Buy Ontology (ONT)
The massive spread of blockchain technology and ICO projects has led to a rapid increase in the number of digital currencies on the market. Tokens such as Bitcoin are used for settlements and transactions, others are useful as an investment object, and still others are created to serve a single project, but can also bring income to holders. Today we will talk about the Ontology cryptocurrency, which belongs to the third type of coin.
What is Ontology? Ontology Team
Ontology is a revolutionary system that plans to create a large-scale platform for the implementation of blockchain in life. The main focus of the project is to help businesses develop convenient solutions for trust between different people. The project was founded in 2017 by Onchain. The development team did not conduct ICO or other investment fees. The project is funded by the financial and industrial association Fosun International, which also deals with insurance issues.
In March 2018, the ONT token test network was launched and a little later the coin first entered cryptocurrency exchanges, where its price immediately reached 1.5 USD per coin. In May, the consensus protocol was finally launched, and the ONTO mobile application was launched in early July.
The best Fosun developers, as well as managers and technical specialists from Europe, the USA and Russia are working on the project. Leading Chinese experts in economics and digital development were selected as advisors.
The team is led by its founder, Jun Li, Senior Blockchain Specialist, Honglei Cong, and Ning Hu, Senior Architect.
Jun Li is an experienced developer with 17 years of experience in the fintech industry in China and abroad. Honglei Cong has experience in distributed systems and decentralized consensus algorithm. He has experience with Cisco and EMC and has also developed a blockchain architecture framework for large business groups. He led the team that won second place in Asia in the Hyperledger Hackathon competition. Ning Hu has worked on the Halo project and the Paul Allen project. With experience in Semantic Web development, Hu has worked on projects related to digitization of government information, gaming platforms, and media streaming.
Ontology boasts an excellent strong development team of over 20 techno engineers.
The Ontology system has three layers:
- At the basic level, the platform's blockchain is synchronized and interacted with other developed networks, for example, with EOS, Ethereum. Thanks to this, organizations will be able to simultaneously use NEO tokens, work with applications based on Ethereum smart contracts, and access the capabilities of other blockchains. At the moment, Ontology is already interacting with NEO.
- At the main level, protocols are launched that developers can use to form individual blockchains for specific purposes. That is, at this level, the very tools will work that allow you to quickly and economically create decentralized registers.
- Advanced level. Interaction with companies and enterprises of various sizes that want to use controlled and legalized blockchain technology. In essence, the platform will resemble a firm that provides the knowledge and tools to implement blockchain in different types of businesses.
What is Ontology for?
The main idea of the creators is that Ontology can be used by public, commercial and other companies to implement blockchain in their projects. It will help to verify any assets and people, reflect all the necessary information about their condition, and save the history of actions.
This service will help, for example, track financial statements, fire ineffective employees on time, or start cooperation with a trading partner or customer faster. The user will have access to all information about a specific network participant. But in order to legally view it, he must express a desire for cooperation and pay ONG.
Implementing Ontology in an organization involves the following steps:
- Verification and addition to the register of people, assets, objects, companies.
- Verification and integration of applications, programs.
- Verification, reflection in the blockchain of modules, protocols, public code, development kit.
- Linking all built blockchains together through the Ontology network, setting up data transfer between different ledgers.
- Application of the trust system in practice.
The whole process will be automated using adaptive modules. They will help to scale the network to specific parameters required by the firm or management department.
The business will be able to find the most effective partners, contractors, suppliers, freelancers or employees. Bosses and subordinates will adequately and fairly monitor each other for productivity. Companies will be aware of the current financial situation, will be able to conduct accounting, quickly provide tax reports, and increase the attractiveness for investors.
The state is experiencing a special need for such a system. To make the work of government and law enforcement agencies transparent, it is necessary to fully reflect the information about each employee and his actions. Such a register will help to vote for the removal of ineffective authorized persons who violate existing government norms.
What affects the price Ontology
There are a lot of factors that influence the ONT rate. The project was created with a fixed supply, like all cryptocurrencies. This means that the government cannot cause inflation and thus provoke currency devaluation by running printing presses. The deficit can drive up the ONT price:
- The price of a currency can fluctuate following changes in the economy as a whole. Thus, many currencies have made impressive gains in 2020, when the economies of different countries of the world were hit by the pandemic. This may be because the prospect of a weakening domestic economy is forcing people to turn to digital currency.
- Government decisions also have a big impact on the price of Ontology and other currencies. Tax policies, investment rules, restrictions imposed on miners, government plans to create official digital currencies, and other developments can push the crypto market higher or lower.
- TV reporters also have a significant impact on the value of ONT. When a billionaire entrepreneur tweets something in support of a particular coin or token, it is not uncommon for the asset to go up in price. More and more celebrities are promoting the currency by talking about it to their millions of followers on social media. The impact of such support on digital currency rates cannot be overemphasized.
Support for smart contracts
Smart contracts are the backbone of any blockchain. Ontology runs on a NEO virtual machine. Virtual machines (VMs) are simply programmable machines that translate code into action. When a command is written in Ethereum in Solidity, the Ethereum virtual machine translates that code into action - smart contracts. Virtual machines are not compatible across platforms. For two blockchains to interact with each other, they must be running on the same virtual machine. Only then can the external code be read on both blockchains.
Since the project is powered by the NEO virtual machine, the Ontology network can interact and understand NEO data and smart contracts too. This enables the interoperability that is at the heart of the Ontology network. We hope that Ontology will continue to roll out other virtual machines for its use in the future, and there are all the prerequisites for this.
What are the advantages of Ontology
- The project was created by a very strong and already well-established team.
- Strong business focus that increases the likelihood of success.
- Strong end-to-end services, smart contracts, decentralized apps, and real-world focus.
- Security of transactions.
- Complete confidentiality of user information.
- Efficient work, which ensures fast operations.
- Decentralized structure of the cryptosystem solves the problem of potential monopolization.
- Authentication rates are higher than those of major non-decentralized competitors.
Where to buy Ontology
As you might expect, the project has released its own ONT tokens. It is the main ecosystem currency required to access various blockchain functions. Without ONT tokens, users and developers will not be able to fully use the platform.
Currently, to buy ONT, you can use the services of one of the following exchange platforms that support operations using the token:
However, there is another more convenient way - trading using contracts for difference (CFD), which is an agreement between a trader and a broker. When buying CFDs on ONT, you will not own the currency itself. You will only own the contract itself, which indicates at what price you bought the coin. At any time, a trader can close a position and return his contract to the broker.
How to start investing in Ontology?
To get started investing in Ontology, it is worth understanding the basics of CFD trading and basic common concepts:
- Long position. You open it if you think the market will go up.
- You enter a short position if you are preparing for a decline.
- Spread The most common way to compensate a CFD broker. Spread is the difference between bid and ask prices. Due to the spread, the broker earns the bulk of the money.
- Leverage. Allows you to increase your effective capital. It will help you double your profits with the correct forecast. However, leverage not only multiplies profits, but also proportionally increases losses.
- Stop Loss To avoid excessive losses, it is necessary to apply stop losses. These orders are automatically triggered and close the position when a certain price is reached.
- Take Profit This type of order automatically closes a position upon reaching a specific profit, the size of which is determined before executing a deal.
Who is CFD trading suitable for? This trade is recommended for traders who open positions for several minutes or hours. If organized correctly, trading can be extremely profitable.
Pros. First of all, transactions are executed very quickly and allow you to bet not only on the growth, but also on the decline in currencies. In addition, anyone can open a free demo account that does not require an initial investment. It allows novice traders to practice and get comfortable in the market.
Should traders invest in Ontology?
With identity verification capabilities and customizable modules, Ontology is able to create solutions that fit their current design. The project provides trust in a decentralized ecosystem and without trust, there will be no public acceptance. Since everyone wants anonymity and massive decentralization of power, we must take one step after another, taking our time and thinking things over well. And the first step should be the following: supporting projects that work within the current structure.
If the project is fully aware of its vision of the ecosystem and NEO fulfills its goal of creating a smart economy, eventually we can finally see the network of enterprises, institutions that support distributed ledger technology. This is a future that is difficult to believe in.
How to Buy ONT right now?
Ontology has tremendous potential for both blockchain application developers and consumers, businesses and ordinary users.
To start investing in Ontology easily, you need to choose a broker with low fees and a reliable platform. A CFD allows one of the parties, a seller or a buyer, to profit from fluctuations in the price of an asset. Advanced platforms are currently explaining the intricacies of contract trading. You will find guidance on leverage, long and short positions, profits from rising and falling markets, and more. A huge plus - a free demo account!
All in your hands! Try it, you will succeed! We wish you every success!