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.
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.
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.
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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 mr.g2003 via Flickr
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
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