How To Buy Ontology (ONT)?

A common question you often see on social media from crypto beginners is “Where can I buy Ontology?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Ontology (ONT)

First, you will need to open an account on a cryptocurrency exchange that supports Ontology (ONT).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Ontology (ONT) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Ontology (ONT)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Ontology (ONT) or Ontology (ONT) trading pairs. Look for the section that will allow you to buy Ontology (ONT), and enter the amount of the cryptocurrency that you want to spend for Ontology (ONT) or the amount of fiat currency that you want to spend towards buying Ontology (ONT). The exchange will then calculate the equivalent amount of Ontology (ONT) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Ontology (ONT) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Ontology (ONT)?

Ontology is a high performance, open source blockchain specializing in digital identity and data. Ontology’s unique infrastructure supports robust cross-chain collaboration and Layer-2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework.

The Ontology platform goes for a simplified implementation of blockchain technology within business systems. Recognizing that the level of expertise needed for integrating blockchain in everyday business may be too high for many enterprises, Erik Zhang and Da HongFei from the Chinese company Onchain (people behind the NEO blockchain) launched their Ontology platform and its native token back in 2017. It came with a set of tools that allow business entities to implement and customize blockchain based on their specific needs. Its distributed ledger platform allowed for easier installation of the blockchain without the need to change the existing business infrastructure from scratch. To make this possible, the Ontology platform had to put various interoperable chains under the umbrella of a central blockchain, which allows for greater flexibility when creating a ledger that will not be dependent on a silo.

So, instead of a single blockchain, enterprises using Ontology should be able to fully utilize both private and public blockchains. Any companies reluctant to leave their data on a public blockchain, for fear of competitors accessing them, can use the Ontology private blockchain which will allow them to customize access permissions for their data. This is made easier via a strategic partnership between the NEO platform and Ontology, enabling the sharing of information between the NEO’s public blockchain and the Ontology’s private one.

This relationship extends to the world of tokens as well – Ontology’s ONT tokens were distributed to the NEO holders as part of an airdrop. Their purpose is to serve as governance tokens with which the owners of these coins can take part in the decision-making process on their network. At the same time, ONT holders will also receive ONG utility tokens (Ontology Gas, which are similar to NEO’s Gas tokens) which are used for managing smart contracts and handling on-chain transactions on the network. After the proper implementation, it’s expected that Ontology will be able to handle thousands of transactions per second, based on its VBFT model which combines Proof-of-Stake (PoS), Byzantine Fault Tolerant (BFT) and Verifiable Random Function (VRF) mechanisms.

What Makes Ontology Unique?

Ontology offers a variety of real-life use cases and allows businesses to build their own blockchain on top of the Ontology blockchain.

Importantly, Ontology offers more flexibility for enterprises, allowing them to create customized blockchains to fit their specific needs in terms of features like governance and enhanced privacy, functionality that competitors like Ethereum and NEO lack by design. The ONT chain also helps negate transaction network fees by generating and distributing free Ontology Gas (ONG) to ONT holders based on their holdings.

Ontology further provides additional features such as smart contracts, cryptographic identity proofs (ONT ID) and tokenized data (DDXF) that can seamlessly be transferred between different blockchains.

Example: A patient’s medical records, subject to strict data privacy laws in most countries, may be utilized across the Ontology network without compromising the integrity and privacy of the patient’s data. The medical business that is transferring the confidential data is able to control what is shared with other parties and under which conditions, with no fear of patient data falling into the hands of unauthorized parties.

Official website: https://ont.io/

Best cryptocurrency wallet for Ontology (ONT)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Ontology (ONT)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).