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Major Reasons Behind Ontology (ONT) Recent Efficacious Performance

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Ontology

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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