Besides scalability, the biggest issue that is preventing large corporations from plugging into the blockchain, is interoperability.
For example, a hospital that may want to streamline their processes and join a blockchain network will need to have all the other industries it relies upon to function to be on the same blockchain.
Another limiting factor for companies is the learning curve needed to set up their existing infrastructure on the blockchain.
To get beyond this limitation, Ontology is creating a peer-to-peer network that has cross-chain, cross-system, cross-industry, cross-application and cross-device parameters.
How To Buy ONT
So you’re interested in buying ONT? Currently, there is no way to buy ONT directly with fiat, so the best way to buy ONT is to first purchase Ethereum, transfer it to your chosen trading platform and change it to ONT. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for ONT/ETH and confirm.
3. On the ONT/ETH trading section you can now choose how much ONT you want to buy with your Ether. Once you have chosen your amount, press Buy ONT and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of ONT.
Why do businesses need to get on the Ontology Network?
As things stand now, central servers are still the most efficient way to run a business. With central servers, you don’t need all the divergent industries and businesses that are dealt with to be on the same server.
The downside of course is that central servers are very vulnerable to attacks. And when consumers read news about a particular brand or company that suffers a data breach, that can mean an enormous loss of money.
Corporate espionage is also made easier by storing data in one place.
Trust, therefore, is the biggest benefit to transferring the company’s infrastructure to the Ontology Network.
Ontology network provides a platform for secure data storage, hardware options for primary management and also encrypted data analysis.
Through a series of complete distributed ledgers and smart contract systems, data can be exchanged in a decentralized manner and can also be verified in the same way. Identity verification and authentication is also at the fore of applications for people, assets, objects, and affairs.
This is great news for the companies that use the Internet of Things, technology for instance. Governments can also benefit from the identity verification process in any number of ways to streamline bureaucracy.
With data attestation that you can really only find on the blockchain, each data request, data matching, data transfer, and data usage is recorded on the ledger, forming a complete private record of the data use.
What sets the Ontology Network apart from other blockchains?
For starters, scalability. The use of Ontorand Consensus Engine (OCE), a new
consensus engine, enables almost infinite scalability through a low hashing rate. A block is verified in roughly 20 seconds with this new protocol. Users of the network as well as miners play a part in verifying the blocks.
Supply chain logistics, to financial trading, device to device payments and micropayments, among various other scenarios, all benefit from the Ontology Networks’ speed. These scenarios require fast processing times that other blockchain simply can’t deliver at this time.
If this blockchain can deliver the ease of use and interoperability that other chains have yet to figure out, then it stands to reason that Ontology will be the go to network for enterprise solutions.
The native token for the Ontology Network is the ONT and will be used as GAS for building dAPPs, processing payments and paying the miners. There was no ICO since all of the funding for the project came from private investors.