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New Ontology Roadmap: What Kind of Future Awaits ONT Holders

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Ontology

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

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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