Ontology has been swimming in a sea of red lately. Starting the past month off at $5,14 USD/80669 satoshi, the coin entered a strong downtrend that has lasted to this day. It closed off July with the monthly low price of $2,77 USD/35850 satoshi, managing to lose more than 50% of its USD value (and even more in BTC). The downtrend looks to be set to continue in August as well, since the current price of the coin sits at $2.25 USD (3.72% drop in the last 24 hours, mostly caused by BTC losing USD value)/31740 satoshi (2.98% drop in the last 24 hours).
Its daily trade volume of 4,210 BTC is among the beefier ones on the market, with most of the trade coming from Binance, Okex and Huobi (over 67% in total). With a market cap of $355,693,888 USD, Ontology is currently the 34th most valuable crypto project on the market.
The month of July was an eventful one from the development perspective as well. Developers posted this image on their social media to update the community on what has been done to further the Ontology platform. Rebuilt export/import feature, updated documentation and ability to broadcast transactions (back end development)/added shared wallet functionality to oNTO, IdentityMind designing/integration and support for Ledger wallets (front end development) are some of the updates listed, with no further input into what any of these mean.
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There are quite a few buzzwordy sounding updates here, like “optimized explorer infrastructure” or “improved access efficiency”. Granted some projects tend to get bogged down in the technical lingo too much; other tend to announce their plans of changing the world in every second sentence. But I digress; a bit more in depth explanation of what was done would definitely be appreciated by the community.
After these, the team lists other relevant updates regarding community growth, recruitment, new team members (one wonders why would a team list both “recruitment” and “new team members” as these are basically the same categories) and upcoming events. Finally, the “newly released” section lists Ontology 1.0 being officially launched and a technical community bounty program being released, as well as several partnerships (Trust Anchor CFCA, CCX, BDN, Cocos, Trust Anchor IdentityMind, LianAn Technology, Certik) being confirmed throughout the month.
On July 31st, the team released a blog post describing what exactly their project is and where they want to take it next. Described by them as a “complete blockchain public chain platform and distributed trust cooperative platform”, Ontology will rest on several key features in the future:
- Dual-Token Economic Model
- Consensus mechanism which matches the governance model
- Smart Contract System
- Distributed Ledger System
- Comprehensive Client Application ONTO
- Ontology Blockchain Explorer
- Smart Contract Development and Application Platform SmartX
- Ontology Integration
- High Performance Blockchain with predicted 10,000 txps throughputs
In the upcoming Q3 and Q4 of 2018, Ontology plans on enforcing the “Socrates” step of its roadmap. Ontology will focus on its application ecosystem, isomorphic chain, cross-chain prototype realization and pilot projects to further develop the ONT ID-based trust and collaboration application system. Optimization of the governance model/consensus achieving model, parallel transaction optimization and launch, Ontology Oracle service, Triones nodes fine tuning and support, optimization of the smart contracts are among the things ONT developers will be looking to achieve in the next 5 months.
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Additional focus will be placed on services (on-chain exchange, datatoken regulation, support for a trust system based on ONT ID, optimization of SmartX), academic and tech research (looking mostly for network protocol, cryptography and consensus improvements), community, team, marketing and ecosystem upgrading. Finally they announced that two separate mainnet launches (one for the Korean and other for the Japanese market) will be held in late August. Check out the full list of what Ontology promises to do in the upcoming period here.
What they promised, they have immediately started delivering. The month of August started quite busy for the Ontology team. ONTO Version 0.8.8 was released, with users being given an ability to claim their ONG tokens for free for a short period of time. KuCoin announced that the second portion of the Ontology (ONT) airdrop distribution has been completed. Another exchange that we all know and love, Binance, just recently confirmed that it completed the distribution of GAS and ONG tokens for the month of July.
Ontology has also formally announced a strategic cooperation with Adrealm, an open ecosystem network for digital advertising. Adrealm will bring their dApp to the Ontology MainNet, and the two companies will share marketing and community-relation resources. Last but not least, Ontology Python SDK was released on 3rd of August. This SDK consists of four parts: an RPC interface, a wallet, “asset” and “identity”. In addition to these four, the SDK also supports construction, deployment and invocation of smart contracts.
It would seem that Ontology is looking to start the upcoming period strong, possibly to motivate the Korean/Japanese markets to invest. For now it seems that these markets will get to purchase their ONT tokens for a bargain bin price, unless the general market situation and sentiment change drastically.