Ontology Network

Ontology is a blockchain infrastructure project that provides multiple high-performance, flexible blockchain frameworks and a distributed trust collaboration platform.

Ontology is a high performance, open source blockchain specializing in digital identity and data. Ontology's unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework

At its launch, Ontology chose to forego the popular initial coin offering (ICO) model in favor of a series of community distributions and airdrops of its ONT cryptocurrency, which began life as a NEP-5 token on the NEO blockchain.

This helped to quickly establish both organic price discovery and a passionate community and helped the project to avoid subsequent regulatory scrutiny.

For example, for a brief period any person who signed up for the Ontology newsletter received an airdrop of free 1,000 ONT, which reached a value of $10 per token soon after the token became listed on major exchanges like Binance.

Ontology launched its own MainNet on June 30, 2018 and now operates independently from the NEO blockchain.

Some of Ontology's early modules and protocols include:

• ONT ID - A complete distributed identity framework supporting identity verification and authentication for people, assets, objects, and affairs.
• ONT DATA - Framework that supports data cooperation and exchange of different things, data resource management, smart contract transactions, etc.
• ONT SCORES - provides support for various businesses, to develop different credit evaluation logic according to distributed credible data.

Common applications supported by the Ontology infrastructure include:

• ONTO - a comprehensive decentralized client product that gives users self-sovereignty of their digital identities, digital assets, etc.
• ONT Trust search engine (ONT TSE) - provides portal, authentication, and connecting services for individuals, assets, objects, affairs.
• ONT DDXF - Distributed data exchange framework allows to customize data trading marketplaces with ensured data and financial security.

The Ontology team developed their own consensus mechanism based on verifiable random function, called VBFT.

VBFT can be used for public and private blockchain applications. It has low resource consumption, like proof-of-stake systems, and can process approximately 3000 transactions per second.