Home Cryptocurrency Altcoin Ethereum Price Tumbles Almost 15% Today Amid Altcoin Bloodletting

Ethereum Price Tumbles Almost 15% Today Amid Altcoin Bloodletting

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Ontology (ONT) is a Shanghai-based blockchain project which recently rolled out its mainnet after a successful launch on the NEO platform. The project aims to utilize blockchain ledger technology as a means to reliably record data, identities and tokenized objects on a trusted shared network, while allowing for interactions and transactions between end-users.

Also aiming to corner the dApp and smart contract market, Ontology sets itself up as a competitor to Ethereum. Given that NEO also views itself as an Ethereum killer, that means Ontology is both a symbol of its progenitor’s success, and a long term threat to its market share.

Foundation

Founded by blockchain architect Jun Li and backed closely by Da Hongfei’s OnChain development team, Ontology stands out from other coins around its top-forty spot in the market cap rankings in a couple of ways.

When the project launched in late 2017, the team opted to forego the usual method of token distribution in favour of free airdrops. A bold move during a time when ICO money was being thrown around with reckless abandon.

The airdrop worked and NEO holders received 0.2 ONT tokens for each NEO coin they held. Shortly afterwards, buoyed by the spike of April, Ontology soared to gains of 620% over the space of two months – rising from a starting price of $1.49 to an all-time high of $11.06.

Since then its valuation has gone mostly downhill, with ONT tokens falling 86% to the current price around the $1.50 range.

Blockchain Business Services

“Ontology is a blockchain/distributed ledger network which combines a distributed identity system, distributed data exchange, distributed data collaboration, distributed procedure protocols, distributed communities, distributed attestation, and various industry-specific modules. Together this builds the infrastructure for a peer-to-peer trust network which is cross-chain, cross-system, cross-industry, cross-application, and cross-device.”

As you can see from Ontology’s own words, the terms ‘distributed’ and ‘cross’ pop up a lot. Perversely enough, this may be what gets ONT holders the most excited. If we operate on the assumption that an altcoin cull will happen eventually, then only the projects that have some kind of useful function will survive. Setting yourself up as the guys who build bridges between other blockchains could be just the kind of function that keeps a coin around post-cull.

NEO and Ontology already share a mutually beneficial relationship, both overlapping with OnChain. In the long term, both will accept each other’s coins during token launches on their respective platforms, and have already demonstrated interoperability.

Ontology GAS + Token Swap

Ontology Gas, or ONG, operates in the same way as the Gas on NEO, with staked ONT tokens generating ONG over time.

The ONT tokens are currently undergoing a swap as Ontology completes the full transfer to its own blockchain. The token swap window is open until October, with the majority of (NEP-5) ONT wallets currently without ONG generation capabilities, which won’t be fully operational until the mainnet swap.

Ontology recently released a desktop wallet, the OWallet, on August 8th which adds shared wallet functionality, and adds support for Ledger hardware wallets. The current version of the wallet does not cater for the NEP-5 to mainnet token swap, but the next update plans to address this.

Partnerships

Ontology has been very busy on the partnership front, with the majority of its collaborations taking place in China. Danhua Capital, ZhenFund and Sequoia Capital are among the Chinese financial firms working closely with Ontology, while dApps using Ontology as a host are also represented in the likes of CarBlock, Chain of Things, NAGA and Contentos.

Recent Performance

Well, now would be a good time to buy ONT as the token price is at a five month low – that is, a return to the prices last seen during the airdrop in March. The first CoinMarketCap data recorded in March placed ONT at a market cap of $189 million and a coin price of $1.69.

At the time of writing that coin price has dropped to $1.57, yet the market cap has actually increased to $234 million – perhaps a result of the second airdrop which took place in July.

Featured image courtesy of Shutterstock. 

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