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New Ontology Roadmap: What Kind of Future Awaits ONT Holders

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Ontology
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With new ICOs being tokenized every day, the competition amongst the cryptocurrencies to acquire a decent position in terms of coin price and the overall market cap has become even fiercer. Since the debacle that took place in January when the price of Bitcoin plummeted rapidly, the trend of the cryptocurrency market as a whole, is heavily dependent on Bitcoin, has been bearish in general. Under the circumstances, various Altcoins that are completely independent of Bitcoin’s influence are showing a genuine propensity to thrive and secure commendable market capitalization. Ontology certainly belongs to the group of such Altcoins.

Ontology (ONT) began its journey as an initial coin offering in November 2017. After raising a considerable amount of money in its token sale, it was finally tokenized on 8th March 2018. Despite the fact that this coin has spent only about one and a half months in the crypto-world, ONT has been able to make a significant impact on the cryptocurrency market by offering some irrefutable advantages to its holders.

This currency has been going through a significant number of upgrades and lucrative partnerships lately. On 4th April 2018, the ONT team announced its partnership with four major venture capital firms including Sequoia Capital China. In addition, Ontology has published the first version of roadmap on 13th April.

Here, a few aspects of this roadmap will be discussed and explained in order to limn a probable picture of the future for this coin and its current holders.

Ontology’s Plans for 2018:

The roadmap published contains the minutiae of the technical developments that this cryptocurrency is going to implement by the end of this year and for the next two years as well. From a broader perspective, this roadmap is divided into two categories namely the Chain Network and Trust Ecosystem.

The Socrates Q2 Roadmap for 2018:

The chain network of Ontology predominantly based on a homogeneous network named Socrates. The efficiency and functionality of Ontology would depend heavily on the efficiency of Socrates. Once the implementation is complete successfully, this homogeneous chain network would be actively involved in the following activities:

a. Release of Mainnet: The mainnet is considered the heart of any blockchain or cryptocurrency ecosystem and it is indubitably the first stepping stone on which the future technical upgrades would be implemented.

b. WebAssembly Support: The WebAssembly support or WASM support refers to a binary format along with an assembly-like text format used for the executable codes in various web pages. One of the principal advantages of WASM support is that it offers considerably more useful features than traditional JavaScript. Hence, by adding WASM support, the ONT development team is likely to increase its efficiency significantly.

c. Smart Contract Support: According to ONT’s roadmap, the smart contract support would be provided to the traders across multiple virtual machines enabling them to utilize the beneficial features of this technology from any part of the world.

d. VBFT Consensus and Oracle Support: In the past few years, several cryptocurrencies have implemented the Byzantine fault tolerance support for making the blockchain platform even more convenient to the traders. Ontology is also following the same path by implementing VBFT Consensus support. Furthermore, this cryptocurrency would also be adding Oracle support by the end of this year for minimizing bugs and compilation errors.

e. Network Optimisation and Performance Tuning: According to the roadmap the network optimization system along with continuous performance tuning tools would also be implemented to this blockchain system by the end of this year. These two implementations are likely to enhance Ontology’s performance as a tradable cryptocurrency.

Besides these five major upgrades, the chain network of Ontology is also likely to complete adding transaction parallel verification support for more security, implementing a pluggable database, CLI command set along with virtual terminal, launching the first edition of FPGA, and many more.

The Trust Ecosystem Q2 Roadmap for 2018:

The trust ecosystem of Ontology is likely to undergo one significant upgrade by the end of this year and that is releasing the Ontology Distributed Identity Framework (ONT ID). This major release would be accompanied by two other releases of Ontology distributed identification protocol and verifiable claim protocol. All three of them would be implemented on the ONT network via smart contracts and together they are likely to offer many advantages to the traders. For example, ONT ID framework would offer multifarious features such as diversified and distributed ownership confirmation, authentication of various legal entities, objects, and individuals, and an infallible identification system.

Other Notable Upgrades:

The Ontology development team is making their utmost effort to implement several other upgrades in their Q3 and the other following phases which would effectively change ONT’s future. These upgrades include releasing cross-chain interoperability protocol, implementing DHT Kademlia, threshold signatures with MPC, parallel ledger writing, ONT App release, and many more. These phases are likely to continue at least until 2020.

Final Thoughts:

Ontology currently holds the 24th position on Coinmarketcap, with an individual coin price of approximately $4 and a market cap of more than 1 billion USD (as of 20th April 2018). For most of the coins, achieving such numbers takes years whereas ONT has been able to do that within a few weeks. Keeping this trend in mind and the future upgrades, it can certainly be concluded that this cryptocurrency is likely to offer a bright and lucrative future for its traders.

We will be updating our subscribers as soon as we know more. For the latest on cryptos, sign up for our Telegram!

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 mr.g2003 via Flickr

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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