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About Ontology (ONT)
Created to solve for identity and data issues connected with the Web 3.0, or Web3, the Ontology blockchain touts itself as fast, inexpensive and open to the public.
It's "trust redefined," the project's website says, emphasizing the potential for decentralized protocols to shape the future of digital privacy and security in the context of Web3.
Ontology’s Ethereum Virtual Machine (EVM) provides Ethereum compatibility; further interoperability (via the Ontology Multi-Virtual Machine) remains a priority for the chain.
ONT is Ontology's native asset, undergirding the platform. Ontology actually features a two-token system, as Messari noted, with ONT enabling holders to contribute to the network's security mechanism and participate in governance decisions; ONG, meanwhile, is used to pay transaction fees.
Ontology aims to introduce the blockchain to enterprises sans pre-requisite technical knowledge, removing basic barriers to wider blockchain adoption, Crypto News pointed out.
"Apart from providing support for the services and applications running on its public chains, Ontology also supports the public chains of the applications that have been developed on its framework, and collaboration with various protocol groups," said the Ontology Developer Center.
"The project is concentrated on facilitating self-sovereign identification (ID) and data management," Messari said of the open-source network emerging as a go-to platform for smart contract creation/decentralized application (dApp) deployment.
ONT is becoming associated with peer-to-peer trust innovations, easy to use interfaces and a solid alliance with NEO, said CryptoNewsZ.
The current price of ONT
As of late March 2022, ONT was changing hands at $0.64, according to CoinGecko. At the time, that price represented a year-to-date gain of 13.6%. Compared to where it stood in late March of 2021, ONT has declined 60%.
The price history of ONT can be described as extremely volatile. In May of 2018, ONT hit an all-time high of nearly $11 before losing about 95% of its value within months. The token has yet to sustain any serious momentum since then. It hit an all-time low of $0.23 during the sell-off of March 2020 at the outset of the pandemic (CoinGecko).
How the price of ONT is determined
ONT was released via airdrop in February of 2018. Per Messari, ONT has a total supply of 1 billion.
Some 78% of these tokens initially resided with the projects’ founders and core team, while the remaining 22% portion of supply was either air-dropped beyond the founders/core team or distributed in the form of tokenized rewards.
Price levels at times reflect ONT’s deflationary nature, an aspect of tokenomics that can be viewed as bullish looking out over the long term and assuming investors continue to buy into the notion of cross-chain interoperability as a trend with legs.
What the bulls are saying about Ontology (ONT)
- Ontology lets businesses enjoy blockchain benefits like smart contracts and tokenization while still retaining control of their sensitive data, said Daniel Won, Exodus.com.
- "ONT is an outstanding long-term (1-year) investment," Wallet Investor said.
- ONT has a "huge possibility of overtaking its all-time-high" at some point in 2022, according to TheNewsCrypto.
What the bears are saying about Ontology (ONT)
- In late March 2022, CoinCodex technical indicators predicted bearish short-term momentum for ONT, expected to lose 15% of its value.
- ONT's plunge in early 2022 broke down the trend and dragged the price below the support levels, CoinDCX said in February 2022. "The asset still remains notably bearish."
- "The sellers are currently leading the down rally under a dynamic resistance trendline," CoinGape said in February 2022. "Until the descending trendline is intact, the QNT price poses a threat to continue its downtrend.”
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