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Ontology (ONT) is a blockchain project based in Shanghai that has recently extended its network after a successful launch on the NEO platform. The project aims to use blockchain ledger technology as a means of reliably recording data, identities and tokenised objects on a trusted shared network, while allowing interactions and transactions between end users.

Also aiming to carve the dApp and smart contract market, Ontology proposes itself as a competitor of Ethereum. Because NEO also considers itself an Ethereum killer, this means that Ontology is both a symbol of its parent's success and a long-term threat to its market share.

Foundation

Founded by architect blockchain Jun Li and supported by The development team of Da Hongfei OnChain Ontology stands out from other coins around its fortieth place in the ranking of market capitalisations in a couple of ways.

When the project was launched in late 2017, the team opted to forgo the usual method of distributing tokens for free airdrops. A brave move during a period when ICO money was thrown around with reckless abandonment.

The air shuttle operated and the NEO holders received 0.2 ONT tokens for each NEO currency held. Shortly thereafter, supported by the April peak, Ontology rose to 620% within two months, rising from an initial price of $ 1.49 to an all-time high of $ 11.06.

Since then, his rating has mostly gone downhill, with ONT chips declining 86% from the current price around the $ 1.5 range.

Blockchain Business Services

"Ontology is a distributed blockchain / ledger network that combines a distributed identity system, distributed data exchange, distributed data collaboration, distributed procedures protocols, distributed communities, distributed certificates and various modules Industry-specific: Together this creates the infrastructure for a peer-to-peer trust network that is cross-chain, cross-system, cross-industry, cross-application and cross-device. "

As can be seen from Ontology's own words, the terms "distributed" and "cross" appear a lot. Perversely, this could be what gets the most excited ONT holders. If we operate assuming that eventually an altcoin will occur, then only projects that have some useful function will survive. Getting ready as the guys who build bridges among other blockchain could be just the kind of function that keeps a coin around the post-cull.

NEO and Ontology already share a mutually beneficial relationship, both superimposed on OnChain. In the long run, both will accept each other's coins during the coin toss on their respective platforms and have already demonstrated interoperability.

Ontology GAS + Token Swap

Ontology Gas, or NGO, works in the same way as Gas on NEO, with ONT tokens aimed at generating NGOs over time.

ONT tokens are currently undergoing a swap while Ontology completes the full transfer to its blockchain. The token exchange window is open until October, with most of the ONT (NEP-5) wallets currently without NGO generation capabilities, which will not be fully operational until the mainnet exchange.

Ontology recently released a desktop wallet, OWallet, on August 8 which adds shared portfolio functionality and adds support for Ledger hardware portfolios. The current version of the portfolio does not satisfy the NEP-5 exchange of token mainnet, but the next update plans to solve it.

Partnerships

Ontology has been very busy on the partnership front, with most of its collaborations taking place in China. Danhua Capital, ZhenFund and Sequoia Capital are among the Chinese financial companies that work closely with Ontology, while dApps that uses Ontology as hosts are also represented in CarBlock, Chain of Things, NAGA and Contentos.

Recent Performance

Well, now would be the right time to buy ONT since the token price is at a minimum of five months – that is, a return to prices seen last time during # 39; airdrop in March. The first CoinMarketCap data recorded in March placed ONT at a market capitalization of $ 189 million and a coin price of $ 1.69.

At the time of writing this coin price fell to $ 1.57, however the market capitalization actually rose to $ 234 million – perhaps as a result of the second air launch that occurred at July.

Featured image courtesy of Shutterstock.

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