Ontology Coin: A High-Performance Public Blockchain for Web3 Identity and Data

Ontology Coin: A High-Performance Public Blockchain for Web3 Identity and Data

Ontology Coin (ONT) is the native utility token of Ontology Network, a platform that offers node solutions, decentralized identity framework, reputation protocol, metadata protocol, and cross-chain collaboration protocol for developers, dApps, enterprises, and integrators. In this post, we will explore the features, trends, updates, analysis, and outlook of this coin.

Coin Introduction and Features

Ontology Network was founded in 2017 by OnChain, a Chinese company that also created NEO, often dubbed as the “Chinese Ethereum”. The founding members include blockchain veterans Jun Li (current CEO), Da Hongfei, and Eric Zhang, who are also co-founders of NEO. Ontology Network aims to build a complex distributed trust network that enables different entities to interact with each other without compromising their privacy, security, or compliance.

Ontology Network operates a high-performance public blockchain that supports multiple consensus mechanisms, such as VBFT, DBFT, and PoS, and multiple virtual machines, such as EVM, WASM, and NeoVM. This infrastructure helps drive the growth of the Web3 economy while powering a full suite of multi-chain tools for Web3 users:

• ONT ID: ONT ID is a decentralized identity framework that allows users to create and manage their own digital identities and data across different platforms and applications. ONT ID supports various authentication methods, such as passwords, biometrics, and hardware devices, and enables users to control their data access and sharing through encryption and authorization.
• Orange: Orange is a reputation protocol that assigns reputation scores to users, builders, and developers based on their on-chain and off-chain activities and behaviors. Orange aims to enable developers to incorporate reputation into their dApps, projects, and communities, maximizing the value of each individual’s reputation.
• POD: POD is a metadata protocol that allows users to create, store, and exchange metadata on the Ontology blockchain. Metadata is the information that describes the characteristics, quality, and context of data. POD aims to enable users to leverage metadata to enhance their data analysis, discovery, and utilization.
• Cross-Chain Collaboration Protocol: The cross-chain collaboration protocol enables interoperability and communication among different blockchains and networks, such as Ethereum, Binance Smart Chain, Polkadot, Cosmos, and more. The protocol supports cross-chain asset transfer, contract invocation, and data exchange, as well as cross-chain governance and verification.

The ONT token is needed for transactions and payments for many of Ontology’s services as well as platform governance. ONT has capabilities as an ERC-20, BEP-2, and BEP-20 token, and it is also available on the Polygon, Avalanche, and Fantom networks. The ONT token also generates Ontology Gas (ONG), which is used to pay for network fees and smart contract execution. ONG is distributed to ONT holders according to their stake and holding time.

Market Analysis and Trends

According to CoinMarketCap, the current price of ONT as of April 11, 2024 is $0.2828 USD, with a 24-hour trading volume of $28,019,538 USD. ONT is up 4.38% in the last 24 hours. The current CoinMarketCap ranking is #251, with a live market cap of $247,506,006 USD. It has a circulating supply of 875,249,524 ONT coins and a max. supply of 1,000,000,000 ONT coins.

The chart below shows the price history of ONT from its launch in March 2018 to April 2024. As we can see, ONT experienced several peaks and troughs, reflecting the volatility of the crypto market and the influence of external factors. Some of the notable events that affected the price of ONT are:

• In March 2018, ONT was airdropped to NEO holders, giving it more exposure and liquidity. ONT reached an all-time high of $11.18 USD on May 3, 2018, following a surge in demand for Web3 identity and data solutions, as well as the launch of its mainnet.
• In June 2018, ONT suffered a sharp correction, along with the rest of the crypto market, due to the regulatory uncertainty, the hacking of Bithumb, and the bearish sentiment.
• In September 2018, ONT rebounded, as the crypto market recovered from the dip and the sentiment improved, driven by positive developments, such as the launch of Ontology’s VBFT consensus mechanism, the integration with NEO, and the growth of the DeFi and NFT sectors.
• In December 2018, ONT dipped again, as the crypto market faced another wave of sell-off, triggered by the Bitcoin Cash hard fork, the SEC crackdown, and the security breaches of some Web3 platforms, such as QuarkChain, Bancor, and Augur.
• In March 2019, ONT surged, as the crypto market entered a bullish cycle, fueled by the recovery of Bitcoin, the resilience of Ethereum, and the innovation of the DeFi and NFT sectors.
• In June 2019, ONT reached a new all-time high of $12.64 USD, as Ontology Network announced several new partnerships and integrations, such as with MovieBloc, Chainlink, and Binance, expanding its multi-chain ecosystem and user base.
• In September 2019, ONT dropped, as the crypto market experienced a correction, due to the profit-taking, the trade war, and the competition from other Web3 identity and data providers, such as Civic, SelfKey, and Datum.
• In December 2019, ONT bounced back, as the crypto market resumed its uptrend, supported by the successful launch of the Ethereum 2.0’s Istanbul upgrade, the launch of the first Bitcoin futures in the US, and the institutional adoption of crypto by major companies, such as Fidelity, Bakkt, and Square.
• In March 2020, ONT reached another new all-time high of $14.62 USD, as Ontology Network launched its own decentralized identity framework, ONT ID, to enable users to create and manage their own digital identities and data across different platforms and applications.
• In June 2020, ONT declined, as the crypto market faced a bearish cycle, due to the market saturation, the pandemic, and the security breaches of some Web3 platforms, such as Balancer, bZx, and Opyn.
• In September 2020, ONT recovered, as the crypto market stabilized, boosted by the recovery of Bitcoin, the resilience of Ethereum, and the emergence of new trends, such as Web3 gaming, metaverse, and social tokens.
• In December 2020, ONT soared, as Ontology Network announced its rebranding to Ontology Web3, a comprehensive Web3 infrastructure and services provider that offers node solutions, decentralized identity framework, reputation protocol, metadata protocol, and cross-chain collaboration protocol for developers, dApps, enterprises, and integrators.
• In March 2021, ONT reached its current all-time high of $15.28 USD, as Ontology Web3 launched its own governance token, Ontology Governance (OGOV), to enable its users and partners to participate in the decision-making and direction of the platform.

![ONT price chart]

Project Updates

Ontology Web3 is constantly developing and improving its platform and services, as well as collaborating with other Web3 projects and communities. Some of the latest updates and announcements for Ontology Web3 are:

• In January 2021, Ontology Web3 launched its own metadata protocol, POD, to allow users to create, store, and exchange metadata on the Ontology blockchain. Metadata is the information that describes the characteristics, quality, and context of data. POD aims to enable users to leverage metadata to enhance their data analysis, discovery, and utilization.
• In February 2021, Ontology Web3 integrated with Polygon, a blockchain platform that powers a global payment system and a stablecoin ecosystem. Ontology Web3 users can now access Polygon’s public RPC nodes, stake their MATIC tokens, and use Ontology Web3’s web services to interact with Polygon’s dApps, such as QuickSwap, Aavegotchi, and Decentral Games.
• In March 2021, Ontology Web3 partnered with Decentraland, a virtual world and metaverse platform powered by Ethereum. Ontology Web3 users can now explore, create, and trade in Decentraland’s 3D immersive environment, as well as use Ontology Web3’s cross-chain collaboration protocol to enable interoperability and communication among different blockchains and networks.
• In April 2021, Ontology Web3 announced its roadmap for the second quarter of 2021, which includes the following goals and milestones:
  • Launching Ontology Web3’s own NFT platform, Ontology NFT, to enable users to create, mint, buy, sell, and trade NFTs across multiple blockchains and marketplaces.
  • Expanding Ontology Web3’s node network to support more blockchains and networks, such as Cardano, Solana, Near, and Hedera Hashgraph.
  • Upgrading Ontology Web3’s governance system, Ontology Governance, to enable more participation and incentives for OGOV holders and stakers.