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Major Reasons Behind Ontology (ONT) Recent Efficacious Performance

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Ontology
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While the crypto markets are experiencing Q2 rebound, we can see many promising projects being influenced by it and performing impressively. One such blockchain project is Ontology (ONT). After its poor performance in the Q1, it’s a sight to see the coin climbing charts in the present situations. On Saturday the coin has experienced a 40% rise in its price point within 24 hours. Ontology is set to launch its Mainnet later this year which may lead it towards new heights. But what’s the cause of Ontology’s jump? In this article, we shall find out and ascertain whether this hardly 3-month old cryptocurrency can cross $10 mark by the end of the week or not.

What is Ontology?

Ontology was launched in the year of 2017 by Onchain. Onchain is a Chinese tech company which has been building blockchains and Distributed Network Architecture also called ‘D.N.A’ to be used in business since 2014. It’s the same company which created NEO/GAS (originally known as Antshares) in April. Ontology can be simply defined as a network of blockchains rather than a single blockchain. It was designed to aid in migrating the registered enterprise platforms onto a distributed ledger without compromising them and causing any sort of loss. It is true that the ontology network was built on the NEO platform to connect public smart contracts. It also enables a natural decentralized ecosystem that allows building application on the platform. So, it is evident that ontology isn’t trying to become a currency like ‘Bitcoin’.

About Ontology (ONT) token:

The ontology platform runs on ONT and ONG tokens. Instead of traditional ICO approach for creating new holders of a newly released cryptocurrency, the team behind Ontology opted for a series of airdrop on NEO blockchain back in February. The airdrop was distributed to each ontology newsletter subscriber. Attendees from the DevCon were also given a chance to participate in this airdrop. Every NEO holder was given 0.1 ONT per NEO airdrop and there are indications that more such airdrop events are incoming in the future. Some of the biggest and most influential cryptocurrency exchanges such as Binance, Huobi Pro, Bitfinex, KuCoin, Allcoin, OKEx, and Livecoin supported this ONT airdrop since it began from January 8th till early March when the listings started. The ONG tokens as mentioned earlier is going to be introduced after the completion of the Ontology Mainnet.

Features of Ontology (ONT):

Ontology is essentially an NEP-5 token on NEO blockchain whose mainnet is slated for Q2 this year. during the mainnet launch, the NEP-5 Ontology tokens will be swapped into ONT tokens on the new network. Once the launch of ONT Mainnet is complete, it’ll become a dual-token blockchain similar to NEO/GAS. But what’s the application of Ontology? Since we’ve already discussed Ontology being a network of blockchains, in the same way, it functions as a cloud storage network. governments and enterprises store their data on AWS which is accessible to only those entities. Ontology allows such enterprises and organizations to control and operate its own exclusive blockchain and choose which information to share with a general ledger of NEO which acts as a public portal.

The Release of SmartX Tool:

Ontology team has recently launched and introduced their Testnet ‘Polaris’ and Ontology 0.7. This update included new and useful functions such as:

  • New Wasm APIs
  • Smart contract pre-execute
  • Event push filter
  • New CLI function
  • Interoperability across VMs
  • NeovM7
  • SmartX

Among all of these new additions, the team is primarily focussed on SmartX which is an ‘IDE’ (Integrated Development Environment) that is created to promote the efficient and easy building of radical product and services through smart contracts by eliminating restrictions in terms of programming language and tools currently available. SmartX provides its user with a wide range of smart contract templates and online editor.

Open Source VBFT Consensus Mechanism:

After a week of launching VBFT consensus mechanism, Ontology team has recently made it open-sourced the VBFT consensus mechanism. For those who are unaware of VBFT, it’s a new consensus algorithm which combines features of Proof-of-Stake and VRF (verifiable random function) and BFT. It’s the core consensus algorithm used by the ontology consensus engine. VBFT was developed to support scalability of various consensus groups while VFR ensures the unpredictability of consensus population and guarantee reaching state finality quickly. They’ve comparatively shown and proved that VBFT consensus mechanism is far better, efficient and fast-paced than the other mainstream consensus algorithms. The launch of VBFT and SmartX has called for crypto enthusiasts and major blockchain project’s attention towards Ontology.

Market Position:

At the time of writing, Ontology rested at 32nd rank according to CoinMarketCap. Its individual price is close to $8.48 with a %5.8 rise. The total market capitalization of ontology is close to $955 million USD and the way things are going it seems to be closing on to $1 billion USD mark. Since the time it was offered at the price of $0.20 USD per token during its private sale and airdrop period, it has come a long way in just a few months after being listed on various exchanges.

Final thoughts:

Ontology wasn’t created to compete with Bitcoin or become the next Ethereum. Although it exists as a different entity, it is essentially supporting NEO and together both projects can overthrow the crypto giants which are currently holding the leash of crypto markets. According to many analysts, Ontology is a promising project and has a bright future ahead.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Miguel Vicente Martínez Juan via Flickr

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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