🏆 Top 3 Brokers Crypto Trading Platforms
Choose your quick section of our Ontology review below.
A Quick Overview of our Ontology Review:
Ontology is known as a Blockchain-As-A-Service (BaaS) which is something that is becoming more common with emerging blockchain technologies and projects.
Ontology Live Price
What is Ontology?
The team behind Ontology has made it out to be a public blockchain, which it is, and it was designed and created to serve the needs of corporate clients instead of average users, especially those who require the highest levels of privacy and who therefore do not wish to share their data on a private blockchain.
Key Features and Takeaways of Ontology
Ontology is not a new project, but it has drawn a lot of attention lately, especially with corporate clients. Ontology has made it to the list of top crypto projects and its native token, ONT, is one of the most traded tokens on major exchanges. Ontology has some of the following key features and takeaways:
Ontology aims to build a trust network which is decentralised and allows its users to control their data, with the ability to “assetize” it.
Ontology is known as a Blockchain-As-A-Service (BaaS) which is something that is becoming more common with emerging blockchain technologies and projects.
Ontology aims to provide corporate users with an easy way to benefit from decentralisation as well as the distributive nature of blockchain technology.
With Ontology, users can use ID management, smart contracts, decentralised data exchanges, and the ability to create, deploy, and manage their own digital assets as well as decentralised applications (DApps) on the platform.
The same developers behind NEO created Ontology and for this reason, users will see a lot of similarities between the two, especially with the dual token system where ONT is the same as NEO and ONG gives the network power, the same way that Gas powers the NEO network.
Ontology was created by Onchain, a company heavily involved in the development of distributed network architecture as well as blockchain solutions. Onchain was founded by Da HongFei and Erik Zhang, who were also behind the development of AntShares that later became NEO.
While there are many similarities between NEO and Ontology, there are also distinct differences that set them apart and make them valid and necessary as separate networks. Onchain may oversee both projects, but it remains a separate entity from both NEO and Ontology.
Ontology is unique from other blockchains as it is not just a single blockchain but a network of blockchains that were designed to simplify the process of migrating proprietary systems to distributed ledger technology (DLT), all this while ensuring minimal downtime and system disturbance.
While the main blockchain of Ontology is public, other chains which are attached to it provide a private space for enterprises and corporate entities. This provides them with the benefit of blockchain technology in a quick and easy manner, without having to hire development teams or worry about compromising security.
Ontology, much like NEO, is a smart contract platform that can host decentralised applications (DApps), which places Ontology and NEO in direct competition with Ethereum.
Ontology was created to address the enterprise usage challenges experienced with the Ethereum network. This is as result of Ethereum’s open-source code, with many enterprises showing a lack of interest in an open-source platform as they prefer to keep their data safe and away from prying eyes.
Apart from supporting the needs of enterprises, Ontology also acts as a bridge between NEO and other legacy systems. Ontology is also not concerned with becoming a consumer-facing transaction currency and instead aims to meet, and exceed, the expectations of enterprises.
Ontology has more than 39 available DApps which is listed on the platform.
Ontology Mining
As result of the use of the Proof of Stake (PoS) consensus mechanism along with the Practical Byzantine Fault Tolerance (PBFT), native tokens cannot be mined.
Ontology as a two-token system consisting of ONT and ONG. The ONT token provides holders with voting power on developments in the network. ONT holders are rewarded with Ontology Gas, or ONG, which is generated by the system. ONG is used to execute smart contracts, network storage, and several other functions on the platform.
In the Ontology network, there are 15 consistent nodes who have been voted in by the community and who will participate in the consensus of each block. Users vote for nodes by staking ONT tokens in multiples of 1 ONT per stake.
Staking is done in terms of rounds, comprised of 60 000 blocks per round. Block generation ranges from between 1 to 30 seconds, meaning that each round can last from between 16 hours up to 20 days.
When users stake their ONT, they lock their ONT in a smart contract for one round, securing their vote. Once users want to add or remove a stake for a node, they can submit a request to carry out this action. However, the action will only take effect within the next round.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Ontology and NEO are closely related, giving Ontology a significant amount of credibility | There is the risk of the Chinese government acting if they feel the identity/reputation system is threatened by Ontology |
| Ontology brings the benefit of using blockchain technology closer to enterprises | Ontology may end up competing with NEO |
| Ontology has limitless potential | |
| There is a dedicated team behind development, consisting of experienced professionals | |
| Ontology is backed by major companies and is well funded | |
| There are several strategic partnerships and Ontology also shares resources with NEO | |
| There is a lot of potential for use cases |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Staking cost | 1 ONT per stake |
| Withdrawal Fees | 1 ONT |
Should you buy Ontology?
Instead of competing with other projects and blockchains who cater for normal users, Ontology aims to make it easier for enterprises to transfer their data to distributed ledger systems, which are some of the most secure solutions along with being trustless and immutable.
In addition to this, Ontology aims to increase trust by using blockchain-based IDs, which could save significant amounts of resources which are currently put towards guaranteeing trust.
Ontology has a dedicated, solid team behind it, and it has already earned the trust of enterprises around the world, with potential to attract more and with this, the attention of more investors.
There is a lot of potential as ONT has remained within the top 30 cryptocurrencies and as result of its ties to NEO, it is likely that Ontology will continue to grow at a rapid yet stable pace, allowing it to conquer the blockchain needs of the business world.
How to buy Ontology (ONT)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Ontology/ONT and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
ONT can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading ONT.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading ONT, select the option from the “Trade” Menu. Enter “ONT” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select ONT_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair ONT/USDT.
Here, you will see that you have the option to buy or sell ONT either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy ONT through via Limit Order
To buy ONT and create a limit order for it, you can enter the amount of ONT you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell ONT through via Limit Order
To sell ONT, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, ONT that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
🏆 Top 3 Brokers Crypto Trading Platforms
Frequently Asked Questions
When was Ontology first launched?
Ontology was launched in 2017.
Who founded Ontology?
Ontology was created by Jun Li, who has a bachelor’s degree in Computer Science, Master’s in Communication Engineering, and an MBA with experience in IT and the Fintech sector.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Ontology’s ICO and how much did it raise?
Ontology’s ICO was in 2018 and instead of having a public sale, the team airdropped ONT to holders of NEO and people who signed up for their email list, which means that ONT tokens were distributed for free to these individuals.
Is Ontology legit?
Yes, Ontology is legit.
What is Ontology’s total supply?
There is a maximum supply of 1 billion ONT tokens.
What is the purpose of Ontology?
Ontology aims to solve issues relating to identity security as well as data integrity of enterprises and businesses.
On which blockchain is Ontology based?
Ontology is based on its own blockchain.
Does Ontology work with smart contracts?
Yes, Ontology uses smart contracts that support dynamic features which includes high scalability, high performance, and more.
Does Ontology have potential to become more valuable?
Yes, Ontology has the potential to become more valuable with widespread adoption and usage.
Top 4 Brokers
