🌐 What is Ontology (ONT)?
@Ontology #BUIDL4Web3
#Ontology
Ontology is a public blockchain project aimed at building a distributed trust network among various systems and entities to facilitate collaboration between data and trusted sources in a decentralized and secure manner.
🔹 The trust network in Ontology includes:
Decentralized identity verification systems
Multi-factor authentication
Distributed ledger technology
Distributed data exchange
💡 Practical use: Any business or application can utilize Ontology technology without prior knowledge of distributed networks, making it suitable for companies, institutions, and developers.
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⚡ Key achievements:
2017: The first Chinese blockchain project to join the DIF
2018: Launch of the VBFT consensus algorithm, the ONTO application, and joining the Microsoft Accelerator
2019: Launch of the Ontology development platform on Google Cloud, supporting multi-chain design and WASM test networks
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🌟 Benefits and usage:
Over 2 million community contributors, 900 technical contributors, and 190 partners
More than 50 decentralized applications, 56 nodes, and 517,000 wallet addresses
The ONT token operates on the VBFT mechanism that combines PoS, BFT, and VRF
Application areas: finance, payments, insurance, Internet of Things, media, medicine, software development, voting systems, and asset ownership certificates
🔑 Main advantages:
Solving current trust issues such as data fragmentation, fake identities, monopolized data management, and low transparency and security.
$ONT
