Ontology (ONT) is a decentralized identity and data solutions platform that enables users to own and manage their personal information securely. It provides a framework for decentralized identity and data management solutions that prioritize privacy, aiming to reshape how individuals and businesses interact online. The platform uses a dual-token system consisting of the Ontology Token (ONT) and Ontology Gas (ONG) to support various use cases and ensure long-term sustainability.
Ontology (ONT) is a utility token that serves as the primary means of transferring value on the Ontology blockchain. It is used for several purposes:
Staking and Governance: ONT token holders can delegate their stake to a Triones node, allowing the node operator to make proposals and vote on governance matters on their behalf. This process also earns them ONG rewards.
Storage and Transfer of Value: ONT is used for storing and transferring value within the Ontology network.
Smart Contract Deployment: ONT is required for deploying smart contracts on the Ontology blockchain.
Node Operations: ONT is used to cover the operating costs of nodes on the network.
Identity Management: Ontology focuses on decentralized identity solutions, and ONT plays a role in this process through its use in the Ontology Identity (ONT.ID) system.
Interoperability: ONT can be bridged into the Ontology EVM as WONT (Wrapped ONT) to interact with Ethereum-based applications.
Overall, ONT is essential for the operation and governance of the Ontology network, providing a means of value transfer, staking, and smart contract deployment.
To store Ontology (ONT) tokens, you can use the Guarda Wallet, which is a convenient tool for storing and managing ONT coins. Additionally, you can store ONT on a Ledger Nano S, as demonstrated in a YouTube tutorial.
To buy Ontology (ONT) tokens, follow these steps:
Choose an Exchange: Select a reputable cryptocurrency exchange that supports Ontology (ONT) trading. Some popular exchanges include SpectroCoin, CEX.IO, Paybis, Kraken, and WazirX.
Create an Account: Sign up for an account on the chosen exchange by providing necessary information, including your email address and a secure password. Complete any required identity verification steps.
Fund Your Account: Deposit funds into your exchange account using a supported payment method, such as a credit card, debit card, wire transfer, or Bitcoin.
Buy Ontology (ONT): Navigate to the Buy & Sell section, select Ontology (ONT) as the cryptocurrency you want to purchase, and choose your preferred order type (e.g., Market Order, Stop Order, Limit Order).
Monitor and Manage: Keep track of your ONT holdings and manage your assets using the exchange's interface or a compatible wallet like ONTO Wallet.
