ONG (ONG)

In 2017, Ontology was founded by Li Jun with the goal of building an infrastructure that provides trusted and secure access to Web3, enabling both individual and institutional users to use it without worry. Ontology is described as a system of blockchains, as opposed to other platforms (like NEO) that operate as a single blockchain. Thanks to the Ethereum Virtual Machine (EVM), there is a seamless connection with the Ethereum blockchain, enhancing interoperability. Furthermore, there is the OWN Infrastructure (Ontology Web3 Network), which consists of multiple products and protocols based on blockchain, created by Ontology for Web3 applications. Ontology operates with a dual-token model, with the architecture supporting low costs, high scalability, and fast transactions. The ONT token serves for both storing and transferring value on the Ontology network. Fees and transactions on the Ontology network are paid with the ONG token, as well as setting up smart contracts. By staking ONT in exchange for ONG rewards, users can contribute to the security and stability of the network.