About Ontology (ONT)

Overview

Ontology (ONT) is a public blockchain project and a distributed trust collaboration platform created in 2017 by Chinese based company Onchain. Initially, Ontology was a NEP5 token, built on top of NEO's protocol platform. However, the ONT's mainnet has launched, and all tokens are now native. Ontology focusses on solving issues with three dimensions of trust, including trust through technology, legal systems and communities. Building trust with technology involves the use of decentralised, untampered information through cryptology and biological devices. Ontology recognises legal and economic policies are inseparable and hopes to create trust between the two variables with blockchain integration. Lastly, Ontology hopes to build trust through communities as it is intrinsically difficult to built trust networks on larger scales. Ontology has built a distributed trust system aimed to combine a distributed identity system, data exchange, data collaboration, procedure protocols, communities, attestation and various industry-specific modules. This enables infrastructure to be built for a peer-to-peer trust network, which is cross-chain, cross-system, cross-industry, cross-application and cross-device.

Technology

Ontology is built on three primary modules and protocols. ONT ID is a distributed identity framework, sustaining identity verification and authentication for people, assets and objects. The ONT DATA framework supports the exchange of data, such as resource management and smart contracts. Lastly, ONT Scores provides support for businesses, to develop different credit evaluation logic according to distributed credible data. This enables users to store and manage their identity data gathered from various sources including banks, businesses and family. Further, stored data can be exchanged (with consent from the owner) while meeting individual privacy requirements.

Future Focus

Ontology aims to be the primary trust network with multiple blockchains and systems to support all business types. It hopes to achieve this through its flexible, modularised design structure and with processes allowing for smooth expansion. For more regarding Ontology visit the official webpage or browse the Whitepaper. "Ontology is devoted to building a trust ecosystem through its decentralised services. With Ontology's infrastructure industries can integrate and develop their own systems of trust."

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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