History of the Ontology
The history of the Ontology (ONT)
coin is closely tied to the goal of providing a specialized blockchain platform
for decentralized identity and data management, particularly aimed at
enterprise adoption. Here is a summary of its key milestones: Early Years and Launch (2017 - 2018) Foundation (2017): Ontology was established in 2017
by Li Jun and backed by the Chinese company Onchain, the same
company behind the NEO blockchain. Purpose: The project was created to
allow businesses of all sizes to integrate blockchain technology easily into
their existing systems without having to completely change their infrastructure.
It focuses on decentralized identity (ONT ID) and data integrity. Unusual
Distribution: Unlike many projects at the time, Ontology did not hold a
public Initial Coin Offering (ICO). Instead, they primarily distributed
the initial ONT tokens via an airdrop to holders of NEO coin and
subscribers to their email newsletter. Initial Token Status: The
Ontology coin initially started as an NEP-5 token on the NEO blockchain.
MainNet Launch (June 30, 2018): A significant milestone was the official
launch of the Ontology MainNet. The NEP-5 ONT tokens were then swapped
for the native MainNet ONT tokens. Key Features and Evolution Dual-Token System: Ontology utilizes a dual-token
model: ONT: The non-divisible token used for governance (voting)
and staking. ONG (Ontology Gas): The utility token used to pay
for transaction fees and computational services on the network. Consensus
Mechanism: Ontology uses a custom consensus mechanism called VBFT,
which combines Proof-of-Stake (PoS), Byzantine Fault Tolerant (BFT), and
Verifiable Random Function (VRF) to ensure security and speed. Ontology 2.0
(2020): A major update, Ontology 2.0, was released, focusing on Layer 2
scalability and robust cross-chain collaboration. Decentralized Identity:
The core feature remains ONT ID, a decentralized identity framework that
allows users and enterprises to manage their own data and verify identities
securely without a central authority. EVM Compatibility: In later
development (e.g., 2021/2022), Ontology introduced Ethereum Virtual Machine
(EVM) compatibility to allow developers to port Ethereum-based dApps to the
Ontology network, significantly expanding its interoperability. Ontology
continues to evolve, focusing on being the "Trust Layer for Web3, providing the infrastructure for reliable digital identity and data exchange in
a decentralized world.
