Ontology cryptocurrency guide advises where to buy and how to buy Ontology. This guide also contains the markets, value, trading, investing, buying, selling, transactions, blockchain, mining, technology, advantages, risks, history, legislation, regulation, security, payment, networks and many other interesting facts about Ontology as well its status in the world of cryptocurrencies.
Ontology, Tuesday, 2018-08-14
- 1 What Is Ontology?
- 2 Beginner's Guide to Ontology
- 3 Where and How to Buy Ontology?
- 4 Ontology Markets
- 5 Where to Spend or Use Ontology?
- 6 How Does Ontology Work?
- 7 Ontology Regulation
- 8 Is Ontology Secure?
- 9 History of Ontology
- 10 Ontology Videos and Tutorials
- 11 See Also
What Is Ontology?
Ontology is the new cryptocurrency that will revolutionalize the cryptocurrency industry. Its architecture is unique, and features are carefully designed to create a complete ecosystem that all stakeholders and enterprises can join to optimize the benefits from the blockchain technology.
Unlike the first generation cryptocurrencies that were targeted at helping to address the problem of centralization and facilitating sending of funds, the uses of blockchain technologies are getting diversified by the emerging cryptos. The second generation cryptocurrencies targeted addressing flaws reported in the first generation. Now, the third generation cryptocurrencies such as Ontology are focused on enhancing interoperability across the blockchain and conventional networks.
Ontology is a new blockchain/ distributed ledger network that combines distributed identity system, distributed data collaboration, distributed communities, and distributed procedure protocols. This means that the network builds the infrastructure of a peer-to-peer trust network that is cross-chain, cross-industry, cross-application, and cross-device. Ontology is run as an ecosystem that wants everybody to join including the government departments.
Ontology founders and the development team believe that cryptocurrencies should no longer be looked at in isolation. Rather, they should articulately leverage each other to catapult adoption of blockchain technology, growth in internet use, and ultimate success in the industry. Now, this is the target that Ontology is working forward to achieve and has committed not to relent in having the task done. Welcome to learn more about this unique cryptocurrency that nobody wants to miss.
Beginner's Guide to Ontology
Have you been contemplating to join the cryptocurrency network? The best strategy is looking for the high potential cryptos that guarantee good ROI (Return On Investment). One of these cryptos is Ontology. The cryptocurrency is one of the newest in the market and is promising huge returns to investors.
Unlike other cryptos in the market that are greatly limited by issues such as scalability and poor speed, Ontology has demonstrated its capability to make the blockchain technology acceptable to all. Because it is developed by a highly tech team with commitment to help even small enterprises without knowledge of blockchain technology come onboard, it is seen as the ultimate turning point. Now, you do not want to be left behind as the benefits of cryptos get unleashed. Read through this guide to know more and make the right decision.
The guide is a comprehensive analysis of every aspect about Ontology. It carefully extrapolates the definition of ontology, where to buy, how to buy, the markets, and profitability. Besides, it deeply digs into the wallets, regulations, benefits and risks associated with Ontology. This is not all. The guide answers your questions and fears about Ontology and taxes, legality, security, anonymity, and why people are having a lot of trust in it. Welcome to read through and discover more about Ontology.
Where and How to Buy Ontology?
Ontology is the new cryptocurrency that the crypto community believe will redefine the entire crypto industry. It has brought in a new concept that other cryptocurrency founders could only dream of; cross-chain interoperability. But this is not all. The cryptocurrency network has also brought a new system that allows even conventional businesses to join and use the network to optimize profitability. Because of this unique design and huge potential, everyone wants to get a piece of Ontology and grow with it over time. Here is an account of where and how to buy Ontology.
- Buy from cryptocurrency exchanges: The easiest and direct places to buy cryptocurrencies such as Ontology are the exchanges. These are the platforms that bring together traders and buyers the same way forex markets operate. However, the cryptocurrency exchanges trade in crypto assets such as Ontology as opposed to fiat currencies.
- To buy from cryptocurrency exchanges, users are required to start by opening trading accounts and verifying them with personal information such as proof of address and phone number. The verification information can vary depending on the exchange under consideration and location. Some of the top exchanges to consider when buying Ontology include Binance, Huobi, and Changelly.
- Buy from the cryptocurrency brokers: These are platforms that are very close to the exchanges but are run independently. For example, assets price follows those at the exchanges but are adjusted upwards to cater for the brokerage fee. Note that some brokerage might require you to buy a different cryptocurrency such as Bitcoin and exchange for Ontology in a different exchange. Top brokerages include Coinmama and Bitpanda.
- Buy Ontology from those who have it: While the markets are the open places where you can visit to buy Ontology and even trade the coins any time of the day or night, it is also possible to buy directly from those who already have the coins. In cities that have high concentration of crypto communities, cryptocurrency clubs have emerged to assist the people to understand the digital systems. Now, these clubs have become unique places of getting people with cryptocurrencies and buy from them. One example of such a club is the LocalBitcoins.com.
NOTE: Once you pick the preferred platform to buy the cryptocurrency from, you must have a cryptocurrency wallet. The Ontology wallet is discussed in the next section.
When you decide to join a cryptocurrency network such as Ontology, the first step should be getting the right place to hold the coins after a successful purchase. You have to acquire a cryptocurrency wallet. The accepted definition of a cryptocurrency wallet is a location that holds your crypto assets such as Ontology. Here, it is important to closely demystify the Ontology wallets.
While the definition indicates that the wallet is a location for holding the crypto assets, it is, in reality a misnomer. The Ontology’s native assets such as ONT and ONG cannot exist outside the main network. This means that they cannot be moved. Even when a person buys ONT, what changes is the ownership but the assets remain on the same network.
An Ontology wallet, therefore, stores a set of keys that point at the coins you have in the network. These codes are the private keys and public keys. The private keys help to bring your assets to live and make it possible to carry transactions such as sending ONT. On the other hand, the public keys are used to point at your wallet. This means that those people who want to pay you in Ontology are given the public keys. The private keys should never be shared.
Because the main team that developed NEO was also directly involved in Ontology, people are encouraged to go for NEO compatible wallets. The close association saw Ontology airdrop its tokens to all NEO coin holders. Therefore, here are the main wallets to consider.
- Ledger Nano S (hardware wallet)
- Ledger Nano S is one of the leading digital wallets in the market. It is a finger-sized hardware developed by a Paris based company, Ledger. The good thing about the wallet is that your Ontology will always be stored offline to reduce the danger of getting hacked. The main selling point of the wallet is the focus on security.
- When you acquire and use the wallet for the first time, it generates the seed phrase, the private keys, and public keys. These should be stored carefully for regular use and even recovery in the case of damage.
- When making transactions, your private keys do not leave the hardware. Besides, you will also be required to press a physical button on the hardware to initiate transactions. This implies that even in the event that your account is hacked, the attacker cannot siphon off your assets without having the wallet.
- The NEO CLI (desktop)
- Though NEO CLI was designed for NEO users, it is also a great option for Ontology. To start using the wallet, you are required to download and install on your computer. This will make you one of the nodes in the Ontology network. As a desktop wallet, it means that the private and public keys are stored only on the desktop. You should, therefore, ensure that they are stored properly and away from the main computer to make the recovery easy and fast.
- The NEO CLI allows users to create multi-party signature contracts and participate in building consensus on the Ontology network. You can also use the wallet to mine the network. Experts refer to the wallet as the best option for those who want to optimize operations in the Ontology network.
- The Neon wallet (desktop walet)
- This is an open source cross-platform light-weight cryptocurrency wallet designed for the NEO blockchain. But it works equally well with the Ontology network. The wallet allows users to store, receive, and send ONT. Many users prefer the Neon wallet because of its advanced security features. Unlike other types of wallets that store the private keys on the blockchain, the Neon wallet stores the private keys on the desktop only. This implies that you have absolute control over your private keys and ONT in the Ontology network. However, you should carefully store the private keys and backup the wallet preferably on a different location for easy recovery in the case of a loss.
- The platform was designed for most operating systems including Windows, Mac OS, and Linux. You can access and download the right version for your operating system from their main home page. One unique thing that every Neon Wallet user points at is the intuitive user interface. The wallet is very easy to use with the main features being the ONT balance, send, receive, and history. This makes it very easy even for newbies to use.
- For users who want to hold more cryptocurrencies, the Neon wallet is a great option. You can use the Neon wallet with other tokens such as DBC, RHTT, QLC, NEO, and RPX. The development team has indicated that the list will keep growing in the coming days as it focuses on improving the wallet.
Where to Buy Ontology with Credit Card?
When people discuss the term cashless system, what comes into their minds is direct use of credit cards. However, the cards can only be considered semi-cashless because they represent the actual cash you hold with the respective payment services. Now, you can also use a credit card to buy Ontology from the following places.
NOTE: You might need to buy another cryptocurrency such as Bitcoin and trade it for Ontology in the markets that list it.
Where to Buy Ontology with PayPal?
PayPal has gained a lot of popularity recently especially for its acceptance in many online stores. Despite this massive growth, it is yet to allow payments to cryptocurrency networks such as Ontology. Because it considered crypto networks as competitors, people were even being penalized for attempts to make payment to cryptocurrency related products. However, this stance has changed. The PayPal administration has indicated it will be making major adjustments in its system and policy to allow payments to crypto networks. Therefore, if you have cash in a PayPal account, there is no direct way to buy Ontology. You will have to offload to a bank account or credit card before making a purchase.
How to Buy Ontology with Wire Transfer?
Banks are some of the most trusted institutions. No one wants to live without a bank account. From handling salaries to accessing loans, banks occupy a very special place in people's lifestyles. Now, they are also a reliable gateway for buying and paying cryptocurrencies. Here is an account of how to buy Ontology with a wire transfer.
- Start with acquiring an appropriate Ontology wallet.
- Select your preferred cryptocurrency exchange. Because Ontology is a new cryptocurrency, the exchanges that list it are few. If you have cash in a bank, the process will need to begin from another platform that accepts direct bank payments. Some examples, in this case, are CEX.io, Changelly, and Coinmama.
- Open a trading account in the selected exchange and verify using personal details.
- Visit the purchase section of the trading exchange, select the quantity of tokens to buy, and complete the transaction by ticking pay with a wire transfer. The transaction will enter into a pending mode until the cash finally hits the account of exchange. This could take one to several days depending on the exchange location, local laws, and bank under consideration.
- When the purchase is over, you will need to move the Ontology coins from the trading platform account to your wallet. If you bought another cryptocurrency wallet, move them to the exchange that lists Ontology and purchase the equivalent of ONT.
Where to Sell and Trade Ontology?
Many people coming to Ontology and other networks are interested in getting optimum profits from the new and high potential cryptocurrency. Though you can hold and wait for the value of Ontology token to grow, the best way to get more from it is trading in the markets. These are exchanges that bring together buyers and sellers the same way that forex markets operate.
As you focus on picking the best market, it is important to appreciate that they are the easiest target for hackers. It is not uncommon to hear a cryptocurrency has been hacked and a lot of tokens siphoned away. In one of the recent cases, Youbit, a South Korean cryptocurrency exchange was hacked, and millions worth of tokens siphoned away. The cryptocurrency exchange was forced to file for bankruptcy. Because of this risk, it is important to select the trading platforms with a lot of caution. Here are the main tips to consider.
- Only go for the trading platforms that have a great reputation.
- Pick the platforms with low trading charges.
- The best markets are those that list many cryptocurrencies.
- Only trade in markets with no hacking history.
- Where possible, pick the platform that insures the clients’ assets.
As you review various trading platforms, it is important to establish whether users are allowed to move their Ontology to their wallets immediately. By allowing traders to move their tokens to their wallets promptly, you can keep the assets from the high-risk exchanges to the point where you have absolute control. The top selling and trading platforms include CEX.io, Huobi, Gate.io, and Binance.
How Much Are the Transaction Fees of Ontology?
Ontology is one cryptocurrency that does not have transaction fees. The design of the network is aimed at helping users join the cryptocurrencies and enjoy the associated benefits. The Ontology founders created ONG (Ontology Gas) tokens that are used to reward nodes for holding their stakes and participating in the consensus building.
The cryptocurrency markets are the main platforms that help to showcase the performance of a cryptocurrency. The prices on these platforms are driven solely by demand and supply. Here are the main Ontology markets that you should consider.
- This market was created in 2015 by the MinerGate team. It has gained a lot of popularity because of its advanced trading features. The trading platform uses special bots that help to bridge with other top trading exchanges such as Poloniex, Coinbase, and Binance. This means that the insights and price shifts on the Changelly can assist you articulately see the entire crypto network and make the right decisions.
- The trading platform charges a fee of 0.5% of the trading volume. If you trade higher volumes on the exchange, the transaction fee comes down with a significant margin. Note that Changelly also allows traders to use fiat currencies to buy listed assets or make direct withdrawals.
- The biggest challenge faced by Changelly users is poor clarity on ownership. Though the founders identify themselves as the MinerGate team, the info about individual members is very limited. Some users have also been complaining that the transaction fee of 0.5% is on the higher side when compared with others such as Binance that charge only 0.1%.
- Binance is one of the newest and best-performing cryptocurrency exchanges in the market. It was created in mid-2017 by Changpeng Zhao who wanted to remove the challenges that hindered people from trading in cryptocurrencies. Zhao was especially interested in ensuring that transactions are completed faster and more securely. In addition to launching the trading platform, Binance also launched its native token, BNB (Binance Coin).
- One of the main strengths of Binance is the low transaction fees. Users are charged a flat rate of only 0.1% of their transaction volume. You can also pull the transaction fee further down by pairing ONT with BNB. If you pair Ontology with BNB or pay your transaction fee with BNB, the charges come down by 50%. This means that you can trade in the network and pay only 0.05%.
- The biggest demerit of using Binance is that it is a cryptocurrency only platform. This means that people with cash in their banks or credit cards cannot directly join the network. Therefore, they have to follow a longer process that involves starting from another network that accepts fiat currencies.
- KuCoin is one of the fastest growing crypto markets today. The platform is based in Hong Kong and focuses on listing many cryptocurrencies for traders to pick the best trading pairs. It is especially notable for listing the latest tokens and assets that have just been released to the market. This implies that you are likely to get the latest ICO (Initial Coin Offering), new tokens, and other assets and take advantage of them before the price takes an upward shift.
- The transaction fee at KuCoin is only 0.1%. Though it is considered low when compared to others such as Bittrex and Poloniex, traders have been asking for review with the intention of shifting it further downwards. The platform also brings users very advanced trading metrics that help them to understand the emerging trends in the crypto world.
- The main challenge of using KuCoin is that it operates as a crypto-to-crypto trading model. This implies that people with cash in their banks or credit cards have to start from other exchanges that accept direct payments.
Value of Ontology
Since its entry into the market, the value of Ontology has remained relatively stable. In early March of 2018, the price of Ontology was about $2.6 before falling to about $2.0. Though this represents a fall, it is still higher than the original price during the ICO. By 30th March of 2018, the market capitalization had grown to reach slightly over $500 million. In the beginning of April 2018, the ONT value reached $3.5 mark and $900 million market cap.
Is It Profitable to Invest in Ontology?
Yes, Ontology appears to be a great investment over the long term. Though its value has not grown as fast as other cryptocurrencies such as Bitcoin Cash, experts hold the view that it has a lot of potential for growth. Because it provides an ecosystem for other blockchains and even conventional enterprises, it is only a matter of time before the price takes an upward yielding huge ROI. Though some people hold the view that Ontology has taken a huge mandate that could prove burdensome in the future, its future expansion is not in doubt.
Where to Spend or Use Ontology?
The effectiveness and acceptability of a cryptocurrency can partially be gauged on the basis of the stores that accept it for payment. As a new cryptocurrency, the number of stores that accept Ontology is very small. However, the Ontology team has to work extra hard to win the trust of more stores in the market. It should target entering into an agreement with major stores to promote faster growth.
Despite the fact that the number of stores accepting Ontology is very small, it does not mean that people with ONT cannot buy from shops that only allow other cryptos. For example, buying from a store that accepts Bitcoins only require you to convert your ONT to BTC.
Can Ontology Grow to Become a Major Payment Network?
Every cryptocurrency out there targets to become a major payment network. Ontology is also on the same path. Though it has a long route to becoming a major payment network, it can still achieve the objective. Here are the main reasons that put Ontology at a great position of becoming a great payment network.
- The cryptocurrency has won a lot of trust from the community. The growing number of users means that more people will be using the network to send value and trade in the markets.
- It serves as an ecosystem for many enterprises. By bringing together other blockchains and conventional stores, all the users will become clients in the Ontology network.
- The cryptocurrency value has remained relatively stable over time. Though the value is still low compared to others such as Bitcoin and Ethereum, its stability has attracted a lot of followers who commit to using it for making payment.
- The cryptocurrency does not have a transaction fee. This is the reason that people have been shifting to Ontology from other networks such as Bitcoin.
How Does Ontology Work?
Ontology is one of the latest high-performance public blockchain projects that provide a platform for distributed trust collaboration. This means that it allows other blockchains to be embedded to its core and run as side-chains. The additions can be smart contracts, new assets, and public ledgers.
It also supports customization of various blockchains for multiple or differentiated operations. This implies that after all the features are operationalized, Ontology will allow users to send value from one blockchain to another without having to join the two networks. It is the best project for enhancing cross-chain interoperability.
To make Ontology even more competitive, the development team has committed to provide common modules about the underlying infrastructure for distributed scenarios including distributed data exchange protocols, distributed digital identity framework, and smart contracts. The Ontology network also comes with the following unique features for enhancing its operations.
- ONT Blockchain.
- ONT blockchain frameworks.
- ONT Interaction protocols.
Does Ontology Use Blockchain Technology?
Yes, Ontology uses blockchain technology. The main objective of most cryptocurrencies including Ontology is providing an alternative platform for sending value. By running as open-source and distributed ledger, all the transactions at Ontology are run on a peer2peer basis. This means that centralized organizations are eliminated.
When transactions are initiated in the Ontology network, they are immediately taken by the nodes distributed in its system for confirmation. The nodes help to check the details (whether you have ample ONT to send) and confirm the transactions. Once the details are confirmed, they are added to the public ledger and become permanent. From this point, they become permanent, and cannot be reversed.
It is important to note that transactions in the Ontology network do not just involve sending value. They also involve other forms of operations including execution of smart contracts, new tokens release, and consensus building. The development team has indicated it will keep upgrading the features of its network progressively.
Mining in cryptocurrencies is the process of confirming transactions for a reward. In some cases such as with Bitcoin, mining is used to release new coins into the market. Ontology uses Proof-of-Stake consensus model that requires users to own some stake in the network to be able to confirm transactions. A total of one billion tokens were created in the genesis block. The tokens are not dividable into smaller tokens.
The nodes spread in the network will get rewarded with a different token referred as ONG (Ontology GAS). The ONG tokens will be divisible up to one billionth parts and will be earned for 22 years. Note that ONG are used as rewards for confirming transactions and holding a stake in the network.
This implies that any person with a standard computer can mine the Ontology network. You only need to buy ample ONG from the markets and hold them to be rewarded. By running as a node, you will be queued to confirm transactions and get rewarded with ONG.
What Are the Advantages of Ontology?
When people decide to join cryptocurrencies, the main aim is selecting the network that guarantees more advantages. One of the common advantages depicted by all cryptos including Ontology is the ability to lower the cost of sending value. Because the Ontology network helps to bypass profit-seeking organizations such as banks, the cost of sending transactions is eliminated. Here are additional benefits of joining and using Ontology.
- It provides users with absolute cover from third-party seizures
- Today, a lawsuit can easily haul itself your way. In fact, you do not even need to commit a criminal activity to get dragged into the courts. From the social media to the road when driving to work, you can easily get entangled in a court battle. In such a situation, the first thing that the court does is freezing your bank accounts. Whether you had taken a lot of years to make the savings, you are only seconds away from losing them. However, you can avoid this by investing Ontology.
- As an anonymous network, Ontology provides cover from access and seizure by third parties. Whether it is a malicious administration that wants to take over your cash, a court battle, or witty lawyers, nobody can access or take over what you have invested in the Ontology network.
- Ontology allows people to use and own the network
- If you use the standard payment services such as Visa or PayPal, there is a sense of passiveness. Once you have made payment, the purpose has been achieved, and you can only wait until the next time of sending or using the card. But it is different when it comes to Ontology. The cryptocurrency network belongs to the users. Once you join the network as a node, it means that you are part of it and your contribution will be sought when key decisions are being made. This implies that you own the network.
- It has demonstrated huge potential for growth over time
- The cryptocurrency has demonstrated huge potential for growth since its launch. Though the price of Ontology fell sharply in early March, it has demonstrated unique stability and resilience in the entire month of March 2018. The price grew steadily and hit a peak towards the beginning of April 2018. If the cryptocurrency can maintain the same rate of growth, it can easily grow to become one of the cryptocurrencies out there.
- Users on the network are assured of operating anonymously
- There is nothing as satisfying as knowing that you are making transactions without third parties knowing about the inherent details. For example, the bank management, cashiers, the financial authority officials and the government can easily access the details of your bank account whenever they want. However, Ontology allows users to operate in total privacy. Because all the transactions are encrypted, it means that only you can tell the details of the personal investment. Even the nodes spread in the network and helping to confirm transactions cannot follow back to know owners.
- The system is considered one of the most secure in the market today
- Though Ontology has been on the market only for a short time, it has demonstrated its unique focus on security. Users are assured of enjoying utmost security when operating in the network. The development team and advanced network features have demonstrated to be highly reliable in protecting the native assets and users form attacks.
What Are the Risks of Ontology?
Just like Ontology comes with many advantages, it also has a lot of dangers. In many cases, cryptocurrencies have become an easy target for criminals. Because all transactions are irreversible, most criminals only want to dupe the victims to make payments to get away with their funds. This can be done through the sale of counterfeit products or even advancing Ponzi schemes. Here are additional risks that you should know when joining the Ontology network.
- It is one of the newest cryptocurrencies in the market today
- Ontology is one of the latest cryptocurrencies in the market. By early 2018, Ontology was only a few months old. This means that most of its features and entire architecture are still very new and undergoing testing. Therefore, their stability and effectiveness cannot be guaranteed. It will take more than five years to say with certainty that the Ontology network is highly stable, secure and reliable.
- The threat of the looking regulations
- Like other cryptocurrencies, Ontology is faced with the threat of the looming regulations. Most countries feel that the cryptocurrencies are becoming too much and need to be halted before they escalate to something worse. If you take an example of Russia, the administration is aiming at curtailing the fast-growing effect of Ontology and other cryptos in the country through the draft law released in early 2018. If the countries live to their threats and pass harsh regulations, there is a serious risk of Ontology value plummeting or even fading into oblivion.
- The danger of sending ONT to the wrong address
- The danger of sending crypto assets such as ONT to the wrong address always looms. The public addresses generated by different wallets are lengthy and very difficult to remember unless you copy them. If you send ONT to the wrong address, they cannot be recovered because every transaction detail added to the public ledger is considered closed and permanent.
- The risk of association with criminals
- While cryptocurrencies’ anonymity is considered a positive thing, it also gives in to a very serious risk. Because users including traders are able to operate anonymously, users are at risk of falling into Ponzi schemes. For example, a trader could advertise a specific product but send a counterfeit to the target client. Because the transactions are irreversible, you can easily be involved with criminals without knowing.
- The threat of getting hacked in the network
- The danger of getting hacked when you join the cryptocurrency networks is always a step away. Though Ontology has never been hacked, you are at great risk of getting attacked especially at the exchange level. Because most exchanges are guided by local laws (similar to those used in forex), the focus on security is not as effective as at the Ontology network level.
- The Ontology cryptocurrency has taken a very expansive mandate
- Even as people celebrate the unique structure of the Ontology network, it is now emerging that the weight might become too heavy in the future. More people have been asking how the system will handle tens to hundreds of additional public ledgers on top of its main blockchain. Well, the community can only wait and see.
What Happens if Ontology Gets Lost?
When people lose their digital assets, the experience is very discouraging. However, the main question that they keep asking is about what happens after such losses? It is important to note that the digital assets do not leave their native networks. This means that even after sending your ONT to another person, the coins remain in the network but under a new identity. To demonstrate what happens after ONT get lost, here is a closer look at individual channels of loss.
- Sending ontology to the wrong address: If you send ONT to the wrong address, it implies that they are still in the network but have a new owner. Unless the recipient decides to send back the coins, there is no way to recover them.
- Hacking of Ontology network, wallet, or exchange: Cybercriminals have been advancing their technologies to raise the chances of success in breaking into cryptocurrency networks. If they succeed to break and siphon your coins, it means that the coins will still be in the network but under a new owner.
- Damage to your Ontology wallet: Your Ontology wallet is the most important thing when operating in the network. However, losing the wallet also means that your ONT are also lost. This means that the ONT coins will still be in the network but in a dormant state. The coins will remain dormant until such a time when the right wallet will be used.
- Forgetting the private keys: Your private keys are the gateway to Ontology coins in the network. The keys call the coins to live so that you can make transactions. If you lose the private keys or forget them, it implies that the ONT will be in the network under your name but in a dormant state. You need the right keys to bring the keys to life.
Since the entry of cryptocurrencies, many governments have been looking at them with a lot of suspicion. They feel that the cryptocurrencies have come to disrupt the effective operations and ultimately take their place. In the United States, the Federal Bureau of Investigation (FBI) was the first to note the threat that cryptocurrencies such as Ontology posed to the nation. The agency indicated that there was a serious risk of the cryptocurrencies created an avenue for fraudsters, scammers, and tax evaders to hide.
Despite this, the United States administration had not installed any legislation to guide cryptocurrencies in its jurisdiction. But the United States is not alone. No other state in the globe had installed a cryptocurrency regulation in the globe to guide cryptocurrencies. Even countries such as China and Bolivia only resorted to direct administrative orders as opposed to installing complete legal frameworks.
Now, it is emerging that passing cryptocurrency regulations is indeed no walk in the park. Even the countries that would want to pass cryptocurrency regulations are still finding it very difficult. At this point, it is important to ask the big question; what are the dangers posed by fast growth and success of cryptocurrencies such as Ontology?
- Because the cryptocurrencies are anonymous, the enhanced privacy is likely to encourage illegal activities and scams.
- The emergence of Ontology and other cryptocurrencies as alternative investments is distorting the conventional investment niche.
- By facilitating bypassing of the centralized organizations such as banks and financial services, it means that they are at risk of scaling down and ultimately collapsing.
- As more people shift to cryptocurrencies such as Ontology, the central governments slowly lose the ability to control inflation in their jurisdictions.
- More people start hiding behind the anonymity outlook to evade paying taxes. This means that funds available for governments to carry standard activities such as funding healthcare, paying staff, and even development.
If the cryptocurrencies are this bad, concerns have been raised on why states are taking a lot of time to pass regulations. However, it is now emerging that regulating the cryptocurrencies is not as easy as many would want them to be.
- Most administrations find it very difficult to regulate cryptocurrencies such as Ontology because they have solutions to serious problems such as big data.
- The blockchain technology is advancing so fast that most administrations are forced to play catch-up.
- The cryptocurrencies do not have specific owners. Rather, they are owned by nodes spread across the globe.
- The subject of cryptocurrencies is shifting from a logical one to a highly emotive outlook. In some countries, it is now taking a political angle.
- Most administrations are torn between adopting the highly advanced blockchain technologies or sticking to the brick-and-mortar strategies.
Well, while it is true that countries have taken long craft laws, one thing you should rest assured is that the laws are coming. Many countries such as Russia and Austria are at advanced stages of passing cryptocurrency related regulations.
Is Ontology Legal?
Even as countries drag their efforts to pass legal frameworks for controlling cryptocurrencies such as Ontology, the situation is very different in various countries. It appears that most countries are looking forward to the tech industry leaders such as the United States, China, the UK, and EU to adopt an appropriate path when crafting their framework. Here is a closer look at the legal status of Ontology in various countries.
- Austria has made a bold move towards crafting a legal framework for cryptocurrencies. The country has indicated it aims at addressing the emerging threats of fraud and tax evasion. The government has been categorical that its main focus is not stifling cryptocurrencies growth. Rather, it wants to provide guidance so that the benefits of cryptocurrencies can be realized without the system getting abused.
- The Austria’s finance minister pointed that the government is in very advanced steps of completing the draft bill on cryptocurrencies. However, the minister indicated that the EU needs to move with speed to install appropriate legislation that all countries can follow.
- Like Austria, Russia has taken initial steps towards installing a legal framework to help guide cryptocurrencies in its jurisdiction. Initially, Russia had indicated that it would not recognize cryptocurrencies such as Ontology. The government even pointed that traders found accepting cryptocurrencies for payment could be considered to have committed offenses.
- Early in 2018, the Russian finance ministry and central bank changed the earlier stance. The two institutions indicated that there was a legal gap which made it impossible to tell whether people using cryptocurrencies were going against the law or not. They committed to crafting a legal framework that would guide every aspect of cryptocurrency.
- By February, the ministry had already crafted the Digital Financial Assets draft law. Though the law is still at the drafting stage before being taken to parliament, it has already given the outlook of how the government plans to regulate the cryptocurrencies. The legal framework proposes to regulate ICO procedures, controlling mining, and defining every stage of cryptocurrency stages.
- The draft law has already attracted a lot of criticism from the crypto community in Russia and globally. Besides, the main opposition in the country has said that Russia’s rush to craft a crypto law is likely to drag local fintech behind other nations. Note that the draft is yet to become law. Therefore, Ontology remains legal in the country.
- Ontology is legal in China. China is one jurisdiction that has been extra harsh on anything crypto. The country has remained steadfast in enforcing its policy of trying to curb credit outflows and fraud. The country’s administration started with banning ICOs and freezing bank accounts of related crypto exchanges. It also banned mining and threatened to be ruthless to anyone who tries to advance crypto agenda in the nation.
- When China effected the above rule, the value of most cryptocurrencies tumbled. However, the effects were short-lived as valued of most cryptocurrencies rebounded and grew steadily especially in 2017. It is important to point that by early 2018, the popularity of cryptocurrencies such as Ontology had grown faster in China than any other country globally.
- Switzerland is one country that has committed to running against the wave when it comes to cryptocurrencies. As more countries focus on installing harsh laws to slow down or halt the growth of cryptocurrencies, Switzerland is working on attracting them. The country’s administration has indicated that cryptocurrencies have a lot of benefits that should be tapped to support the economy.
- Early in 2018, the economic minister, Johann Schneider-Ammann, indicated that they would stop at nothing in making Switzerland a crypto-nation. He pointed that they will start with a regulation that will help to facilitate faster adoption of ICOs in the country. The commitment of the Switzerland administration means that even if every other jurisdiction passes negative laws, Switzerland will be an oasis for them.
Ontology and Taxes
While Ontology regulation has proven to be complex and difficult for very many parties, the taxes are even more complicated. Many people shifting to use cryptocurrencies such as Ontology have one common objective; to enjoy a tax-free lifestyle. They feel that because Ontology is anonymous, they can easily hide behind the system to live without paying taxes.
While it is true that there is some level of anonymity in the Ontology system, tax experts strongly differ. They argue that though Ontology is anonymous at the moment, the status is likely to change as more advanced technologies are discovered. One great example to note at this point is Bitcoin.
When Bitcoin was unveiled, it was touted as the ultimate system that everyone was waiting for enhanced anonymity. A lot of people including criminals started shifting to Bitcoin because they thought they would never be discovered. However, new technologies in the cryptocurrency world have demonstrated that it is possible to pull out details of the users. The same case is likely to replicate in the case of Ontology in the coming days and open a gate of lawsuits.
Thoughts that people can live without paying taxes are the primary driver of many governments’ efforts to pass harsh crypto laws. Every country racing to pass a legal framework points that the main purpose is ensuring that cryptocurrency communities pay all the taxes. Now, even the business communities are taking up arms arguing that traders in cryptocurrencies operate without paying taxes while their enterprises are taxed heavily.
Why you should commit to paying crypto related taxes
In Israel, the government indicated that every income is taxable and no one is exempt. The administration has indicated that it will craft more advanced technologies to pinpoint and charge people who fail to pay cryptocurrency related levies. In the United States, only a very small number of people capture the returns from crypto trading. The federal administration was forced to provide clarification about cryptos through the Commodities Futures Trading Commission (CFTC). The commission clarified that cryptocurrencies are commodities and any revenue from them should be subjected to taxes just like standard properties such as capital, shares, and real estates.
Cryptocurrency financial and tax experts have emphasized that unlike many people think, it is possible to enjoy all Ontology related benefits without going against related laws. Here are some useful tips you can apply.
- Make sure to consider revenue from cryptocurrency related income as taxable income.
- Capture important information about your Ontology trading to easily proof that you are compliant.
- Always fill the details of cryptocurrency trading in your tax return forms every year. Note that you do not need to disclose inner details of the transaction at Ontology.
- Ensure to note the value in dollar of the corresponding value for every Ontology coin. This will help to avoid under or over taxation.
NOTE: If you feel like it is becoming difficult to establish whether you are doing it the right way, tax experts will always be ready to assist you. This is especially crucial for enterprises that accept payments in Ontology.
Does Ontology Have a Consumer Protection?
Ontology does not have consumer protection. Ontology like other cryptocurrencies belongs to the nodes and users spread in the network across the globe. Once the Ontology core code was released, it ceased from being the developer’s property to a community network. What this means is that every decision in the network requires all the users to vote and come to a consensus.
Because Ontology does not have consumer protection, it is important to appreciate that you are on your own. This means that in case of anything, you do not have anywhere to complain to. Things are even worse because there is no legal framework and, therefore, you cannot complain to a court of law. Every user is, therefore, required to take great caution to remain safe when operating in the Ontology network. Here are some useful tips you can use to enhance your security on the ontology network.
- Make sure to always triple check the public address of the target recipient before effecting payment.
- Ensure to keep the computer with the Ontology wallet, the main client, and other supporting apps updated.
- Where possible, consider delegating one computer only to Ontology related transactions.
- Make sure only to select and use cryptocurrency exchanges that are secure.
- Avoid visiting websites that are considered risky on the same device used for Oncology transactions.
- Make sure always to move your Ontology tokens to cold storage when not trading them.
- Do not share the private keys with third parties.
Illegal Activities with Ontology
When cryptocurrencies debuted, criminals thought that they had finally gotten the perfect platforms for advancing their heinous activities. The feeling that one is hidden from the government, courts and even the community has triggered a lot of people to consider running Ponzi schemes as others sell fake counterfeit products. However, there is no illegal activity that has been reported with Ontology.
Is Ontology Secure?
Though Ontology is very young, it has demonstrated to be very secure for all users. From the design, the Ontology founders insisted that their focus was ensuring that blockchains can operate in the same ecosystem, without exposing users to threats.
Using the Ontology ONT ID, the cryptocurrency runs as a complete distributed identity framework for supporting identity verification as well as authentication for assets, people, and objects.
The Ontology also uses ONTO, a comprehensive decentralized client product that provides users with unique self-sovereign of digital assets. With the Ontology team working extra hard to progressively update the security features progressively, the Ontology network can only get better.
Is Ontology Anonymous?
Ontology is an anonymous network. The architecture of the Ontology and its development team targeted enhancing users’ privacy and security. When users open accounts at Ontology, the details are encrypted to ensure that no third parties can easily unmask the users’ identity. Besides, the details of all transactions are also encrypted before being released for confirmation in the Ontology network.
Has Ontology Ever Been Hacked?
Ontology has never been hacked. Though it was less than a year old in the first quarter of 2018, no successful attempt of hacking had been reported. This demonstrates that the ontology team is always working hard to strengthen the core code and keep the user's assets more secure.
Note that saying Ontology has never been hacked does not imply that no attempts are made. There are new attempts to hack the network every month. The best way to remain secure when working in the ontology network is taking extra care, especially when trading in the markets. Try as much as possible to select the exchanges that put extra effort in securing clients assets and that have no hacking history.
How Can I Restore Ontology?
When people lose Ontology or other cryptocurrencies, the first question they ask is whether there is a way that can be used to restore them. Note that restoring Ontology depends on how the coins were lost and preparedness.
- If you lost the ONT through forgetting the private keys, it is possible to restore them by regenerating the keys. When you fist used the Ontology wallets, a special code called seed phrase was generated. This code is very important for regenerating the private keys in the case of a loss.
- If the ONT was lost through damage to the wallet, you would need to use a backup. You can also use a wallet similar to the one you had and use both the private keys and private seed phrases to recover ONT.
NOTE: There is no method that can be used to recover ONT if they were lost through hacking or sending to the wrong address. They have simply changed ownership, and such shifts are permanent and irreversible.
The secret to successful restoration of Ontology is ensuring that you are prepared well before the loss happened. This means backing up everything you can and safeguarding both the private keys and seed phrase with a lot of care.
Why Do People Trust Ontology?
Since its debut, many people have demonstrated unique trust in Ontology. The cryptocurrency is believed to offer a better platform for faster growth and success compared to others. Here the main things that are making people continue growing this cryptocurrency even though it is one of the youngest in the market.
- The cryptocurrency presents unique solutions to issues that were faced by the previous cryptos.
- Unlike most of the founding cryptocurrencies that have been facing issues such as scalability, fungibility, and slow speeds, Ontology has addressed all of them. Even people who were unsure about joining the cryptocurrencies or thought that the risks were too much are now coming to Ontology with greater confidence.
- Ontology is led by a highly enthusiastic team with the commitment to keep growing the network.
- A cryptocurrency is as good as the development team leading it. Ontology was developed by experts and is also led by a tech team that promises to continue making it better. They have demonstrated the commitment to keep making the network better through more appealing features.
- The design of the cryptocurrency network seeks to create a new type of ecosystem that brings all cryptos industry under one system.
- For approximately ten years after the entry of the first cryptocurrency, most networks targeted operating as independent systems. Now, Ontology presents a new ecosystem where cryptocurrencies and conventional businesses can use the platform for faster growth. This means that growth, profitability, and success of Ontology will be higher compared to other cryptocurrencies.
- The design was created in close cooperation with the Chinese administration.
- The development of Ontology was done with close cooperation with the Chinese administration. This was a very wise approach because the cryptocurrency is designed incorporating what the government needs from crypto networks. This implies that the community does not expect serious shocks when the Chinese administration and others finally pass crypto related regulations.
- The cryptocurrency security and architecture guarantees users of utmost security of their assets.
- Because Ontology has not been hacked since its launching, the community believes that it is extra strong and reliable. The advanced features in its system and a committed team make the community believe that loopholes and emerging threats will be easily identified and sealed before they can compromise the system.
History of Ontology
The history of Ontology can be traced back to August of 2017 when the founder Jun Li, and OnChain team committed to redefining the cooperation with other blockchains, government, and businesses. OnChain is another company that was founded and is run by Erik Zhang and Da Hongfei. Note that these are the same founders of the NEO cryptocurrency.
OnChain was created with close collaboration between the two founders and the government. The collaboration has made some people even to think that Ontology is a government project of getting its hands into the cryptocurrency network.
In September 2017, Ontology was launched with an ICO. Note that this was a unique ICO that did not involve selling the initial tokens in the exchanges. Rather, the ONT tokens were airdropped to all NEO holders.
Early in March of 2018, the Ontology tokens (ONT) went on sale in the local markets at a price of slightly more than $2.5. The price fell sharply in the first few days of launch before rising steadily to reach about $3.5 by early April.
Who Created Ontology?
Ontology was founded by Jun Li who joined hands withErik Zhang and Da Hongfei of OnChain to advance the blockchain technology. The OnChain outfit was considered better because it brought more tech experts and was also in good rapport withe Chinese administration.
Li has a bachelor's degree in Computer Science, a Master's Degree in Communication Engineering, and PMP. He also holds more than 15 years of experience in Fintech and IT. This experience has been vital in helping Ontology maintain its focus on the core objective and continue growing rapidly.
Other important personalities include Erik Zhang and Da Hongfei who founded OnChain. The two crypto and finance experts aimed at working with the government to help demystify the blockchains and demonstrate their effectiveness. Erik Zhang is also known for his work in previous companies such as Orca Digital Inclusive which he founded in 2005. He holds an MBA from the University of Chicago.
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