In recent years, cryptocurrency has undergone challenges that most companies didn’t expect. For example, scaling. As a consequence, most of the new cryptocurrencies that could solve such issues became competitors of the predecessors. This has pushed the cryptocurrency into a very competitive environment which I must admit will eventually benefit the users. This is because each crypto coin tries to offer something unique, modify their current trend or offer an advantage that is not in the other cryptocurrencies just to lure more users. With that in mind, each crypto coin tries to stand out among the rest.
Ontology is a new crypto which aims to solve one of the biggest challenges in the blockchain distribution which is high performance. In this article therefore, we are going to discuss about the feature of the Ontology crypto coin. In addition, we will also talk about any relevant information that will help you have a better understanding of the cryptocurrency.
History of Ontology
Ontology was launched in the 2017 by a Chinese company known as Onchain. It was made to capitalize on the complete benefits of blockchain networks. Unlike the first cryptocurrency which were focused on creating a decentralized system, Ontology, being among the third generation of cryptocurrencies, is primarily focused on enhancing the interactions in the blockchain systems. The second generation of the cryptocurrencies was focused on fixing the flaws of the first generation.
Ontology was created by Da Hangfei and Erik Zhang. The two experts were focused on working with the government to help them see the advantages of the blockchain systems. Erick Zhang also previously worked on Orca Digital Inclusive that was founded in 2005. This has given both experts an insight in the crypto world hence investors of the currency have more faith in the crypto’s future.
Ontology developers have gone out of their way to create a system that combines data distribution collaboration, distribution of the identity system, procedure protocols and commodity distribution. This is short means that the company was able to create a currency that is cross industry, cross chain, cross device and cross application through the peer to peer network. The cryptocurrency runs in such a way that it also wants to incorporate government departments.
Unlike other cryptocurrency that are limited by their scalability and speeds, ontology has maintained a remarkable reputation since its blockchain capability has been made in a way that it can accommodate more.
Other Ontology Members
Julia Yu is the head of the marketing department of the Ontology cryptocurrency and also the Onchain company as well. She has also managed to publish articles on various platforms on the updates of Ontology.
Jun Li is one of the co-founders of the Onchain company. He is listed as the chief architect of this project.
Partnerships made by the Ontology network
The Ontology network has made partnership with big leagues such as NEO where the tokens ONT are modeled by the NEO. The company offers ONT gas to holders of NEO which is actually the same way they get NEO gas. This partnership is aimed at making the company have a bigger reach of its users and hence increase the number of users.
\As much as Onchain was the chief building block of Ontology, both parties are made to be two different entities. This will make the company have a clear line of its profits and future prospects rather than associating itself as part of Onchain company.
If you have decided to purchase this cryptocurrency, you will definitely need a wallet to accommodate it. Well, as much as a wallet will provide a place to store your currency, ONG and ONT cannot exist outside the blockchain network of Ontology. Therefore, these currencies cannot be moved to another location. Even if you buy the currency, the only thing that will change is the ownership and the asset will still have to remain within the network.
This will clearly change the definition of a wallet to a place where you are given a set of keys that correspond to the amount of Ontology you own in the network. The keys are privatized hence one can change ownership or trade it for something different for example fiat currency.
Since the NEO team was actively involved in the creation of this currency, cryptocurrency enthusiasts are encouraged to use wallets that are compatible with the NEO currency. Some of the wallets you might consider to use include the following:
Ledger Nano S
This is one of the few trusted wallets hence most users opt for this platform. It was first developed in Paris. The best part of this wallet is that your currency is stored offline hence reducing any chance of hacking or malicious activities. This has seen most users opt for this wallet since it is considered to be very safe.
When you adopt the wallet for the first time, the platform generates public keys, private keys and seed phrase. These elements should be stored out of reach of any other individual and carefully so that you can always access them in case of recovery or any damage.
When you do purchases with this wallet, your private keys do not leave your computer’s hardware. This means that even if your systems are hacked, the hacker cannot remove the money from your account without having your wallet.
Even though this platform was designed for NEO users, it still remains to be a great option for ontology users too. You will have to download and install the app first on to your desktop if you are planning to use it. Since this software is a desktop wallet, it means all your private keys and public keys details are stored on to your computer hence reducing the chances of any hack attacks.
These are just two of the best wallets you can choose from but you are not limited to these options. Interesting fact about Ontology is that it does not have transaction fees. This is because the developers created this cryptocurrency to help new users join the crypto world and enjoy full benefits. They also designed the ONG (Ontology Gas) as rewards for holding their stakes and also getting involved in the Ontology market.