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Ontology was launched in November 2017 and was created by OnChain, a business in China active in cryptocurrency. Ontology is a high-performance public blockchain platform that allows firms without deep knowledge of blockchain technology to access and apply this technology in the simplest way quickly. Ontology’s goal is to be a decentralized network that provides a comprehensive, trusted blockchain platform for businesses.

Ontology is designed to allow businesses of all sizes to quickly set up blockchain technology for their companies without radically changing existing systems. Ontology’s solution simplifies business processes and solves most of the problems businesses face today, such as poor privacy protection and unrecognized mining data value, data management monopoly, and ineffective identity authentication.

Ontology uses Dual Token mechanisms, including the Ontology token (ONT) and the Ontology Gas token (ONG). The Ontology Gas token (ONG) is a token that exists in parallel with the Ontology token (ONT) in the Ontology ecosystem and is used for the following purposes:

• Pay gas fees inside the network.
• Reward ONT staking users.