Ontology (ONT) overview – several new updates flowing into the news cycle

Ontology opened the month of August at $2.80/36180 satoshi and experienced a drop-off towards the 14th, when it bottomed out at $1.13/18598 satoshi. The price exploded in the next couple of days as we saw Ontology peak at $2.81/42691 satoshi on the 18th. The currency fell off since, reaching its September lows on the 12th with the value of $1.61/25763 satoshi.

Currently you can purchase one ONT for the price of $1.68 USD (-1.07% drop in the last 24 hours)/26909 satoshi (-0.64% drop in the last 24 hours). Daily trade volume sits at 7,442 BTC with Binance being responsible for 35% of that. With a market cap of $331,979,383, Ontology is currently ranked as the world’s 26th most valuable cryptocurrency.

GrantPeace thinks Ontology might just be “the long of the century”:

 “Ontology is a strong project holding a lot of public interest. Technically speaking, this is a very strong breakout and is an excellent entry for a buy and hold opportunity. I believe this project can achieve all-time highs within the next year.”

Ontology was quite busy as of late, with several new updates flowing into the news cycle. The project is currently in the middle of an ONT token swap which went live on July 9th and is scheduled to end on October 1st, 2018. ONTO wallet, OWallet, O3 wallet and SEA wallet as well as several crypto exchanges are supporting the swap. Users are advised finish the token swap during this period; as of August 31st, 97.98% of all ONT has been swapped onto the Ontology Mainnet.

The mentioned ONTO wallet recently had a 0.9.4 update released, which brought about a useful new feature called “reusable KYC”. Once you have finished your certificate on ONTO and got the blockchain certification, you can re-use said certification in various different application areas within the entire Ontology ecosystem. These applications include medical, digital advertising, token services, online games, digital ID, digital content and IOT. OWallet had some updates of its own, as a fake version of it started circulating through e-mail inboxes of the community. The project noticed this soon enough and warned the community to avoid falling for the scam.

O3 wallet was also in the news, offering those who ran into problems while attempting to claim their 2nd ONT airdrop tokens. Check out this Reddit thread for more info on that.

Ontology released a FAQ regarding its technical bounty where several questions regarding the program were addressed, including:

  • What happens if multiple teams claim the same bounty program
  • How can a team know when a bounty program is closed and he team was selected or not
  • How can someone tell which teams have been selected for a bounty program and check their progress
  • Where to find requirements for a given bounty program etc.

You can find the complete FAQ here if you are interested to learn more. Check out the bounty itself if you are a developer as there are a lot of ongoing bounties for you to consider helping with.

The project also confirmed a major partnership with Muzika, a decentralized blockchain music ecosystem platform. This partnership will see Muzika develop dApps and a new music ecosystem based on Ontology’s underlying technology. Muzika has over two million active users and 17,000 music producers across more than 150 countries, with rich experience in community management and user management. Speaking on this cooperation, Inseo Chung, CEO of Muzika, added:

“Muzika is creating a real decentralized digital music ecosystem for the digital music industry to close the gap of all stakeholders with an innovative structure. The cooperation between Muzika and Ontology will be a great step in this. We look forward to working together to achieve a transformation of the digital music world”.

Overall, Ontology is slowly transitioning into its independence from its parent platform NEO and is looking to establish itself as a working, desirable to use smart contract platform. Will they manage to do so in a market oversaturated with similar projects? It remains to be seen.

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