[ Blockchain Column ] What is ONT?
Ontology (ONT) is a high-performance blockchain platform specialized in digital identity and data management, designed to provide users with a trustworthy decentralized environment. This platform offers customized blockchain solutions for various applications and services, enabling businesses and individuals to manage and utilize data more efficiently.
The Ontology network operates through a unique dual token system. ONT coin plays a central role in the network’s governance and consensus mechanisms, while ONG coin is used to handle various transaction and service fees within the network. This structure ensures both the stability and liquidity of the network, allowing users to benefit from more efficient services.
In particular, Ontology provides customized public blockchains for decentralized applications (DApps) through its proprietary framework. This is designed to meet specific requirements demanded by various industry sectors, allowing companies and developers to select the blockchain solution that is optimized for their projects.
A key feature of the Ontology platform is the ONT ID system. This allows users to create and manage their digital IDs, simplifying interactions with various services while providing higher levels of privacy and security. Additionally, Ontology’s decentralized ID verification system enables users to verify identities without the intervention of centralized authorities, creating a more trustworthy digital transaction environment.
The development and maintenance of Ontology have been conducted by the Chinese blockchain development company “Onchain”. They developed the NEP-5 based ONT token and initially distributed it through an airdrop to NEO blockchain users. This strategy significantly contributed to expanding the initial user base of the Ontology network.
Overall, Ontology is a robust platform that utilizes blockchain technology to solve issues of digital identity management and data security. It particularly offers customized blockchain solutions to various industries, supporting businesses and developers in building blockchain infrastructures tailored to their needs. These characteristics position Ontology as playing a significant role in the future of blockchain technology.
