What Is Ontology Coin?
Ontology (ONT) Coin is the coin used by the blockchain based project Ontology. Ontology is an NEP5 token and is one of the first few NEP5 tokens. Released in early 2018 Ontology has been part of a rise of the NEP5 tokens. Ontology, in the first few weeks was by far the most successful NEP5 token… increasing by around 2100%. But what is Ontology coin? and the overall Ontology project?
Ontology coin is the coin used within the Ontology project. Ontology (ONT) “is a is a new high-performance public blockchain project & a distributed trust collaboration platform” which “provides a series of complete distributed ledgers and smart contract systems.”
Ontology was founded in 2017 by the Chinese company Onchain, it is worth noting that the CEO of Onchain Da Hongfei, is also the co-founder of NEO. The purpose of Ontology is to enable businesses to integrate blockchain technology without having to have an understanding of how to develop and create their own blockchain products.
One of the main issues identified by the Ontology team is that; “Right now, there’s no way for businesses to integrate blockchain into their infrastructure without extensive knowledge of blockchain.” Ontology will look to bridge that gap between businesses and trust based mechanisms opening up blockchain technology to the masses and creating a global trust ecosystem.
Ontology NEO partnership
On the official Ontology site they make it very clear about the NEO/Ontology (ONT) partnership… While Da Hongfei is the CEO of Onchain and the Co-founder of NEO they have been very specific in that Onchain does not own NEO and NEO does not own Onchain or Ontology.
Ontology Coin distribution and token specifics
Ontology did not have an ICO which stands it aside from many other projects. Rather the NEO council distributed 20 million ONT to the NEO community. For every 1 NEO held members received 0.2 ONT, there was also 1,000 ONT tokens assigned to everyone who signed up to their newsletter. Ontology has a maximum supply of 1 billion tokens and holder will receive ONG for holding ONT (similar to GAS for holding NEO)
Full Breakdown of ONT distribution
- 10% to the NEO Council
- 25% to the development of the Ontology ecosystem
- 10% to Ontology technical community rewards
- 15% to Ontology core team
- 12% will go to the Ontology community
- 28% for institutional partners
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