How's it going, dear HYVERS? A new week calls for new token integration and as per usual we are only making partnerships with the best projects in the game just so that you can have the experience of using a universal platform! So let's get to it: ever wished to find a project that is a high-performing, open-source blockchain that specializes in decentralized identity and data? Get ready to meet Ontology and their native token $ONT, which you can then use on HYVE to pay for jobs, tasks, and offers.
Get philosophical with Ontology!
Let's hear it out for the next-gen network of distributed public blockchains that offers you a trust-based collaboration platform with integrated support for ledger accounts and smart contracts. This project has been building the infrastructure to provide trusted access to Web3, allowing individuals and enterprises to rest assured that through regulatory-compliant digital identity solutions, users and their privacy come first.
What makes Ontology unique is that it is a high-performance and fully scalable underlying public chain, essential to building long-term growth of the on-chain trust ecosystem.
Ontology Web3 Network (OWN) Infrastructure provides an efficient, compatible and secure public chain at the base layer. The development of decentralized applications, network congestion, high transaction fees, and long transaction confirmation times can often affect user experience. In contrast, the OWN infrastructure helps solve these problems through its own Verifiable Byzantine Fault Tolerance (VBFT) consensus mechanism and Optimistic Rollup’s Layer2 solution. With this, the platform can process more than 5,000 on-chain transactions per second.
In terms of platform scalability, OWN supports multiple languages and protocols. Following the EVM integration, it has realized support for 4 types of contracts, as well as multi-chain and cross-chain collaboration. In practice, if a project party builds an application based on OWN, it can easily migrate to the Ethereum platform. Its data can also be synchronized on multiple chains to achieve overarching integration across multiple chains.
The Ethereum network is open source and you don't feel that? Ontology has got you covered!
The major issue that the Ethereum network has is now provided by this project: we all know that Ethereum is open-source, but many enterprises aren’t interested in an open-source platform because they prefer to keep their data proprietary and safely away from prying eyes.
In addition, Ontology supports the public chains of the applications that have been developed on its framework and collaboration with various protocol groups.
Ready to regain your trust in crypto?
$ONT provides holders with voting power on developments in the network and the holders are rewarded with Ontology Gas, or $ONG, the other token provided by Ontology, which is generated by the system.
But how do you know that the information can be trusted?
Well, like all other blockchains, the Ontology network uses a consensus mechanism.
a consensus mechanism = a way for blockchains to confirm and verify transactions without needing a third party. (there are lots of different consensus mechanisms that are used by blockchains, with the most popular ones being Proof-of-Work and Proof-of-Stake)
From the technical point of view, then, $ONT makes use of two peculiarities, such as the “sharding” (the division of tasks in distributed layers in the network) and the “VBFT consensus” (Variable Byzantine Fault Tolerance) aimed at the autonomous resolution of validation problems by the system.
It is considered a particularly secure cryptocurrency since it subjects its users to special identity verifications. Being then built on the NEO platform, $ONT also has characteristics such that it is indecipherable, even in case of attempted decryption by powerful computers. Ontology, then, is compatible with both public and private blockchains. This makes it possible to overcome one of the biggest limitations related to the cryptographic world, namely the collaboration between different blockchains.
Still not convinced? Well there's more for $ONT
- Scalability: The Ontology blockchain is designed to be highly scalable, capable of processing thousands of transactions per second.
- Interoperability: The Ontology blockchain is interoperable with other blockchain networks, allowing for seamless communication and data exchange between different platforms.
- Decentralized identity: Ontology offers a decentralized identity solution called ONTID, which allows individuals and organizations to own, control, and share their digital identities securely.
- Smart contracts: The Ontology blockchain supports a number of smart contracts, allowing developers to create decentralized applications with advanced functionality.
- Community: Ontology has a vibrant and growing community of developers, users, and supporters, who are committed to building a decentralized future.
- Security: The Ontology blockchain uses advanced cryptographic algorithms and other security measures to ensure the integrity and safety of its network.
- User-friendly: The Ontology blockchain is designed to be user-friendly, with intuitive interfaces and easy-to-use tools for developers and users alike.
Give a high 5 with HYVE!
Oh yes and we're firing on all our Social Media channels. We recently got back on TikTok, so get ready for the latest memes, informative videos and news in video format. We are still exploring how we can make it big, but it's clear that TikTok will play an increasing role in marketing, and this applies for web3 projects as well.
Are there any tokens you want us to integrate next? We want to give out a voice to the community - if there is any project you believe should join us, drop us a mention on Twitter.