Ontology Coin (ONT): Is a 2022 Comeback Imminent?
Ontology coin had an incredible start to its life, reaching exactly $10 within months of launch. And then… That was it. Price-wise, ontology coin has been in decline since May 2018, but could it be a new investment trend? Does it have a future? Could it finally fulfil its initial promise? Let’s find out with this ontology price prediction blog.
Ontology network explained
What is ontology coin? The Ontology network is a high-performing, open-source blockchain aimed at bringing decentralized identity and data security solutions to Web3–an idea for a new iteration of the World Wide Web that incorporates decentralization based on blockchains.
Launched in 2017 by highly regarded blockchain solutions specialist Jun Li, with data protection as its core focus, Ontology was created to enable businesses of all sizes to integrate blockchain technology within their companies without overhauling their current systems.
It differentiates itself from the competition by helping businesses that have no knowledge of blockchain technology secure their sensitive data in a simple to install system while enjoying the benefits of blockchain technology like smart contracts, tokenization of data, and cryptographic identity proofs.
Even better, Ontology offers both public and private, permissioned blockchain solutions for enterprises that want to be in control of their own governance and enhanced data privacy. Functionalities that competitors like Ethereum and NEO lack by design.
Ontology’s use cases range from sharing medical records in the health sector to securing sensitive information in the financial industry and all enterprises that handle sensitive data on a day-to-day basis.
Ontology isn’t just for businesses. It makes life easier for everyday individuals who won’t need to provide sensitive details like passports to sign up for different services, with the aid of ONT ID. We’ll dive deeper into that and ontology price prediction later.
What is ontology coin used for?
Before jumping into ontology price prediction, let’s explore what ontology coin is used for. The Ontology blockchain is powered by two cryptocurrency assets–ontology coin (ont) and ontology gas (ong).
In this dual token system, ontology token grants its holders governance rights and the opportunity to earn staking rewards. By staking ontology coins and contributing to the network’s security by helping verify transactions, holders are granted ontology gas.
Before you dismiss ontology gas (crypto gas fees) as nothing but a separate token used to pay transaction fees and execute smart contracts, consider the fact that you can earn up to 31% annual rate of return in ontology gas when you stake ontology token.
As with any other cryptocurrencies, you can trade ontology coin, but most holders consider it a store of value against future appreciation.
You can store ontology token in ONTO, Ontology’s mobile wallet that combines coin storage with a cryptographically secured ID that allows you to take control of your data and build trust over time.
Ontology coin price history
Let’s take a look at ontology coin price history to help you have your own ontology price prediction. Unlike most coins whose price history begins with the mention of its ICO at launch, ontology coin was a totally different animal. Ontology chose to ditch the standard ICO model and gave free ontology coins to various people in a series of community distributions and airdrops. This was made possible because Ontology received funds from private investors instead.
Some of the beneficiaries of the free ontology coin airdrops at launch include Ontology’s email newsletter subscribers and NEO coin holders. This makes sense because ontology coin started as a token on the NEO blockchain.
Ditching the ICO route ended up being an excellent strategy for ontology coin and ont price prediction, as it helped it rapidly establish organic price discovery, a passionate community, avoid subsequent regulatory scrutiny. You can imagine the excitement of email newsletter subscribers who received free ontology coins when it reached a value of $10 per token.
Price surge followed by gradual decline
Ontology coin launched at a high of $3 in March 2012 but soon traded under $2 before climbing back above $2 at the end of the same month. By April, ontology coin price had reached an impressive high of $9, and it continued its streak till it hit its all-time high of $11.18 in May 2018.
However, it’s not been great news for ontology coin since it hit its peak. Ontology coin price steadily declined until it reached $0.54 in December 2018. It fell to an all-time low of $0.22 in March 2020. The once-promising coin struggled to rise over $0.5 until it reached $1.4 in February 2021, preceding its recent high of $2.6 in May 2021.
Can you make your own ont price prediction based on its recent price. Today, ontology coin price is $0.75. With a 24-hour trading volume of over $61.5 million on Coinmarketcap and a market cap of $659 million, ontology coin currently ranks 123 on the most prominent cryptocurrencies ranking by market cap.
Ontology’s relatively strong performance in 2021 may be due to its accelerated developments and partnerships. Over the last three months, Ontology has:
- Launched its Ethereum virtual machine to achieve full compatibility with the ecosystem
- Launched its cross-chain credit lending platform, Wing
- Partnered with bloXmove to bring decentralized identity (DID) to urban transport apps.
Emphasis on Data Security
The Ontology network’s primary focus is on identity security, control, and data integrity.
Data control with ONT ID
Its identity control system, ONT ID, allows you to store a digital identity token on your phone or trusted cloud storage with a unique private key that grants access to only you. It gives you complete control and privacy with the freedom to share your identity with a third party without needing to provide all your personal information.
The Ontology trust anchors, who provide the credentials for verification services in return for ontology coins, verify your identity. ONT ID is secured by highly sophisticated cryptography, making it impossible to forge.
Data integrity with DDXF
Ontology’s distributed data exchange framework (DDXF) is its intelligent and tamper-proof framework that allows business information to be recorded and distributed across multiple blockchains.
Because the data is printed into a blockchain where it can’t be altered, it’s traceable to its origin, easy to process, and transferable across systems in the framework.
DDXF can prove helpful for copyright protection and other areas where data ownership and authentication are crucial, like verifying doctored footage created with deepfake technology.
Ontology also has other plans like Sharding underway. Sharding is a popular scalability solution being explored by other projects such as Ethereum to help improve a blockchain’s ability to scale or handle mass usage as well as multi and cross-chain blockchain solutions to truly unlock new value for businesses around the world.
These developments and Ontology’s ambitious roadmap and plans to incorporate innovative ideas like sharding make it a project to watch out for. This might be one of the factors keeping its fans and investors hopeful.
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