Noteworthy for its novel consensus mechanism, the Ontology platform combines the BFT consensus protocol with VRF.
On this network, this is referred to as the Ontorand Consensus Engine (OCE) or VBFT mechanism, which uses VRF to choose nodes for consensus validation and relies on the BFT algorithm to achieve consensus.
This innovative consensus setup minimizes network forks, maintains a low hash rate, and appears stable and dependable. The versatility of the distributed ledger's modular architecture aids in replacing or integrating other consensus methods as needed.
Such flexibility benefits users keen on exploiting the diverse advantages of different consensus protocols.
Ontology operates the NeoVM virtual machine, crafted in Go, which executes smart contracts and governs intelligent control logic within the application's framework.
The NeoVM is extremely scalable, implementing 'deterministic call tree' technology that supports dynamic sharding. Ontology also employs a shared data contract model that segregates data from business logic, allowing dapps to exchange data using standard protocols.
Ontology Network's Trust Infrastructure
The distributed trust framework within Ontology houses the platform's core functions, which contribute to its distinctive strengths.
By employing a system of cryptographically validated claims, the framework supplies services such as multi-source identity verification, distributed data administration, and a hybrid amalgamation of central and decentralized trust models.
The centralized component of the trust model utilizes vetted trust anchors to verify identities and grant authentication facilities.
This system is a firmly rooted and widely embraced trust model, although unsuitable for the intricate trust relationships likely to emerge in a multi-chain public framework. Users have access to an additional decentralized trust model for trust transfers via mutual authentication among entities.
Verifiable identity claims substantiate certain entity attributes, where a unique digital signature is authenticated by another entity. Moreover, anonymous claims safeguard users' privacy, achieved through the CL signature scheme.
Platform's Framework for Applications and Decentralized Attributes
Leveraging the robust distributed ledger and trust infrastructure of the Ontology platform, developers can now craft decentralized applications without getting tangled in the intricate web of the underlying architecture thanks to a rich set of application protocols and modules available at their fingertips.
To hit the mainstream, cryptocurrency platforms must embrace simplicity for developers dealing with complex and unfamiliar systems. That’s where a user-friendly interface comes into play, resting on a sturdy three-layer application framework.
- At its core lies a layer built on trust, encompassing identity systems and smart contracts to ensure reliability.
- Another pivotal layer encompasses protocols and modules—offering application modules, SDKs, and APIs for seamless integration.
- Finally, the application layer forms the playground for developers, facilitating the creation of decentralized applications while addressing trust hurdles with the support of foundational layers.
An intriguing aspect of Ontology is its implementation of a distributed data marketplace through a sophisticated exchange protocol complemented by a trading module.
As decentralization graces both networks and data distribution, we’re on the brink of massive collaborative data marketplaces. This will be where significant data, computational resources, and other digital asset exchanges thrive. Thanks to secure multiparty computation, network participants can engage in private data computations without breaching confidentiality.
Ontology emerges not just as another decentralized network but as a pioneering class of blockchain networks addressing prevalent dilemmas faced by traditional platforms. It embodies a superior solution driven by the latest in technology.
A breakthrough with Ontology is its employment of fully homomorphic encryption—a cutting-edge cryptographic advancement. This allows controlled access to sensitive data in line with organizational policies, enhancing the platform's data exchange framework over existing models.
Today's data environment often sees information stored in centralized, vulnerable repositories. This leaves users defenseless against breaches threatening their personal data integrity.
However, Ontology flips the script, allowing users to have total control and oversight over their data. Any activity related to a user’s data triggers notifications for approval, coupled with comprehensive data management and lifecycle oversight.
The Team Driving Ontology with a Focus on Community Engagement
Founded by the Chinese tech firm Onchain in 2017, Ontology shares strong ties and a planned synergy with the NEO platform. The community-driven approach solicits proposals, ideas, and research, fostering platform enrichment and sustainability.
A wealth of resources and information is available for those eager to contribute to the platform, rich with opportunities for engagement. Github page and their website .
Platform developers frequently address ongoing research and key advancements like state sharding and refined consensus mechanisms, aiming to boost scalability and throughput efficiency.
Behind this innovative platform stands Jun Li, the architect of Ontology and co-founder of Onchain, alongside Julia Yu, who heads marketing efforts within the team. Medium page as well as Reddit.
The ONT Token
March 2018 marked a pivotal airdrop for the ONT token, rewarding Neo holders. The token pairs with a utility Gas, mimicking NEO’s format, with detailed insights into its circulation, pricing, and market behavior available. here The ONT token surged in value following its VBFT consensus protocol going open source, alongside the SmartX smart contract tool unveiling and an exhaustive roadmap. here as well.
Hot wallets, also known as software wallets, are favored in cryptocurrency storage. Accessible by opening an account on an exchange, they connect to the internet, making everyday transactions a breeze. However, the trade-off is their online vulnerability.
Ontology Wallets
Software Wallet
Custodial wallets simplify asset storage by relying on exchanges or third parties to oversee transactions akin to traditional banking, while non-custodial wallets entrust this responsibility entirely to the user.
While hot wallets generally come with no cost, they’re seen as less secure due to being perpetually online. The Binance Wallet is one such example.
Hardware wallets offer a heightened security level, designed to keep your cryptocurrency transactions safe from malware and viruses by storing private keys on the device away from your computer.
Hardware Wallet
In normal scenarios, your private key facilitates fund movement, but the risk of malware capturing your keys looms large. A hardware wallet acts as a bulwark, keeping those keys hidden and your assets safe from malicious software.
Cold storage solutions like Ledger and Trezor exemplify secure cryptocurrency storage options. Curious to know more? Check out their reviews.
Mobile wallets turn your smartphone into a hot wallet, providing a hassle-free way to sway your digital assets in daily expenses. They keep your private keys intact while staying connected online for smooth transaction processing.
Popular mobile wallet choices include eToro Money Wallet and Coinbase Wallet, operating online to facilitate real-time transactional activity.
Mobile wallet
A desktop wallet mimics a hot wallet for PCs, downloaded directly to provide effortless digital coin interactions. Many also offer browser extensions, though they're susceptible to online security threats. The Exodus Wallet is a noteworthy example.
One of the oldest ways to store cryptocurrency, the paper wallet is less favored nowadays. It contains both public and private keys, but beware—these can easily be lost or compromised.
Desktop wallet
With the vision of bridging traditional systems with the blockchain paradigm, Ontology aims to carve out a comprehensive, distributed trust network. Its modern architecture paves the way for developers and businesses to benefit from a robust suite of digital tools and services.
Paper Wallet
Recent strides in cryptographic advancements and decentralized protocols have spurred new platforms poised to elevate existing systems. Ontology stands diligently to advance these developments, aspiring to scale and transform the prospective internet landscape.
Conclusion
Passionate about the decentralized internet and cryptocurrency advancements, I write extensively on blockchain. Reach out at [email protected].
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