Ontology focuses on decentralized identity and data. The network believes that enterprises can harness the potential of blockchain technology for security and data-related uses. Unlike other blockchains, it focuses specifically on increasing the adoption of the technology by organizations and enterprises by removing the barriers for businesses to inculcate blockchain technology.
As the blockchain market began skyrocketing, there were a lot of barriers to entry for businesses. It was not easy for enterprises to integrate the technology or enter the field without having expansive knowledge of the technology. Ontology – with its unique proposition – ensures that the barriers to entry are reduced. This makes Ontology a very important part of the blockchain space.
What is Ontology?
Ontology is a specialized blockchain. It is a high-performance and open-source blockchain that focuses on decentralized identity and data. The network has a unique infrastructure that enables it to support cross-chain collaboration as well as Layer 2 scalability. Ontology employs its unique Ontorand Consensus Engine which is based on the Verifiable Byzantine Fault Tolerance consensus protocol. The VBFT adds another layer of scalability to the network.
The network has plenty of offerings but the two that stand out are ONT ID and Distributed Data Exchange Framework (DDXF). ONT ID is a decentralized identity framework which is tamper resistant while the DDXF is a distributed data exchange and management framework. The network utilizes two tokens – ONT for governance and ONG for gas fees.
What is the future of ONT?
Ontology established its all-time high during the bull run of 2018 at $10. The cryptocurrency subsequently fell below $1 with the level acting as strong resistance. ONT has only been able to cross $1 for unsustained short periods of time. The bull run of 2021 was not able to help the cryptocurrency skirt near its ATH price. Ontology was able to established its 52-week high at $2.94. although it fell back below $1. At the time of writing, the cryptocurrency stands at a price level of $0.99. The price had been on an uptrend in the recent timeframes; however, the trend was broken.
The projections for ontology place it above $1. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $1.43 in a year’s time while the five-year price is expected at $2.10. Digital Coin Price is even more bullish on the cryptocurrency. It predicts that Ontology 1.50 by the end of 2021 and reach towards $3.69 by 2026.