The goal of the Ontology project is to provide decentralized identity and data solutions that will increase trust, privacy, and security on the Web 3. In order to give people and businesses the peace of mind that users and their privacy come first through the use of regulatory compliant digital identity solutions, the infrastructure for trusted access to Web3 is currently being built.
The public blockchain powered by Ontology is quick and inexpensive. It is intended to increase privacy, transparency, and trust by bringing decentralized identity and data solutions to Web3. Users and businesses are given the freedom to create blockchain-based solutions that meet their needs in order to accomplish this, while also ensuring regulatory compliance. The first step in building the Ontology Multi-Virtual Machine and ensuring further chain interoperability is Ontology's Ethereum Virtual Machine (EVM), which guarantees frictionless compatibility with Ethereum.
Ontology decided to launch its cryptocurrency ONT through a series of community distributions and airdrops rather than the well-known initial coin offering (ICO) model.
As a result, an enthusiastic community and organic price discovery were quickly established, and the project was able to avoid further regulatory scrutiny.