Ontology(ONT)/USDT Price Prediction:05 February 2022

Overview

In recent times, many networks face a variety of issues like poor privacy protection, untapped data value, data management monopolization, ineffective identity authentication, etc. Ontology, an open-source blockchain, intended to solve the real-time issues related to identity security and data integrity. It offers the benefits like smart contracts, tokenizations, etc retaining control over their sensitive data. 

The network is powered by its dual tokens, ONT which was initially airdropped to NEO holders. It is also a staking tool wherein the users can stake their tokens and earn rewards. And the other one is Ontology Gas(ONG) which is used as a value-anchoring toll mechanism for on-chain applications. ONT token currently appears to have flipped the bearish trend, however, it cannot be still certified, until the asset reaches the immediate resistance levels. 

Will the ONT price hit $1 this month? Let’s check it out!

Introduction to Ontology(ONT)-In Brief

It is a high-performing, decentralized blockchain that specializes in data security and integrity by supporting cross-chain collaboration and layer-2 scalability. Founded by Li Jun, Ontology features include ONT ID which is a mobile digital ID application used throughout the ecosystem. The Ontology network is a high-speed, low-cost public blockchain that ensures compatibility with Ethereum through Ontology Ethereum Virtual Machine with ease. 

Initially, the layer one blockchain or Mainnet was launched in 2018, further the launch of Ontology 2.0 which was designed to support layer-2 scalability and cross-chain compatibility. A couple of years later, in 2020, the platform launched ONTO which is a data wallet that allows people to control their data.  

The native coin, ONT was earlier launched as a NEP-5 token or NEO blockchain-based token. Later when the Ontology mainnet was launched, NEP-5 ONT was swapped for the native mainnet ONT. 

Additional Read: Crypto Taxation Guide Budget 2022

How Does Ontology Work?

The network allows the creation of multiple blockchains on top of the Ontology blockchain. The blockchain uses the Ontorand Consensus Engine(OCE) which is based on the Verifiable Byzantine Fault Tolerance(VBFT) consensus mechanism. VBFT is a combination of Proof-of-Stake(PoS), Verifiable Random Function(VRF), and Byzantine Fault Tolerance(BFT). This offers a high level of scalability to the underlying PoS mechanism by extracting the advantages of each component into a complex and dynamic framework. 

 The platform carries mainly two distinct features, ONT ID and DDXF. ONT ID is a tamper-resistant decentralized identity framework whereas the DDXF or Distributed Data Exchange Framework is a distributed data exchange and management network. 

Ontology Coin(ONT)  

The ONT coin was initially launched as a NEP-5 ONT token. Instead of holding an Initial Coin Offering(ICO), the platform airdropped free ONT coins to the NEO holders. On the other hand, the platform held a private token sale which was only for selected strategic investors. The Ontology blockchain grants ONT holders the governance rights and offers to stake the tokens. Users who stake ONT coins earn staking rewards and allow them to get involved in the development of the project. 

Ontology Gas(ONG)

Whenever the user stakes, ONT receives staking rewards in the form of Ontology Gas(ONG). ONG is produced each time a block is confirmed on the network. It is the gas that empowers the Ontology mainnet and enables users to earn transaction fees. ONG is also used while executing smart contracts on the blockchain. 

Will ONT Price Hit $5 in 2022?

The ONT price had spiked like a monster in 2018 hitting highs above $8.6 which burst throughout the year and the asset traded below $1 by the end of 2018. However, the asset rebounded strongly the following year but could not surpass $2. The ONT price maintained a very narrow trend until the beginning of 2021 when the platform witnessed a huge influx of liquidity which rallied the price close to $3 and failed to hover around the ATH. 

Ever since then the asset has fallen into a deep downtrend shedding almost all the gains. No doubt it attempted to rebound but only formed constant lower highs and lows. Interestingly the asset flipped hitting the lower support levels and maintained a notable upward trajectory since the beginning of the present month. After a deep plunge of more than 85%, a jump of 26% may not be sufficient to mark an uptrend. Yet it may be considered as an opportunity to halt the further plunge.

The asset needs to record multiple huge green candles in the upcoming days to reach the immediate resistance and then a strong uptrend may be certified. However, considering the market trends, it is quite tough for the asset to undergo an acute jump. Therefore, a change in the market trend is much required for the asset to follow a notable uptrend. 

With the current pace, the ONT price may trade around $5 by the end of the year. And an extended rally or a bull rally may escort the price towards its 2021 highs. Here the fear of liquidation may haunt the rally, but if the asset stands strong, it may go high and hit levels above $10 too. 

Factors Impacting ONT Price Today!

Ontology Smart Contracts

Ontology aims to benefit the business and hence provides smart contracts which are self-executing computer codes that automate processes and increase business efficiency.

ONT ID 

The notable feature of Ontology is the ONT ID which is a cryptographic identity proof without the need of accessing sensitive identity documents like passports. 

Tokenization of Data

The upcoming DDXF enables the data to be trackable and transferable across different systems or blockchains. 

Enhancing Multi-Platform Interoperability

Ontology partnered with NEO and launched Polynetwork which intends to maximize the project’s ability to effectively perform cross-chain transactions. 

Ontology’s Dual Token System

Ontology has two different native coins, Ontology(ONT) coin and Ontology Gas(ONG). The ONT is the governance token whereas the ONG is a utility token. The ONT holders who stake their coins are rewarded in the form of ONG which can be used to pay the fees on the Ontology blockchain.

Where & How to buy Ontology(ONT)

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