View source for Ontology (ONT)

{{Crypto_info_template|launch = 8-3-2018|total_supply = 1.000.000.000}}

== Basics ==
* Started in: [https://coinmarketcap.com/currencies/ontology/ 2017]
* Based in: [https://coinmarketcap.com/currencies/ontology/ China], but the foundation is in [https://messari.io/organization/ontology-foundation Singapore] (2-11-2020).
* Ontology [https://cointelegraph.com/press-releases/ontology-mainnet-ontology-1-0-has-officially-launched launched] (8-7-2020) its own [[Mainnet|MainNet]] on June 30, 2018.

* F[https://coinmarketcap.com/currencies/ontology/ rom] [[CMC]] (2-11-2020):
"''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"''
* [https://messari.io/asset/ontology/profile From] [[Messari]] (2-11-2020):
"''Ontology is a high-performance [[public blockchain]] and a [[distributed]] collaboration platform. Its [[open-source]] network provides a platform for [[smart contract]] creation and [[decentralized application]] deployment. The project is concentrated on facilitating self-sovereign identification (ID) and data management.''

''It aims to provide customizable public blockchain services, with support for multiple-layers, [[sharding]] (for scalability), multiple [[Virtual Machine (VM)|Virtual Machines]], and privacy. It also enables [[cross-chain]] communication. What it means is that Ontology can launch applications on the [[mainchain]] (such as [[NFT|NFT's]] or [[utility token]]s) as well as set up side chains for [[private blockchain]] use cases (such [[supply chain]], healthcare consortiums, etc.) while still linking them back to the main chain."''

== History ==
* [https://www.coindesk.com/800-million-ontology-blockchain-live From] [[CoinDesk]] (29-7-2018):
"''The protocol emerged from [[Neo (NEO)|Neo]], an ethereum challenger founded by [[Da Hongfei]], who is also CEO of [[Onchain]], which developed a private enterprise blockchain platform called DNA. Meanwhile, Ontology’s founder [[Li Jun]] told CoinDesk that his company and Neo are “strategic technology partners,” according to a spokesperson."''
* F[https://coinmarketcap.com/currencies/ontology/ rom] [[CMC]] (11-20-2020):
''"Ontology was established by Li Jun, Founder of Ontology. During Ontology’s early stages of development, Ontology received technical support from some members of Onchain’s developer team. However, the two have always been officially separate projects pursuing their own goals."''

== Token ==
=== Launch ===
* F[https://coinmarketcap.com/currencies/ontology/ rom] [[CMC]] (11-20-2020):
"''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."''

=== Token allocation ===
* ''“Ontology has revealed they will be distributing 1,000 ONT tokens to everyone who signed up to their newsletter. Ontology has decided not to hold a public sale, and instead will be running a multi-phased token reward plan.”''
* [https://messari.io/asset/ontology/profile From] [[Messari]] (11-20-2020):
"''12% to the Ontology Community for events''

''28% to Institutional Partners (11% still locked)''

''10% to [[NEO]] Council''

''25% to Ontology Ecosystem Development (13% locked)''

''10% to Ontology Technical Community Rewards''

''15% Ontology Core Team (11.25% locked)"''

=== Utility ===
=== Token Details ===
* From their [https://medium.com/ontologynetwork/ontologys-ont-token-distribution-and-circulating-supply-da96d5540827 blog] (12-3-2018)
''"<span style="font-size:13px;">Ontology adopts a dual-token model, with both ONT and ONG as utility tokens. Ontology decouples ONT and ONG to alleviate the risk of turbulent fluctuations of the native “asset” value on the gas fee."</span>''
* [https://messari.io/asset/ontology/profile From] [[Messari]] (2-11-2020):
"''ONT enables holders to contribute to the network's security mechanism and participate in [[governance]] decisions.''

''Unlike most other crypto assets, ONT is [https://medium.com/ontologynetwork/triones-node-incentive-model-dbcb175f4728 indivisible]; users can only acquire ONT tokens in whole units. Its counterpart, ONG, is divisible up to nine decimal points."''

=== Stablecoin ===
== Tech ==
* [https://dev-docs.ont.io/#/docs-en/DeveloperGuide/06-white-papers Whitepaper]
* [https://ont.io/wp/Ontology-technology-white-paper-EN.pdf Technical Whitepaper]
* [https://ont.io/wp/Ontology-Ecosystem-White-Paper-EN.pdf Ecosystem Whitepaper]

* The code can be viewed [https://github.com/ontio here].
* Built on: Launched on [[NEO]] but [https://cointelegraph.com/press-releases/ontology-mainnet-ontology-1-0-has-officially-launched moved] to its own [[blockchain]].
* The programming language used: [https://messari.io/asset/ontology/profile supports] multiple [[VM]], including NeoVM and [[WASM]] VM
=== Transaction Details ===
* Capacity ([[TPS]]):
* [[Latency]]:
=== How it works ===
* [https://messari.io/asset/ontology/profile From] [[Messari]] (2-11-2020):
"''The Ontology Ledger has its own [[consensus]] mechanism – VBFT, which is based on the VRF (verifiable random function) engine.''

''Ontology does not feature fixed [[block]] times, as suggested above. Block submission times vary according to the status of the network and can range from 1-30 seconds. The 15 seconds represents the average for block times observe on Ontology."''

=== Staking ===
* [https://explorer.ont.io/# As of 2-11-2020] it has 16 consensus [[nodes]] and 48 candidate nodes.

* [https://messari.io/asset/ontology/profile From] [[Messari]] (2-11-2020):
"''ONT (Ontology) is Ontology’s first utility token, which is representative of network management. ONT holders do not receive any form returns solely by holding ONT but can be rewarded for their respective contributions towards the management and operation of the Ontology blockchain or participate in the network's [[Proof-of-Stake]] (PoS) consensus model. The team anticipates ONT could eventually contribute to the management of the Ontology blockchain. These contributions include commitments of ONT into the system reserved pool, which helps secure the network (i.e., a particular stake of ONT would be required to be placed for the running of [[nodes]], facilitating consensus execution, [[transaction]] verification, etc.)."''

=== Liquidity Mining ===
=== Layer Two ===
* [https://messari.io/asset/ontology/profile From] Messari (2-11-2020):
"''HydraDAO is an [[off-chain]] scaling solution of Ontology’s distributed ledger, which achieves scalability of performance, function, and business, including [[Oracle]] access, [[Layer 2]] scaling solution, and cross-system communication."''

=== Different Implementations ===
=== Interoperability ===
* [https://messari.io/asset/ontology/profile From] Messari (2-11-2020):
"''Ontology has updated its [[cross-chain]] solution to set up a new [[relayer]] chain to support cross-chain transactions between Ontology, [[BTC]] and [[Ethereum]]. The team is aiming for a release sometime in Q1 '20."''

==== Parachain ====
* Wants to [https://twitter.com/Polkadot/status/1302935611247034368?s=20 build] a [[DeFi]] parachain on [[Polkadot]] (26-8-2020).

* [https://medium.com/citadel-one/the-polkadot-post-33bb2c650062 From] [[Citadel|Citadel.One]] (4-11-2020):
"''The integration of Ontology’s DeID is part of a wider effort for Ontology to build a parachain on Polkadot. They envision that the parachain will provide a series of credit-based services on decentralized identity and cross-chain communication. These credit services will include OScore as well, Ontology newly launched credit scoring system designed to seamlessly accelerate the potential to borrow or lend based on a user’s cryptocurrency transaction and asset management history. In addition, this parachain will bring cross-chain liquidity to the Polkadot network."''
*

=== Other Details ===
* [https://messari.io/asset/ontology/profile From] Messari (2-11-2020):
''"Ontology also offers a suite of tools developed by the core Ontology team to aid in the creation of enterprise blockchain applications. The available tooling includes:''
# ''ONT ID: a decentralized identity solution framework that helps users control their data and identity. Opens the door to creating applications that require assigning identities to people or things ([[supply chain]], medical records, credit scoring, financial services, copyrights, real estate)''
# ''ONTO: a [[non-custodial]] [[wallet]] that can connect users to the Ontology ecosystem, such as [[dApps]], [[airdrops]], ONT ID authentications, [[DEX]]es, ONT [[NFTs]], etc. ONTO maps your digital identity and real-life identity.''
# ''DDXF: the data tokenization and resource exchange frameworks built by Ontology for blockchain applications. This is a new way of processing and managing application data. Through DDXF, application data is stored in a distributed way and data privacy is ensured. Essentially the achievement of self-sovereign data."''

== Privacy Method being used ==

=== Compliance ===

== Oracle Method being used ==
* Has their [https://docs.ont.io/ontology-elements/oracle own oracle solution], in which they fetch data from external APIs and then a node records it on chain (1-2020).

== Their Other Projects ==
=== OScore ===
* From their [https://medium.com/ontologynetwork/oscore-everything-you-need-to-know-57aa88b7b96f blog] (10-9-2020):
"''OScore is a self-sovereign credit evaluation system based on user data stored on the Ontology [[blockchain]]. With full integration of ONT ID, Ontology’s [[decentralized]] identity framework, OScore supports [[cross-chain]] interaction and verifiable credentials, connecting user identities with personal accounts on the Ontology blockchain, eliminating third parties from the process. Once a user authorizes their financial data, Ontology’s OScore system generates a quantifiable credit score, while ensuring the user’s privacy is fully protected."''
* It is [https://cointelegraph.com/news/this-non-ethereum-based-defi-project-has-180m-staked-so-far being integrated] in [[Wing - WING|Wing]] (25-9-2020).

== Governance ==
* [https://messari.io/asset/ontology/profile From] [[Messari]] (2-11-2020):
"''The Ontology protocol upgrade process operates through a combined [[off-chain]] and on-chain model. Community developers can submit protocol improvements as ONT Enhancement proposals (OEPs), which describe the standard for core protocol specifications, client APIs, and smart contracts, through the Ontology [[Github]] repository. Each improvement proposal is then subject to a delegated on-chain voting process, enabling network stakeholders to determine the direction of the chain collectively.''

''Ontology developed the [https://medium.com/ontologynetwork/ontology-introduces-the-triones-membership-system-5211294976bf Triones Consensus Membership System] as the first-generation of its on-chain governance model. As part of the Triones system, [https://medium.com/ontologynetwork/triones-node-incentive-model-dbcb175f4728 Trione Nodes] can initiate the voting process for upgrade proposals, often submitted via Ontology's off-chain governance process. Once considered satisfactory by Trione Nodes' standards, other nodes can offer their feedback on the new proposal for a given period of time. The network eventually approves and executes an upgrade via an on-chain voting process. This system, and more specifically the on-chain voting function, is still in development with an [https://medium.com/ontologynetwork/ontology-roadmap-aristotle-2020-4dd5f62406b7 anticipated arrival] sometime in 2020."''

=== DAO ===

=== Treasury ===
* [https://messari.io/asset/ontology/profile According] to [[Messari]], there is no [[decentralized]] treasury (2-11-2020).

== Upgrades ==
== Roadmap ==
* Can be found [https://ont.io/about here] (2-11-2020).
* [https://messari.io/asset/ontology/profile From] [[Messari]] (2-11-2020):
''"Multi-layer, multi-chain business ecosystem. The team completed developing and testing Ontology's [[sharding]] design, leading the project to release its Sharding TestNet. The Sharding TestNet supports the following features: multi-layer sharding network structure; sharding solution based on smart contracts; cross-shard message communication between smart contracts; and cross-shard atomic call. More details can be found [https://medium.com/ontologynetwork/ontology-sharding-testnet-released-86b34352aa42 here].''

''Ontology has updated its [[cross-chain]] solution to set up a new [[relayer]] chain to support cross-chain transactions between Ontology, [[BTC]] and [[Ethereum]]. The team is aiming for a release sometime in Q1 '20."''

== Audits ==
* [[Bug bounty]] program can be found [https://bounty.ont.io/#/home here] (2-11-2020), with bounties up to $8000.
* [[CertiK (CTK)|CertiK]] claims to have done an audit for them, according to their [https://certik.io/security-audits/#home website] (12-6-2020). 
* Messari [https://messari.io/asset/ontology/profile mentions] two audits, one for the Ontology codebase (7-2018) and one for the VM engine (8-2019).  
=== Bugs/Hacks ===
== Usage ==
* [https://messari.io/asset/ontology/profile From] [[Messari]] (2-11-2020):
''"As of late, Ontology has turned its focus onto providing self-sovereign digital identity solutions (through its ONT ID application) and private data management, particularly within the Japanese, Korean, U.S., and European markets. As an example, Ontology partnered with the South Korean-based [[Klaytn]] project, the public chain of Kakao. Ontology will have more technology, product integration, and interactions with Klaytn, including data privacy and the ONT ID application so that more Korean users can join the Ontology ecosystem, and more projects and enterprises can access the available markets."''

=== Projects that use or built on it ===
* [https://cdn.substack.com/image/fetch/c_limit,f_auto,q_auto:good/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F19995253-8a89-4bdd-ada9-8c1d73f25607_1512x1600.jpeg As of 20202 Q1], it has 63 [[Dapps]], 18 of which are active, 0 were new and about 7542 active users.
* [[Wing - WING|Wing]]; ''"A lending protocol built on the Ontology blockchain, currently has $180 million in crypto assets staked on its platform" ''([https://cointelegraph.com/news/this-non-ethereum-based-defi-project-has-180m-staked-so-far 25-9-2020]).
* [https://explorer.ont.io/contract/list/10/1 As of 2-11-2020] it has 104 [[smart contracts]].

== Competition ==
* [https://messari.io/asset/ontology/profile From] [[Messari]] (2-11-2020):
"''The project has ties to the [[NEO]] blockchain, also the brainchild of the Onchain team, and is part of the smart economy vision set out by NEO. NEO and Ontology are both not-for-profit [[public blockchains]] and [[open source]] projects but focus on different sectors. NEO is a more generic smart contract platform that focuses on digital assets. Ontology focuses more on digital identity and the data linked to identities (think medical records, credit scores, copyrights, etc.).''"
* F[https://coinmarketcap.com/currencies/ontology/ rom] [[CMC]] (2-11-2020):
''"Ontology offers more flexibility for enterprises, allowing them to create customized [[blockchains]] to fit their specific needs in terms of features like [[governance]] and enhanced privacy, functionality that competitors like competitors like [[Ethereum]] and NEO lack by design.''

''The ONT chain also helps negate transaction network fees by generating and distributing free Ontology Gas (ONG) to ONT holders based on their holdings.''

''Ontology further provides additional features such as [[smart contracts]], cryptographic identity proofs (ONT ID) and tokenized data (DDXF) that can seamlessly be transferred between different blockchains.''

''Example: A patient's medical records, subject to strict data privacy laws in most countries, may be utilized across the Ontology network without compromising the integrity and privacy of the patient's data. The medical business that is transferring the confidential data is able to control what is shared with other parties and under which conditions, with no fear of patient data falling into the hands of unauthorized parties."''

== Coin Distribution ==

== Pros and Cons ==

=== Pros ===
=== Cons ===
== Team, Funding, Partnerships, etc. ==
=== Team ===
* Full team can be found [here].
* [[Jun Li|Li, Jun]]; founder
* [[Hongfei Da]]; founder ([https://loopring.org/#/team according] (as of 1-2020) to [[Loopring (LRC)|Loopring]])
* Huge Asian team no advisors.
* [[Erick Pinos]], Ontology’s ecosystem lead for the Americas and an advisor to Wing.

* F[https://coinmarketcap.com/currencies/ontology/ rom] [[CMC]] (2-11-2020):
"''Ontology was founded in 2017 by the Chinese company OnChain, who also created [[NEO]]. The founding members include blockchain veterans [[Jun Li]] (current CEO) and NEO co-founders [[Da Hongfei]] and [[Eric Zhang]]."''
* [https://messari.io/asset/ontology/profile From] [[Messari]] (2-11-2020):
"''Members of [https://messari.io/organization/onchain-shanghai-distributed-technologies-co-ltd Onchain], a blockchain development company based in China, contributed to much of the early network developments as well as its launch process. Onchain has since stepped back to let the Ontology Foundation, and its community of open-source developers, oversee the future direction of the protocol."''

=== Funding ===
* Got early funding from [[Danhua Capital]]
* Part of the portfolio of [[8 Decimal Capital]] [https://messari.io/organization/huobi-capital and] [[Huobi]] Capital (2-11-2020).
* Has [https://www.ngc.fund/hb.php had] investment and possible contributions from [[NEO Global Capital]]

=== Partners ===
* [https://medium.com/gravity-protocol/ontology-expands-cross-chain-functionality-partnering-with-gravity-f9c708d73d1c Partners] with [[Gravity]] (13-8-2020).

* [https://www.coindesk.com/dapp-platform-near-protocol-taps-ontologys-expertise-for-decentralized-identity-effort From] [[CoinDesk]] (10-8-2020):
"''Ontology will support the development and deployment of [[NEAR]]'s Decentralized Identifier (DID) solution with an eye on regulatory compliance."''
* [[Neo (NEO)|Neo]], Ontology and [[Switcheo Network (SWTH)|Switcheo]] [https://www.fxstreet.com/cryptocurrencies/news/neo-partners-with-ontology-and-switcheo-to-launch-cross-chain-interoperability-protocol-202008220345 partnered] to launch an interoperability protocol alliance - [[Poly Network]]. 
* [[Google]] Cloud [https://cryptobriefing.com/google-cloud-has-joined-eos-bp-node/ has been working] with Ontology 'in lesser roles' (7-10-2020). 
* [https://medium.com/citadel-one/citadel-partners-ontology-16558c10b684 Partnered] with [[Citadel]] (22-9-2020). 
* According to their [https://ont.io/partners website] they have the following partners (2-11-2020): 
[[1inch]], [[Aave]], [[ACCOMPLICE]], BFH, [[Binance Smart Chain]], [[BisonTrails]], [[Bitnovo]], [[Bitsa]], [[BloXroute (BLXR)|Bloxroute]], [[Celo]], [[Certix]], [[Chiliz]], CMmadrid, Cryptodiffer, [[Danhua Capital]], Digittal Chamber, [[Elrond Gold (eGLD)|Elrond]], [[Ethereum]], [[Google]] Cloud Partner, Gumi, [[Hashed (Company)|HASHED]], HTW, INATBA, [[MakerDAO]], Matrix Capital, MCH, Microworkers, Moonstake, MovieBloc, [[NEAR]], [[NEO]], OGQ, [[Opera]], [[Paxos]], [[Polkadot]], [[Sequoia Capital]], Sesameseed, Spherity, SPOKKZ, [[Torus]], Ubitus, [[Unstoppable Domains]], Venezuela Blockchain, [[Waves]] and [[ZhenFund]].
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