Ontology (ONT)

Ontology (ONT) Token Profile

Ontology is a public blockchain project that aims to build a decentralized trust system where individuals and businesses can construct varying enterprise applications that leverage the blockchain data structure. It attempts to achieve that by repurposing many technologies originally developed by the NEO project, such as NEO’s virtual machine and Go-lang client. In essence, Ontology’s architecture mimics NEO’s smart contract platform, but with a focus on identity management and enterprise applications. There are many connections between the founders of the NEO project and Ontology. Notably, Ontology’s development company, OnChain, is also the main entity behind NEO and the both projects share team members. The Ontology blockchain utilizes a Verifiable Random Function (VRF) in addition to Delegated BFT in its consensus algorithm. This combination of Proof of Stake with VRF, and Byzantine Fault Tolerance consensus allows validators to create new blocks every 10 seconds. Like NEO, Ontology uses a dual token mechanism in its network; ONT is used as medium of exchange and in Proof of Stake, while ONG is used for transactions fees (gas).