Ontology (ONT) is a fast, low-cost blockchain platform focused on decentralized identity and data solutions on Web3. ๐ Let's discuss further!
Ontology is a public blockchain designed to be fast and low-cost, making it suitable for organizations that want to use blockchain technology without much hassle. ๐โโ๏ธ This platform has an infrastructure consisting of three parts: Ontology Blockchains for network interaction, Ontology Framework that combines various blockchains, and Ontology Interaction Protocols for communication between different systems. ๐ค
Ontology's advantages include:
- Guaranteeing the confidentiality and security of user data. ๐
- Fast and efficient operation. โก
- Minimizing monopoly in the market. ๐
- High level of authentication, ensuring information is secure. โ
- Easily accessible to users even without a technical background. ๐
- Using VRF algorithm for better efficiency than PoW or PoS. ๐
However, Ontology also has some drawbacks, such as:
- dBFT consensus mechanism that can make it more centralized. ๐
- High dependence on Chinese authorities. ๐จ๐ณ
- Potential centralization in transactions between networks. โ ๏ธ
For its tokenomics, Ontology's ticker is ONT with a total supply of 1 billion ONT and a circulating supply of around 875 million ONT. ๐ช This token functions for network participation, governance, transaction fee payments, and access to services on the platform. ๐ก
In conclusion, Ontology has great potential in the blockchain world with its speed, security, and ease of access. ๐ Despite some drawbacks, it is still an interesting choice if you are looking for an efficient blockchain solution. Do you want to know more about Ontology and all its possibilities in the future? ๐