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This platform aims to bridge the gap between the digital and physical worlds by enabling the creation and management of digital identities and assets. Its core technology, the Ontology blockchain, utilizes a dual-token system. ONT, the governance token, allows holders to participate in network decisions and earn VB (another token) through staking. The platform's primary use case revolves around decentralized identification (DID) and verifiable credentials, allowing individuals and organizations to control and share their data securely. Ontology employs a unique consensus mechanism called VBFT (Verifiable Byzantine Fault Tolerance), which combines Proof of Stake (PoS) with Verifiable Random Functions (VRFs) and BFT consensus. This hybrid approach aims to achieve high transaction speeds and scalability while maintaining robust security and decentralization. The project seeks to solve the challenges of identity management and data integrity in the blockchain space, facilitating trust and interoperability for various applications, from supply chain management to financial services.
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