What is Ontology (ONT) and How Does It Work in 2024?

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Ontology is an enterprise-grade blockchain platform first launched in 2018 that aims to build a trusted ecosystem for users, businesses and machines to freely exchange data, values and assets in a decentralized network.

Powered by its native ONT token, Ontology provides the infrastructure for large-scale commercial applications like digital identity, data sharing and collaboration to thrive.

Thanks to innovative projects and platforms like Ontology, everyone can now get up-to-date cryptocurrency news very fast through websites like EXEcrypto. Let’s take a deeper dive into what Ontology is, its purpose and how it works.

What is the purpose of Ontology (ONT)?

Ontology ONT coin

The primary purpose of the ONT token is to fuel the Ontology blockchain network and power its various functions and applications. Holders of ONT can participate in the network’s governance by casting votes on proposed changes.

ONT can also be staked to run nodes on the network and earn rewards in the form of the secondary ONG gas token. ONT aims to build an open, distributed trust ecosystem by providing unique digital identity frameworks, data exchange protocols, and smart contract platforms for enterprises and applications.

Its goal is to allow businesses from any industry to seamlessly integrate decentralized technologies and trust into their operations.

How does Ontology (ONT) work?

At the core of Ontology is its high-speed, scalable blockchain platform which supports customizable smart contracts, identity protocols and cross-chain interoperability. The network leverages a dual-token model of ONT and ONG, similar to how NEO functions with GAS.

ONT plays the role of the main utility and governance token. It can be staked by network nodes to process transactions and run smart contracts in exchange for ONG rewards. ONG is the secondary gas token needed to pay transaction fees on the network.

This dual-token approach provides incentives for participation and prevents bloating of the blockchain. As an open-source ledger, Ontology also boasts advanced features like localized virtual machines, distributed ledgers, cross-chain collaboration and enhanced privacy functions.

This allows it to custom tailor solutions for enterprises while securely exchanging value and data across independent systems.

Does Ontology (ONT) have a future?

Ontology ONT token future

With its robust protocols for distributed identity, data sharing and digital trust, Ontology is well-positioned to play a vital role in supporting commercial adoption of blockchain technologies going forward.

As businesses progressively integrate decentralized solutions into their operations, they will demand platforms like Ontology capable of meeting strict regulatory requirements while ensuring high performance and security.

ONT also benefits from strong technical foundations and increasing real-world use cases like the Ontology Galaxy ecosystem. Multichain support and cross-project partnerships further cement its potential to connect independent networks in an interoperable web of value.

If Ontology continues delivering on its vision of building customizable, enterprise-grade infrastructure for optimized data exchange, then the future looks bright for both the project and ONT coin.

When Ontology (ONT) launched?

Ontology launched on June 30, 2018 with its mainnet genesis block after an initial token airdrop to NEO holders the previous month. Prior to its mainnet debut, ONT existed as an NEP-5 compatible ERC-20 token on the NEO blockchain.

The project was founded by OnChain, the same company behind NEO, with a shared vision of supporting smart economic applications through decentralized network technologies.

Is Ontology (ONT) a scam?

Ontology ONT coin scam

No, all available information suggests Ontology is a legitimate and well-developed blockchain project. It has a transparent team behind it with no evident signs of a scam.

Ontology is technically sound with active development, growing adoption rates and genuine partnerships.

The project also has strong community backing and ongoing support from its parent company, OnChain. While investment in any cryptocurrency comes with risks, there are no clear indicators that Ontology itself is a scam or not operating as described.

Is it safe to invest in Ontology (ONT)?

Like all crypto investments, purchasing ONT tokens inherently carries risks due to market volatility. However, Ontology presents less risks than many other speculative coins or dubious ICO projects due to factors like its experienced founders at OnChain, working products and growing commercial usage.

As long as proper safety precautions are followed when securing crypto holdings, such as using regulated exchanges and secure personal wallets, then investing in ONT could be a reasonably safe play given its real potential and sound technicals. Of course, diversification is still recommended.

Is Ontology (ONT) worth it? ONT Price 2024

Ontology ONT coin price 2024

ONT’s price performance since launch has been strong with an all-time high around $11 in early 2018. In 2023, ONT is trading between $0.15-0.25 according to price trackers like CoinMarketCap.

This reflects a healthy correction from its peak but still upside from current levels if adoption trends continue. Given Ontology’s role in supporting quality decentralized applications and expanding use cases, holders are betting on long-term growth as awareness builds.

For investors with a higher risk tolerance looking past short-term volatility, ONT remains a viable investment prospect due to its participation incentives, technical advantages and role in tomorrow’s increasingly digital economies.

Where to buy Ontology (ONT) crypto?

The most popular places to purchase ONT include major centralized exchanges like Binance, KuCoin, Gate.io, HTX and cryptocurrency trading platforms like OKX and Upbit.

For those holding other coins, decentralized exchanges Uniswap and 1inch also provide liquidity to swap tokens directly. It’s recommended to verify the credentials of any exchange before registering and transferring funds.

Binance, in particular tends to have the highest ONT trading volumes and most active markets. Hardware wallets like Ledger and Trezor also allow safe ONT storage once acquired.

How to sell Ontology (ONT)?

The process of selling ONT is essentially the reverse of buying. Funds are typically deposited onto an exchange which supports ONT withdrawals.

From there, traders can place ONT/BTC, ONT/ETH or fiat trading pairs like ONT/USD. Upon receiving a fill, the ONT is swapped and the desired crypto or stablecoins are withdrawn to a preferred personal wallet.

Some DEXs like Uniswap let users immediately liquidate onto another coin. Hardware wallets are best for storing proceeds long-term. EXEcrypto excels at informing readers where and how to optimally exchange various cryptocurrencies.

How to stake Ontology (ONT)?

Ontology ONT token stake

To earn rewards from validating transactions on the Ontology network, ONT holders can stake their tokens through supported staking pools and platforms.

The official Ontology Wallet or third party options like Moonstake allow users to delegate funds via a simple process. Stakers earn new ONG gas tokens proportional to the amount of ONT bonded for a minimum period, typically 21 days.

Yearly staking returns currently range from 6-10% depending on the size of the stake and overall network participation. This passive income stream enhances ONT’s value proposition for long-term holders.

How to mine Ontology (ONT)?

Unlike PoW coins, Ontology uses a delegated proof-of-stake (PoS) model where users vote to elect network nodes to validate transactions rather than mining blocks through energy-intensive protocols.

As such, it’s not possible to directly mine ONT tokens through specialized hardware. The only way to earn new ONT is to purchase it on exchanges, acquire it through staking rewards over time or participate in project-based bounty and rewards programs.

For the latest information on where and how to get involved with Ontology, platforms like EXEcrypto are a great crypto news source.

Ontology offers an innovative blockchain infrastructure with strong use cases for powering next-gen decentralized applications and platforms through its unique approach to digital identity, data and more.

For developers, businesses and investors tuned into emerging crypto trends, ONT presents worthwhile opportunities on both a technical and financial level. With continued execution, it has exciting long road ahead.

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