Ontology was launched in November 2017 and was created by OnChain, a Chinese enterprise operating in the cryptocurrency sector. Ontology is a high-performance Public Blockchain platform that allows businesses without extensive knowledge of blockchain to easily access and apply this technology in the simplest way. Ontology's goal is to become a decentralized network that provides a comprehensive, reliable blockchain technology platform for businesses.
Ontology is designed to allow businesses of all sizes to easily set up blockchain technology for their company, without having to completely change existing systems. Ontology's solution not only helps simplify business operations but also solves most of the problems that businesses today are facing such as poor privacy protection and unexplored data value. exploitation, monopolizing data management and ineffective identity authentication.
Ontology uses Dual Token mechanism, including Ontology token (ONT) and Ontology Gas token (ONG). Ontology Gas token (ONG) is a token that exists in parallel with Ontology token (ONT) in the Ontology ecosystem and is used for the following purposes:
Used to pay gas fees within the network.
Used as a reward for users staking ONT.
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