Major Reasons Behind Ontology (ONT) Recent Efficacious Performance
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Major Reasons Behind Ontology (ONT) Recent Efficacious Performance




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


How Can Foreigners Get Loans in Singapore



loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors




When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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CoinFlip Scores Big with BRD Wallet Partnership




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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 like Bitcoin and Dash, to help protect their assets and hard-earned…

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