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What is Ontology (OCT)?

Ontology is a blockchain protocol that is focused on resolving issues of trust, identity, authentication, verification, and authorization. Ontology allows public and private blockchain implementation, forming a matrix of the blockchain, therefore making Ontology an ideal platform for businesses and industries. Ontology is also going to connect with other blockchains, like NEO. Buy Ontology (ONT) India with BuyBitcoin.

Buy Ontology (ONT) India - BuyBitcoin

Ontology is revolutionary in the sense that it allows businesses without previous knowledge of distributed networks to use blockchain technology. Right now, there’s no way for businesses to integrate blockchain into their infrastructure without extensive knowledge of blockchain.

Ontology network provides a platform for secure data storage, hardware options for primary management and also encrypted data analysis. It also provides a framework for all types of applications, which includes decentralized data exchange and management protocols via the use of APIs, SDKs, and other modules.

Ontology and NEO relation

Onchain, a company dedicated to developing blockchain systems, announced the launch of the groundbreaking platform, Ontology.

“Not only did we bring the best industry minds together, but the Ontology launch brought our project to the world stage” CEO of Onchain and NEO co-founder Da Hongfei said at the event. “Ontology and NEO will build a broad ecosystem using blockchain and other new technologies to serve the real economy. ”

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The official website of Ontology lists Jun Li as the Founder of Ontology, and his LinkedIn lists him as the co-founder/ chief architect of Onchain.

How does Ontology works?

It works on four layer system. Each of which has a different role to play which are as follows:

  • The first layer helps to verify people, wealth, things, and organizations.
  • The second layer verifies applications and links them together.
  • The third layer verifies link modules, protocols, Development kits and Application Interfaces.
  • The last layer of the chain links different network protocols.

With this development, Ontology hopes to be the source for verifying authenticity and accuracy of identities or ownership. Social platforms are then able to integrate with Ontology for trust.

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ONT Token Structure

ONT was airdropped to NEO holders in March 2018. From this airdrop, 20 million ONT were distributed to the community by the NEO Council.

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There will be a max supply of 1 billion ONT tokens which are indivisible, and you’ll get Ontology GAS (ONG) from holding ONT (similar to how NEO GAS functions). Ontology had previously awarded 1,000 ONT tokens to everyone who signed up to their newsletter (which is now closed).

More breakdown of the token distribution:

  • 12% will go to the Ontology community
  • 28% for institutional partners
  • 10% to the NEO Council
  • 25% to the development of the Ontology ecosystem
  • 10% to Ontology technical community rewards
  • 15% to Ontology core team.

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