Ontology (ONT)

Ontology is currently trading at $0.1790, after a price change of 2.25% in the last 24 hours.

Ranked as cryptocurrency #140 by capitalization today, ONT market cap is valued at $156,703,783. ONT trading volume reached $9,500,447 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on ONT coin price prediction page.

What is Ontology?

Ontology is a blockchain built for the deployment of smart contracts and decentralized applications. The protocol uses an in-built consensus algorithm, Verifiable Byzantine Fault Tolerance (VBFT), which is based on a verifiable random function. The consensus draws from the Proof of Stake, Verifiable Random Function, and Byzantine Fault Tolerance. 

Ontology is powered by two tokens, ONT and ONG. ONG is a utility token that incentivizes nodes to provide security and network stability. ONT is a representation of network management. The team envisions that ONT will be staked in the future for users to run nodes, implement consensus, and participate in transaction verification. 

There are 875,249,524 circulating ONT tokens from a total supply of 1,000,000,000 and a matching hard cap. While ONT is not divisible, ONG can be split into nine decimal points. Ontology airdropped tokens to its community members and founders instead of an initial coin offering at inception. The idea was to allow the community to manage the project. From the initial supply of 1 billion, 78% went to founders and the project team, while the remainder was set aside for pre-mine rewards and airdrops. 

Ontology was unveiled in 2017 by founders Jun Li and Andy Ji. The project mainnet went live in 2018.