Review on Ontology by Huseyn Akberov

Hi there. Topic of this time is Ontology crypto platform. Let's start.

Ontology is a relatively new public blockchain designed to help businesses with little or no knowledge of cryptocurrencies integrate blockchain technology into their business. The Ontology Network allows users to customize public blockchains for different kinds of applications, allowing them to take full advantage of blockchain technology. By supporting decentralized applications, the Ontology platform positions itself as a direct competitor to Ethereum. The Ontology platform is equipped with two coins: Ontology Coin, known as ONT, and Ontology Gas Token, known as ONG. Ontology Gas Tokens function as a form of reward for users who contribute to the platform launched in 2018 with the launch of Ontology MainNet. You can learn more about ONG in the sections below. Interested in buying or selling ontology? Get started now! After the release of the Ontology Mainnet, a new type of coin was introduced into the network. It was an ontology gas token (ONG) unique to the ontology blockchain. ONG was created to compensate users who contributed to the operation of the platform. By contributing to the platform and creating a new blockchain, users can get transaction fees in the form of ONG. This system recommends that users remain active in the network. One of the reasons for the widespread acceptance of the platform is the fact that it is possible to use both corporate private and public blockchain. Since the ontology network does not operate on a single blockchain, users can control how and what data is shared over the blockchain. This is one of the main reasons why ONT is so attractive to business as it allows for different chains and has multiple purposes. Another special feature of the Ontology Platform is the use of a unique consensus mechanism called VBFT. At its simplest, a consensus mechanism is a way for a blockchain to verify and validate transactions without a third party, and is a trustless environment. The VBFT mechanism is a combination of three consensus models, including ProofofStake Consensus (PoS), Byzantine Fault Tolerance (BFT) and Verifiable Random Functions (VRF). This feature allows Ontology developers to make cheap and fast transactions through the VBFT mechanism, claiming that the platform can perform thousands of transactions per second. Based on historical data, Ontology is facing a price decline according to a general medium-term trend. However, if you look at the cryptocurrency trading trends, you can see that in mid-2019, the value of Ontology was much higher, around $1,80. But the loss of medicine. It's not considered as important as 65% of searches are the highest, and there are no rarest and most common scenarios.