Ontology wallet

Ontology uses a new consensus mechanism known as vBFT, an optimized version of practical Byzantine Fault Tolerance that uses Verifiable Random Functions. The vBFT consensus relies on validators that stake the native ONT token, similar to a proof-of-stake system.

The Ontology consensus mechanism underscores the platform’s modular architecture, where modules and protocols are layered over by applications, which organizations and users extract value from. Ontology explicitly emphasizes the collaboration of other blockchains and incorporating applications into a broader ecosystem of data exchange. Modules and networks can be customized to meet industry-specific situations and performance requirements.

When you first buy asset, you’re issued with two keys: public and private.

• A public key serves as an address that can be shared with other parties to perform transactions.
• A private key represents a randomly generated number that signs transactions and protects your assets from malicious attacks. If it gets compromised or lost, you won’t be able to access your cold wallet to spend, withdraw, or transfer your cryptocurrencies.

To safeguard and keep track of your keys, you can use online or offline wallets. Online wallets, also known as hot wallets, store private keys on systems or devices that are connected to the internet. Hot wallets are easy and convenient to use, however, they come with several drawbacks. Besides being susceptible to attacks and a honeypot for hackers, with hot wallets, the custody of private keys is often entrusted to a third party such as a crypto exchange, which means you never have full control over your funds. The safer choice are specialized hardware wallets that store private keys offline. Stealing private keys from a hardware wallet would require physical access to the wallet and corresponding PIN or the recovery phrase. What’s more, with hardware wallet, you don’t need to rely on third party custodians.

Ledger Nano is the industry-leading hardware wallet. With more than five million customers, Ledger Nano wallets have several layers of security that protect private keys, and hence your assets:

• Your private keys are stored on secure element chips.
• A PIN code and a 24-word recovery phrase are required to access the wallet.
• Ledger Nano hardware wallets have been built using highly durable materials for protection against physical damage.

With full isolation between private keys and your computer/mobile, Ledger Nano hardware wallets keep your keys secure and give you complete control over your coins.