Available information reaching us states that the crypto exchange CEX would extend support for the Ontology tokens, ONT and ONG. According to the exchange, this would take effect from August 15, after 12 PM GMT.
Ontology is a distributed trust platform that wants to enable businesses that know little about blockchain technology to benefit from it. The platform created and launched two tokens each with specific function. ONT is the internal utility coin of the Ontology ecosystem while ONG is meant for staking purposes.
The CEX release stated that the two tokens would be available as investment instruments on its platform for only verified users, adding that users from the United States are exempted from its use.
The Ontology platform has more than 200 team members comprising people from around the globe. They claim deep knowledge of the industry and the underlying blockchain technology. This could be the motive for the assertion that the Ontology platform aims to improve on the flaws of existing blockchains.
The so-called distributed trust system is what the platform hopes would give it an advantage over man y others considering that it has an architecture that integrates many other protocols. The CEX release stated that:
“Ontology uses a special consensus mechanism called VBFT, comprising three different models: Byzantine Fault Tolerance (BFT), Proof-of-Stake (PoS), and Verifiable Random Function (VRF). The system aims to benefit many spheres, including finance, payments, insurance, IoT, media, software development, medicine, and government.”
With the support of CEX, it is likely that the tokens would gain some traction even though the impact of the news is yet to reflect on the market performance of the tokens. It’s left to be seen what impact it would have on the prices in the next couple of days.