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What is Ontology? How To Buy, Expectations And Predictions. Everything You Need To Know About ONT

So what are we going to talk about today!? Obviously, that is, Ontology! So what is Ontology? How does it work? And how does the Ontology infrastructure work? You will find all the answers and more in this short and powerful article. So get your coffee ready and let’s get started!

What is Ontology?

Have you ever wondered what “trust” would look like in a digital world? Or how “trust” would be portrayed digitally? Ontology is the infrastructure for the word “trust”, in the digital world.

Ontology was founded as a project to give meaning to this word that means so much to so many people. You are nowhere without trust. Are you ordering a product? Then you want to trust that you will actually receive the product.

Are you a selling party selling a product? Then you want to trust that you will actually receive payment for the product you are selling. You want people or parties to keep to the agreements made. Because that gives you confidence.

ONTOLOGY understands this and has set itself the goal of digitizing trust. In doing so, the company builds on the entire concept behind Bitcoin and the creation of blockchain.


We will of course write everything out for you. But others prefer to learn from a video. So here is a short 6 and a half minute introductory video that shows you all the basics surrounding ONTOLOGY. Specifically, the video discusses the Ontology Coin (ONT).


Explanation ONTOLOGY

As mentioned, everything about ONTOLOGY is about trust. Trust is also about a sense of security. Anyone involved in crypto knows that security and trust are two extremely important aspects that go hand in hand. A lot is being done in the field of safety with today’s technology.

Certainly when you use a certain platform, you kind of assume that security is okay. You trust that. For example, when you log in to your own online banking environment, you trust that the login details and codes that have been provided to you are also only known to you. And that this is handled safely. That trust must be considerable, because after all, it concerns all your money.

However, that trust is sometimes betrayed. Sometimes because we make a mistake ourselves, but also when a company makes a mistake. For example, consider the situation where all the data of 60 million Uber customers was stolen. In the same year, the data of a Dutch energy supplier was stolen from no fewer than 2 million customers. The trust we had in these parties dropped sharply after it turned out that our data was not being taken care of, while we had that trust before.

ONTOLOGY strives for a platform in which that trust has actually become superfluous, because it is self-evident. They do this by integrating different platforms within their current ecosystem, so that you as an end user only have to use the secure ONTOLOGY platform and are therefore no longer dependent on the security of all third-party platforms. In short: You only have to deal with the security of the ONTOLOGY platform. The rest will come naturally.

Ontology network

ID verification with ONTOLOGY

One of the smartest features of ONTOLOGY is their ID verification. Each person has different unique characteristics that ensure that we can be regarded as a unique identity. Think of some sort of digital DNA. Now every time taking a DNA test from a person who wants to log in is going a bit far, so ONTOLOGY makes a digital profile of people instead.

Whereas today you have different pieces of data in many different places, ONTOLOGY would like to combine them in order to establish a digital profile. This way they always know whether the person who wants to log in is actually the person himself.

For example, think of your height, the color of your eyes, your weight, which car is registered in your name, what your blood group is, the education you have done, et cetera. Combining this data makes it much more difficult for fraudsters to break in because they need to have all this data, instead of just 1 or 2. See below a small example of how it works


ONTOLOGY and Copyright

With the same mindset, ONTOLOGY also wants to contribute to the protection of copyright. Of course you expect that when you post or write content, such as this piece, that people do not copy it indiscriminately. ONTOLOGY wants to ensure that with the same technology as ID verification, it is always clear from whom content comes. Think of it as a digital signature for content. So you can always find out who is the author and rightful owner of a piece of content, whether it concerns an image or a piece of text.


ONTOLOGY’s DRS system helps companies to significantly shorten a selection process. The DRS system actually stands for the ‘Distributed Reputation System’. In fact, a way to check the reputation of a legal person.

Suppose you want to make a credit application. You then have to fill in countless details and will be assessed based on the data you enter. Of course you do this in a correct way, but when this is done fraudulently, the consequences for both parties can be significant.

With ONTOLOGY’s DRS system, all entered data can be checked in no time. In fact, they don’t even have to be filled in anymore. This saves everyone a lot of time and prevents errors or fraud.

ONT Coin

Then ONTOLOGY then 2017 was founded by the company OnChain. This is the same company that also invented the token NEO . Both platforms work closely together and in terms of technology the ONT coin is similar to that of the NEO token.

On the NEO platform, there is the NEO token on the one hand and the GAS token on the other. GAS is used to pay on the NEO network. The same construction also exists on the ONT network. On the one hand there is the ONT coin and on the other hand you have the ONG token (Ontology GAS) with which one can pay for transactions on the network.


Don’t want to use your ONTOLOGY to trade, or do you prefer to store them securely? Then it is best to use an ONTOLOGY wallet. You can usually go two different ways in terms of ONTOLOGY wallet. Either you choose an external software or you choose a hardware wallet . A hardware wallet is always the safest ONTOLOGY wallet to store your ONTOLOGY tokens. A popular hardware wallet is the Ledger Nano .

Would you rather go for a software wallet? Then ONTOLOGY has created an ONTO or OWALLET. Here you can effortlessly store your ONT tokens and always have them at hand.

The least secure option is to leave your ONTOLOGY tokens on the exchange . As soon as your ONT tokens are on an exchange, you run the risk that the exchange will be hacked or that due to a DDOS attack on freezing from a federal investigation, you can temporarily or permanently no longer access your ONT coins. If you want to park your ONTOLOGY tokens at any cost on a reliable exchange? Then choose the cryptocurrency exchange Binance .


Do you want to buy ONTOLOGY? Then there are now many platforms and brokers that allow this. Buying ONTOLOGY is incredibly simple. The easiest for Dutch customers is to do this via the Bitvavo exchange. You can easily create an account here. After you have linked your bank account, it is possible to deposit euros via IDEAL. Note that the price of Ontology can be very volatile.

After you have topped up your account with euros (or other cryptocurrencies) you can immediately buy your ONTOLOGY coins. Have you made a profit and do you want to collect this profit? Sell ​​your ONTOLOGY token on Bitvavo and transfer the profit back to your bank account free of charge.

Want to buy ONTOLOGY? Buy them directly on Bitvavo!

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