Ontology is a fast and low-cost public blockchain that brings decentralized identity and data solutions to Web 3.0. Its open-source network provides a platform for creating smart contracts and deploying decentralized applications. The project focuses on promoting self-sovereign identity (ID) and data management. Ontology has two token systems. ONT enables holders to contribute to the network's security mechanism and participate in governance decisions, while ONG is used to pay transaction fees.
Founded in November 2017, Ontology's mainnet was launched in June 2018. Ontology is a high-performance public blockchain that focuses on decentralized identity and data. Its infrastructure supports powerful cross-chain collaboration and second-layer scalability, providing enterprises with flexibility to design blockchains that fit their needs while ensuring compliance. Through Ontology's Ethereum Virtual Machine (EVM), Ontology ensures frictionless compatibility with Ethereum, which is the first step in creating further interoperability between Ontology's multiple virtual machines and chains.
Ontology has a decentralized identity and data sharing protocol to improve speed, security, and trust, including ONT ID, a mobile digital ID application and DID used by the entire ecosystem, and DDXF, a decentralized data exchange and collaboration framework.
Ontology has developed a wide range of products and protocols to support its vision of a secure and reliable decentralized ecosystem. ONT ID is a decentralized identity framework that helps users manage their data and enables multi-dimensional verification based on blockchain provided by global verifiers, which is a key product of Ontology implemented through native smart contracts on the Ontology public chain. Decentralized identity is also a feature of Wing Finance (another key product of Ontology) and its DeFi suite, playing a role in OScore (Ontology's decentralized credit scoring system).
The next stage of Ontology's development will witness significant changes to the broader Ontology ecosystem, starting with the development of the Ethereum Virtual Machine, which will connect its trusted decentralized identity solution with millions of developers and users in the EVM-based blockchain ecosystem upon completion.