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Ontology (ONT): Onchain’s NEO Blockchain Cryptocurrency Trust Network?

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Ontology Project Overview

In the current era of innovative and often dazzling blockchain apps, Ontology (ONT) presents as a deceptively simple offer. An immediately applicable solution, Ontology is like a starter pack for business blockchain, although there is far more fundamental value inbuilt into the project’s architecture.

Chinese company Onchain launched Ontology in 2017, billing it a viable public platform for all projects, big or small. Amid the flurry of activity around blockchain and business, Ontology offers a simple, elegant platform, coupled with their expertise, that will allow business to build on the blockchain without a learning curve. Further aimed at eliminating the barriers between business and blockchain, the company is wholly focused on getting businesses up to speed with decentralized apps.

Very much like a company may employ someone to set up a system of analytics, whereas Google Analytics is a ready-made solution, so too does Ontology take the pain (and costs) out of a similar exercise on blockchain.

Rather than establish departments and hire personnel, business can bring the company on board and be blockchain-active overnight. The company presents a one-size-fits-all package that can be tweaked ad infinitum. Simply put, Ontology is a core facilitator, positioned at the interface between business and the decentralized ledger model.

Ontology: A Blockchain Gateway For Business

Many observers will read up on an ICO and wait for the “Aha!” moment when their clever take on blockchain is revealed. Ontology lacks that, however, and may appear almost dated or superfluous when compared to more ingenious, niche blockchain ideas and apps.

That said, those observations can be mistaken, as, if anything, the world is in need of such agents to facilitate business in the new millennium. A bold player within the cryptosphere, Onchain’s purpose from the outset was always blockchain in its full diversity of application. In many ways, it is a logical upshot of the company’s experience of business’ desire to gain blockchain efficiencies, but without a protracted, unskilled and costly process involved.

Essentially a choice between DIY and store-bought, Ontology narrows even that gap and makes “store-bought” more attractive by adding their skills and expertise. Without an entity like Ontology, no business can integrate and apply blockchain technology into their processes without extensive knowledge and experience. Rather than rush headlong into a fragmented future, Ontology has refined and illuminates the fundamental value of blockchain in business.

A basic tenet of the company’s value is recognizing that, like the internet, blockchain has a huge, global impact. The company presents that impact to business as an outsourced attribute, minus all of the sticky, unknown and costly bits.

Concentrating on the fundamentals, Ontology’s offer addresses privacy protection, data value and management and authentication on existing trust networks. Rather than reinventing the wheel, a business client can decentralize their business painlessly, getting it right on the first try by partnering with Ontology.

Building a solid, watertight trust ecosystem with blockchain, Ontology’s service anticipates diversity, and the company applies blockchain solutions that have been tailored to a client’s desired outcomes. Streamlining issues of identity, authentication, data and collaboration, Ontology eliminates the typical learning curve, enabling mass-customization.

Ontology And The NEO Connection

In the company’s own words, their refined services and astute understanding together “build the infrastructure for a peer-to-peer trust network which is cross-chain, cross-system, cross-industry, cross-application, and cross-device.”

A high-performance public blockchain package that includes a number of complete decentralized ledgers and smart contract systems is the offer in a nutshell. The Ontology blockchain model supports public blockchain systems and comes with an unending flexibility to customize various projects for different applications.

Rather than in-house focus, costs and the time taken often sending companies down a rather stultified avenue, Ontology’s fundamental architecture presents blockchain as it was meant to be – the ultimate answer to anyone’s business needs.

When compared to NEO, the systems have much in common. Unsurprising, then, that Da Hongfei is both the Onchain CEO as well as a NEO co-founder. Speaking at a New York gathering in November 2017, he said that “Ontology and NEO will build a broad ecosystem using blockchain and other new technologies to serve the real economy.” Another key member, Jun Li, is a co-founder of both Onchain and Ontology, and his influence has enabled the startup Ontology to gain some traction in the fintech arena.

Although closely related, the various entities remain distinct. NEO is “funded by the community, and Onchain is funded by a very famous financial group in China, Fosun,” said Hongfei.

The Ontology product is known as DNA. Although similar to NEO, it differs by being written in the Go language. While maintaining the distinct entities of Onchain, Ontology and NEO so as not to dilute focus, the cross-chain protocol NEOx can also enable a future of complete collaboration and even absorption.

The Ontology Trust Network can be divided into several snapshots:

  • Chain 1: For the authentication of things, people, organizations and ownership
  • Chain 2: For the authentication and linking of applications
  • Chain 3: For the authentication and linking of APIs, SDKs, protocols and modules
  • Chain 4: One chain to rule them all – for seamlessly linking all of the different networks chains.

The whitempaper says it best, stating that “In order to meet the needs of different industries, the flexible design structure is modularized, pluggable, and easily expandable.” Ontology is positioned as a universally adaptable and diverse solution for life on blockchain, period. No matter individual companies’ focus, Ontology has built a basic setup infinitely combining protocols that maintain that focus at no expense of collaboration and connectivity to anything else in the wide world.

Ontology ICO Details And Terms

The Ontology token ONT was airdropped to NEO token holders during March 2018. From this, the NEO Council distributed 20 million ONT to the community. A finite total of 1 billion indivisible ONT tokens are minted, and users will also earn Ontology GAS (ONG) for being an ONT token holder. Fond of rewards and incentivizing uptake, ONG is parallel to NEO GAS, and a logical build from the company that gave everyone who signed up for their newsletter 1,000 ONT at the time.

In an unusual twist, Ontology never went through a public ICO sale. As it stands, the only way to get ONT is by being a current NEO holder. For every NEO token, users are awarded with 0.2 ONT, in two phases. Fifty percent of the allocation is immediately tradable, with the remainder locked.

Ontology Works At The Original Coalface

Public chains have fallen behind the dream of massive real-world adoption, coming up against two principle issues. One relates to performance Issues, where a sudden congestion of transactions from a few apps causes severe strain on the network. A classic example is the dragging down of the Ethereum network in the heyday of the CryptoKitties craze.

As projects came to understand that a single public chain can seldom support broad or large-scale applications, assorted technologies have proliferated to address this. Lightning Network, side-chains and state channels have aided in easing pressure on a public chain’s scalability and overall performance. That said, however, these are patches, and not a fundamentally better answer. Ontology is taking a different route at the outset, aiming to be the highly anticipated holistic solution.

The other issue is that of a physical business’ real-time needs. A massive diversity of operating locales, styles, behaviors, scales and regulatory frameworks greets any single public chain hoping to enable the world. Needs vary widely in different industries with different systems, policies and compliance protocols. A single public chain built with fixed technical architecture has been shown to be unable to meet everyone’s needs, at least all at once.

Addressing these two fundamental as well as other challenges is the prime objective behind Ontology’s public blockchain development. In response to an understanding that these challenges inhibit uptake, the company has presented as an infinitely malleable offer that eliminates these issues through savvy technical architecture and governance protocols.

Ontology Conclusion

Stemming from 2017, particularly the fintech arena has been demanding an improved generation of public chains. The Ontology model allows for a new public blockchain architecture. Not built on a single chain, but rather composed of multiple app and public service chains, Ontology is a matrix model.

Locally, Onchain has established itself in the massive home market of China. Ontology and NEO might have similar goals, but NEO is focused on digital assets and the Global Smart Economy. Ontology is focused on identity, trust, and data authentication and exchange.

Ontology is making headway in the realms of the IoT, government, medicine and insurance as it seeks traction among corporates. Looking ahead, particularly with its link to NEO, Ontology could well become the Google to seekers or the Shopify to ecommerce. The default go-to outfit that enables global business big and small to get on chain and take things to the next level. Learn more at: ont.io

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Ethereum (ETH)

Ethereum Price Analysis: ETH Approaching Significant Support Area

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Ethereum Price Analysis ETH Chart

There was another rejection noted near $265.00 in Ethereum vs the US Dollar. ETH/USD is currently declining and approaching towards a couple of important supports near $254.00 and $250.00.

Key Takeaways: ETH/USD

  • Ethereum price formed a short term top near the $264.4 level and declined against the US Dollar.
  • ETH/USD is currently approaching the $254.00 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price remains in an uptrend and it could accelerate gains above the $8,300 level.

Ethereum Price Analysis

Recently, bitcoin price gained momentum and broke the $8,100 and $8,200 resistance levels. However, Ethereum price failed to gain traction and formed a short term top near the $264.4 level.

Looking at the 2-hours chart, Ethereum price started a downside correction from the $264.41 high and declined below the $260.00 level. There was a break below the 23.6% Fib retracement level of the last rally from the $236.89 to $264.41.

Ethereum Price Analysis ETH Chart

Besides, there was a break below the $258.00 level, but the price found support near $255.00. Moreover, the price is approaching the $254.00 support and a bullish trend line on the 2-hours chart.

Below the trend line, the main support is near the $250.20 level and the 50 simple moving average (2-hours, purple). The 50% Fib retracement level of the last rally from the $236.89 to $264.41 is also near the $250.65 level to act as a support.

If there is a downside break below the $250.00 support, the price could extend losses and decline towards the $243.50 zone. The 76.4% Fib retracement level of the last rally from the $236.89 to $264.41 is also near $243.40.

Conversely, if the trend line support holds, the price is likely to start a fresh increase in the coming sessions. An initial resistance is near $260.00 and a connecting bearish trend line. A break above the $260.00 barrier might start a strong rally in Ethereum price above the $265.00 level.

Overall, ETH price is trading with a positive bias as long as it is above $250.00, and it could rise again above $260.00 and $265.00.

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Bitcoin (BTC)

Bitcoin Price Analysis: BTC Setting Up For Another Bull Run

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Bitcoin Price Analysis BTC Chart

After a major decline, bitcoin price started a solid upward move above $7,750. BTC to USD gained momentum above $8,000 and even spiked above the $8,250 resistance area.

Key Takeaways: BTC/USD

  • Bitcoin price formed a strong support above $7,550 and recently climbed higher against the US Dollar.
  • BTC/USD broke the main $7900 resistance and a couple of bearish trend lines on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash also gained momentum and moved into a positive zone.

Bitcoin Price Analysis

After testing the $7,500 and $7,520 levels on multiple occasions, bitcoin price finally started a fresh increase. BTC started an upside reversal after it successful broke the $7,600 and $7,850 barriers.

Looking at the 2-hours chart, bitcoin even broke the main resistance near the $7,900 level to move into an uptrend. Finally, there was a break above the $8,000 level plus a close above the 50 simple moving average (2-hours, purple).

Bitcoin Price Analysis BTC Chart

During the rise, the price even broke the $8,150 resistance and a couple of bearish trend lines on the same chart. A new swing high was formed at $8,266 and the price is currently correcting lower.

It broke the $8,150 level and the 23.6% Fib retracement level of the recent wave from $7,903 to $8,266. However, the price is currently finding a strong buying interest near the $8,060 level.

The 50% Fib retracement level of the recent wave from $7,903 to $8,266 is also acting as a decent support. The main support is near the $8,000 level and a connecting bullish trend line on the same chart.

Therefore, bitcoin price is gaining pace and it remains in an uptrend as long as it is above $7,980 and the 50 simple moving average (2-hours, purple).

On the upside, an initial resistance is near the $8,100 level and a connecting bearish trend line. A successful close above $8,100 might start a strong rise in the coming sessions.

The next major hurdle for the bulls is near the $8,250 level, above which the price might start a rally towards the $8,500 level.

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Price Analysis

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

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Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

BItcoin BTC/USD Forecast

Last Friday the price of Bitcoin came up for interaction with the first significant horizontal resistance at $8140. As the interaction ended as a rejection the price was propelled in a downward trajectory and came down to the levels of the prior low at $7576 which was a decrease of around 6.7%. From today's open which was around the mentioned prior low level, the price has increased by 5.43% with strong bullish momentum as the majority of the increase occurred in only one hour but we are now seeing the price struggling to keep up the upward movement slightly lower then on the prior high.

BTC-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price encountered resistance, indicated by the wick from the upper side of the last hourly candle and is now likely to keep interacting with the current level as it's retesting it for resistance further. If the price manages to keep up the upward movement we could see a breakout to the upside from the first significant resistance point and to the next on at around $8500.

This would be unlikely if the found resistance proves to be stronger then the currently seen bullish momentum as a rejection at the current levels would likely lead to a lower low below the one made on 5th at $7506. The price spiked to those levels on today's open but a proper interaction with a lower spike would likely occur if the increase was seen would be stopped out at the mentioned first significant resistance as it would mean that from last Thursday we have been seeing the development of the five-wave move to the downside out of the starting downtrend.

Litecoin LTC/USD Forecast

Last Friday the price of Litecoin increased by around 9.6% coming from $109.96 to $120.47 at its highest which has pushed the price above the first significant resistance level at the descending channels resistance. The price came down for a retest of support at the broken level over the weekend and as it found support it continued moving to the upside above the prior high level, coming to $126.8 at its highest point today.

LTC-USD-Market-June-10

Click to see a full size chart

The price came above the 0 Fibonacci level which was the ending point of the prior high and above the next highly significant horizontal level at $122.32 above which it is considered to be the sellers' territory. I was expecting the price to start moving to the downside after an interaction with the first significant resistance at the descending channels resistance but as the price continued increasing further past the other significant resistance point we have likely seen the development of another five-wave move to the upside. As the move looks finished or near completion and especially considering that the price has entered the seller's territory I will be shortly expecting the start of the impulsive move to the downside.

Even though we have seen a five-wave increase I don't believe that its the starting upside wave, but is more likely the second correctional structure after the first one currently labeled as a WXYXZ correction ended. The price did make a higher high but this can also be seen on a corrective move usually ending as a running flat. If we are soon the see the start of an impulsive move to the downside the first significant support zone for the price of Litecoin would be at around $83 area.

Ethereum ETH/USD Forecast

The price of Ethereum has increased from today’s open at $228.8 by 6.59%, coming to $243.4 at its highest point today but has encounterd strong resistance there and is currently being traded slightly below those levels.

ETH-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price came down over the weekend below the prior low at around the vicinitly of the 4th wave’s ending point from the previous upside move where it found support as the price immediately started moving impulsively to the upside again.

The rise has been stopped out at the previous horizontal support which now serves as resistance but since a breakout occurred to form the descending triangle which was formed from 30th of May we are likely to see the increase continue for a bit longer before the price continues moving to the downside again.

If the descending triangle was the first structure out of the starting downward move, the increase seen from today could be viewed as a correctional upside move in which case it cannot exceed the 258 level which is around half range between the last Thursdays high and today’s open.

Bitcoin Cash BCH/USD Forecast

Over the weekend the price of Bitcoin Cash has decreased by 8.2% as it came down from $409.2 to $375.6 at its lowest point. From today’s open around the mentioned low level we have seen an increase of 5.36% to $395.7 but the price has encountered resistance as the rise has been stopped out.

BCH-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price decreased slightly above the last week’s low at $366.5 made on Wednesday which is why a lower low before the completion of the downward move would be expected if we are seeing the development of the five-wave move to the downside out of the starting downtrend.

If we are seeing the development of the 4th wave it cannot go above the $413 which the price interacted with over the weekend and found resistance there which makes this possibility higher. As the 4th wave is corrective in nature it could mean that today’s increase is still its development which we are to see from the currently encountered resistance interaction.

Conclusion

Over the weekend the prices have continued increasing to their first significant resistance point and have gotten rejected with the price going to the levels from which the increase was made. This movement could have been the end of the first wave from the starting downtrend but a more likely outcome would be that another lower low is coming before we see some major upside correctional movements.

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