
Get exclusive money-saving offers and guides
Straight to your inbox
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Ontology is a trust network designed to be operated across multiple blockchains, providing identity verification and reputation management systems to suit a diverse range of industries. Launched in 2017 by Chinese company Onchain, Ontology will operate a dual-token structure – the utility token of the network is ONT and holding this token will allow users to generate Ontology Gas (ONG).
ONT experienced sizable price increases in the first month after launching and has since attracted plenty of attention from the crypto community. If you’re interested in buying ONT tokens, read on to find out how you can purchase them from an online cryptocurrency exchange.
You can buy ONT on a handful of cryptocurrency exchanges, including the following:
This is our quick guide to just one way to buy ONT. Compare some other options in the table below.
So you want to buy ONT? Here’s an example of how to do it.
Step 1. Sign up for an account with a crypto exchange that offers ONT in a currency pairing
As you can see above, ONT is only available on a limited number of exchanges, so you’ll first need to search for an exchange that offers this new digital currency in one or more currency pairings. Once you’ve found a suitable platform, you can sign up for an account by entering your email address and creating a password.
Depending on the platform you choose, you may also need to provide additional personal information and proof of ID to satisfy Know Your Customer (KYC) requirements. We also recommend enabling two-factor authentication on your account to provide an additional level of security.
Step 2. Deposit funds into your account
It’s currently not possible to exchange Australian dollars for ONT, so you’ll need to own or acquire a cryptocurrency listed in a pairing with Ontology, such as bitcoin (BTC) or Ether (ETH).
Once you have the necessary coins or tokens, log in to your account and look for the “Deposit” link. You can then copy the relevant wallet address and send coins or tokens to your account.
Step 3. Buy ONT
Click through to the markets or exchange section on your chosen platform and search for the currency pairing of your choice, such as ONT/BTC. Click on “Buy ONT” and enter the specifics of your transaction, such as the amount of BTC you want to spend or the number of ONT you want to buy.
Once you’ve entered all the required information, make sure you review all the transaction details (including any fees that apply) before finalising your purchase.
If you want to sell your Ontology tokens, the process you’ll need to follow is fairly similar to that outlined in step 3 above. However, you’ll obviously need to look for the “Sell ONT” link before you can complete your transaction. It’s also worth remembering that cryptocurrency exchanges only offer certain pairings, so it may not be immediately possible to exchange ONT directly for the currency you want.
Storing your crypto coins and tokens in an exchange wallet for any length of time exposes you to a higher risk of security breaches. As a result, it’s highly recommended that you move your ONT tokens into a secure wallet.
There are several options available for storing ONT. Because the network has been built on the NEO blockchain, you can store your tokens in a NEO-compatible wallet. Some wallets you might like to consider include the following:
Note that even though wallets are designed to safely store your tokens, hardware wallets are generally considered to be the safest option.
Find out more about wallets in our ultimate guide.
Ontology is a public blockchain network that aims to become a trust-based ecosystem. Founded in 2017 by China’s Onchain, it offers a platform for decentralised trust systems in businesses and corporations.
With a focus on helping businesses integrate blockchain technology into their existing infrastructure, Ontology aims to establish the connecting infrastructure for a trust ecosystem. As stated in its introductory whitepaper:
Ontology is a blockchain/distributed ledger network which combines a distributed identity system, distributed data exchange, distributed data collaboration, distributed procedure protocols, distributed communities, distributed attestation, and various industry-specific modules. Together this builds the infrastructure for a peer-to-peer trust network which is cross-chain, cross-system, cross-industry, cross-application, and cross-device.
Capable of supporting multiple blockchains and systems, Ontology offers potential use cases across a wide range of industries, including finance records, medical records and even the Internet of Things (IoT). Ontology's whitepaper further outlines a wide range of its potential uses.
Cryptocurrencies are volatile and highly complicated, so there are a number of factors you’ll need to consider before buying any crypto coins or tokens. If you’re thinking of purchasing any ONT, make sure to take the following factors into account first:
By assessing these and more factors that could potentially impact the value of ONT in the future, you’ll be well placed to make an informed decision about whether to buy the token.
Picture: Shutterstock
At the time of writing, the author holds IOTA and XLM.
Staking is one of the most popular ways to earn an income with cryptocurrency – learn how to get started with this guide.
Learn more about the DOT cryptocurrency in this beginner’s and buyer’s guide.
Learn more about the Filecoin cryptocurrency in this beginner’s and buyer’s guide.
Learn more about the Avalanche (AVAX) cryptocurrency in this beginner’s and buyer’s guide.
Learn more about the AAVE cryptocurrency in this beginner’s and buyer’s guide.
With price feeds, verifiable on-chain randomness and more, blockchain games can get a lot of use out of oracles.
Learn more about the RUNE cryptocurrency with this beginner’s and buyer’s guide.
Learn more about the REN cryptocurrency in this beginner’s and buyer’s guide.
Learn more about the BNT cryptocurrency in this beginner’s and buyer’s guide.
Learn more about the KAVA cryptocurrency in this beginner’s and buyer’s guide.
Where to buy, sell and exchange Bitcoin and cryptocurrency.
Find out which digital wallet is best for you.
How to begin and what to do first.
SPONSORED: Why security and regulation will improve mass adoption.