Ontology (ONT) Overview: Token swap closed, staking features enabled and new partnerships announced
Ontology wasn’t exactly the brightest of market performers in the last couple of weeks. After peaking at $2.44 on September 5th, the currency plunged to a monthly low of $1.61 on the 12th. We then saw Ontology eventually rebound to September 22nd highs of $2.13 on a rather high daily trade volume of $85,020,002. From here the currency dropped to $1.70s on the 25th and has since kept hovering around $2.
At the moment of writing, a single ONT can be purchased for $1.89 USD (-4.59% drop in the last 24 hours)/0.00029288 BTC (-3.33% drop in the last 24 hours). This price is a far cry from currency’s all-time highs of $11.59 (a drop of -83.65%). Daily trade volume is at $24,757,480 USD/3,834 BTC, most of it coming from Binance (51%), Huobi (17%) and DigiFinex (17%). With a market cap of $349,179,689, Ontology is currently the 27th most valuable cryptocurrency on the market.
Trader Furba provided the following analysis of the currency:
“One of the most promising coins out there. However, as, perhaps, all the altcoins these days ONT got driven by the Bitcoin price action. Now it is above the strong support level, but if BTC goes down to test 6k, ONT will very likely break the support and reach the previous low. However, after that it is reasonable to wait for a huge rise.”
Check out the trader’s complete analysis here.
The project had a busy month since we last wrote about them. They announced a partnership with TOP Network, a decentralized communication network built on top of blockchain 4.0 technology devoted to providing low-cost communication cloud services which include messages, voice calls, video calls, VoIP, VPN, CDN, live streaming, IoT data sharing, and more. The projects hope that this collab will result in creation of a “communication network ecosystem at blockchain application level”.
Ontology will fully support the TOP Network in technology, operations, and ecosystem construction, while promoting mutual development. TOP will, from their own side, bring over 50 million potential new users to the partnership. They will also conduct any future airdrops through the Ontology ecosystem.
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Another important partnership that was recently wrapped up is the one Ontology signed with 4Stop. 4Stop platform will perform KYC services on the Ontology trust ecosystem, providing digital identity services to each and every user involved. Validation, verification, and authentication of people using the Ontology platform will be among 4Stop’s activities.
The list of partnerships doesn’t end there, as there was another important one confirmed just days later. This time Ontology announced their cooperation with SenseTime, a project on a slightly eerie mission to “uphold originality and let AI lead human progress.” The company’s resume is truly impressive:
- worked on AI technologies in various industries including facial recognition, image recognition, text recognition, unmanned vehicles, and remote sensing
- is the largest AI algorithm provider in China
- has provided services to more than 700 companies across the globe such as Honda, UnionPay, Wanda, Suning and Huawei
This co-op will allow Ontology to gain access to various types of verification services to ensure the authenticity of user identity via identification documents, facial comparison, and other functions.
The project recently released a monthly update featuring everything that has been done in the month of September. The update wasn’t very detailed but it revealed several improvements that were made on the underlying structure and front-end development, as well as details regarding the node network, community growth, events, new hires, filled bounties and job opportunities at Ontology.
Ontology announced just a few days ago that the MainNet token swap has been officially closed on October 1st (UTC-12). The total amount of tokens swapped was at 99.32% which can be seen as a resoundingly successful migration. Still, Ontology left the swap doors open to those who haven’t completed their swaps themselves. The entire process that anyone who hasn’t still swapped their original tokens to the mainnet ones needs to go through can be found here.
Finally, speaking of tokens, users can now stake them; Ontology launched the OWallet v0.8.8 which introduces the staking feature which will become included on the Ontology blockchain after the block #414,100). You can find more information on this topic, including how to set up the staking service on your wallet, here.
Ever since detaching itself from the NEO blockchain and launching its own MainNet, Ontology has been working hard to set itself up in a good fundamental position for a possible future bull run. As things stand, one wouldn’t begrudge the project being among better market performers if/when this run comes.
