The crypto market has been performing well for a while now, thanks to the various coins bringing in returns. However, much of the hype can follow projects with massive use cases. Typical examples are projects that support payment and other uses in and out of the crypto sector. There are other projects in the crypto sector looking to solve real-life issues using blockchain technology. One such project that seeks to solve the issue of security and privacy in the sector is Ontology. In this article, we will look into the Ontology crypto project to determine how it collectively solves security and privacy issues in the crypto sector.
What is Ontology Crypto?
Ontology is a project in the crypto sector that uses decentralized identity and various data solutions to provide users with trust. Aside from trust, the project focuses on security and privacy on the Web3 platform. The project wants to provide users with access to Web3 platforms via certain infrastructure. Users do not need to worry about going against regulations through the digital identity that it provides. In the bottom line, this means that it places more priority on the users accessing the various platforms and their privacy. The blockchain provides traders with high speed while charging a relatively low cost. To achieve its aim of providing trust and security, the blockchain allows users to build solutions suited to their tastes.
How Does Ontology Work?
As mentioned above, Ontology provides users with trust, privacy, and security while carrying out activities on the blockchain. It uses several data solutions and a self-built decentralized identity to achieve all the above qualities. Ontology uses a multi VM mode to ensure interoperability is at its optimum. This will enable developers across all programming languages to create apps on the blockchain. This also helps integrate applications on the blockchain and across other blockchains. With this, the dApps are open to more users, while traders will enjoy benefits on the Ontology blockchain and other chains.
Ontology has plans to launch its EVM in the coming weeks before the end of the first quarter of 2022. This will allow users to carry out activities across Ontology and Ethereum blockchain. Businesses are also allowed to build their applications on the blockchain amid other real-life use cases that it provides. It supports smart contracts and tokenized data that can be carried out on several blockchains using the ONG token. Traders are also allowed to stake on the platform using the Guarda wallet.
Ontology’s Goal
Like most recent projects in the crypto sector, Ontology has a unique promise of providing real-life use cases for businesses and individuals on the blockchain. Ontology was built for business to infuse their daily operations into blockchain without having to stress over internal changes. The main goal was to make blockchain an everyday tool for business, making it available for everyone. One importance of this is storing information that can be shared among workers provided they have the permission to access the information. Users who intend to access any information will have to provide their signature after the permission has been granted. Ontology also allows the company accesses to its smart contract, which helps execute tasks efficiently. Companies will also be able to track data through tokenization. This means that it will record where or who has accessed the data and send it across different chains.
What is Ontology Token (ONT)?
The Ontology project uses a dual token model, the ONG and ONT tokens. These two tokens contribute significantly to the chain in terms of their functions. ONT is the main native digital asset of the platform, while the ONG is the token used to pay for gas when carrying out transactions and other things on the blockchain. Traders who intend to earn rewards from staking will stake the ONT tokens and earn rewards in ONG tokens. Ontology is reading at $0.556, seeing a surge of 4.90% in the last 24 hours. The token has a trading volume of $51,961,424 and a market cap of $486,317,696 in the same time frame. There are presently 875,249,524 ONT tokens in circulation.
What is Ontology Gas (ONG)?
ONG is the token used to pay for transaction fees on the blockchain. Unlike most blockchains, the dual token model allows users to pay with a token different from its native token. Traders who intend to carry out staking activities on the platform will earn rewards in ONG tokens. The blockchain employs this option because it is easier to use than other blockchains. This way, traders do not need to worry about subtracting gas fees from the asset they intend to send. Also, there is no need to choose lower fees against longer transaction time and vice versa. This is due to the gas fee on the network pegged at 0.5 ONG per transaction.
ONT Token Future Price Prediction
Ontology (ONT) had quite the year in 2021 and has started this year on a strong note. Although it is at a slowed pace, the token has been able to gather a little worth. Presently, it is trading at $0.556, with a rise of 4% in the last 24 hours. However, according to analysts, the token could be on for a massive break by the end of the year, breaking into the $1 range. Going by the token’s popularity has started to gather, there is no stopping its growth in 2023.
However, the token could see a sharp upward trade in the $1.28 price mark bar a major market decline. Further developments to the network and the projected population adopting more assets could trigger a rise to hit $1.89 by the end of 2024. However, there are projections that the asset might go through a big correction by the end of 2025, leading to the start of 2026. In this time frame, analysts project that the asset would finish the year at $1.5.
Should I Invest In ONT?
Ontology is one of the game-changers in the crypto market, provided it gets the projected crowd that it is targeting. With the project still going through some major developments, more to come from them. In the years to come, we could see more companies adopting the blockchain for their everyday use. However, traders should note that this journey will not be smooth sailing to the prediction above. So one should trade with only funds that one can commit to the project. The bottom line is that Ontology is worthy of an investment as it shows promise and will be one for the future.
Where Can I Buy ONT Token?
Ontology token is not quite popular in the crypto market, although it has been here. Unlike top coins like Bitcoin and the likes, limited exchanges allow traders to buy, sell, and trade ONT tokens. However, popular exchanges like Binance, Coinbase, Gate.io, and Bithumb allow traders purchase the token. You should note that you will need to register before purchasing the token. The exchanges also provide wallet services to store your token, but you can choose to use your offline wallets. Offline wallets such as Trezor, KeepKey, and Ledger are ideal for storing your ONT tokens offline.
How To Buy ONT Token On Binance
Although several exchanges provide access to purchase ONT tokens in the market, Binance is one of the best options to purchase the token. Below are the few steps to purchase ONT tokens on Binance;
Step 1 – Sign Up
The first step in this process will require you to sign up for an account on the Binance exchange. You will need to provide some important details to help you facilitate this process. Once the platform verifies your details, you will be able to cross over to the next stage.
Step 2 – Deposit Funds
Signing up on an exchange does not automatically mean the end of the process. You will need to send fiat currency into the platform at this stage. Binance provides traders with many deposit options. You can use the credit card, the bank transfer, or even buy the ONT tokens with another digital asset.
Step 3 – Purchase ONT Tokens
This is the last and most important step in this process. You will need to create an order for the amount of ONT tokens that you intend to purchase. You should note that you will need to pay gas fees, so you should set aside a fee. Once the order is in and the token’s price falls within the bracket, your ONT tokens will be automatically sent to your wallet.
Conclusion
The crypto market is gradually evolving from what we used to know to cater to needs outside the market. This results from the new projects springing up with new use cases like the one Ontology seeks to achieve. The project shows promise and is one for the future if the developers can attract more users to the blockchain. However, traders need to be patient with projects like this and be open to small losses, as is typical in the crypto market.
