Ontology (ONT): Triones, Sequoia Among Reasons The Next Bull Will Not Stop At $10
Ontology (ONT) is one of the new tokens in cryptocurrency. However, despite that tag, it has performed well enough to warrant a place among the market’s top 30 cryptocurrencies.
It’s the relentless move towards the top that leaves many within crypto circles convinced that ONT is likely to be among the few projects that go on to achieve mainstream adoption and real-world recognition.
Ontology was launched in November 2017 in New York City and since then, the project has just grown in leaps and bounds, drawing in an overwhelming amount of support, positive enthusiasm, and unsurprisingly cool reception from the crypto world.
Instead of an ICO, like most other tokens, the team opted for something new. The team decided to conduct a number of airdrops via the NEO blockchain.
However, it didn’t stop there; the team went to disclose that there’d be more airdrops in the future. The ONG token that functions as NEO’s GAS will also be airdropped to the ONT holders, beginning this May.
The mainnet and the future
The Ontology team is moving onto the next stage of a very crucial milestone for any crypto. It’s the upcoming Mainnet launch, which reports indicate will likely be released by the end of June 2018.
As they close in on that monumental achievement, three things stand out for Ontology. First, it’s the unique relationship it has with NEO and Onchain; then there’s the recent introduction of its Triones Consensus Membership System, and finally its “co-builder” and funding partnerships. Of these three factors, it’s the latter two that have more weight going forward.
The Triones Consensus Membership System
The team at Ontology admits to being “committed to building an open-source, open-minded, and collaborative distributed trust ecosystem.” Thus, the team has made a proposal for the community to adopt a governance model that among other things brings a balance of decentralization, high-performance expansion, and incentives.
The governance has four basic tenets: fairness, effectiveness, high level of decentralization, and last, but more crucially, a system of incentivizing the community.
The mainnet will highly depend on the governance model and the team has noted that, saying that:
“For the upcoming first main chain, Ontology will adopt the “Triones Membership System” architecture. This is an innovative governance model with a considered balance of decentralization, high-performance expansion, and incentives.”
On May 11, 2018, it was announced that blockchain security giants Baimaohui and SlowMist would be joining the Ontology Co-Builders program. The two are coming in to “provide security audit services, support the development of public chains, and promote safe, secure, and reliable blockchain infrastructure.” These services are vital to Ontology as it seeks to enable more and more blockchains to be developed on its network.
Commenting on the partnerships, Ontology founder Jun Li, said that he was “… very enthusiastic to include Baimaohui and SlowMist into the Co-Builders Program.”
He further emphasized that blockchain was/is an emerging technology, wit security concerns top of their agenda. It’s so, especially as the platform seeks to develop the infrastructure for other blockchain-based applications.
The recent partners will join the others in overseeing the general growth of the Ontology blockchain. The others in the team are Tembusu Partners, Accomplice, Hashed, and Onchain. Members of the co-builder team are tasked with building, governing and serving the platform’s ecosystem together.
Apart from the co-builder team, Ontology also entered into a partnership with a quartet of high-profile funding partners. These include Sequoia Capital, Danhua Capital (DHVC), Matrix Partners China, and ZhenFund. When all these partnerships begin to deliver for ONT, it would be only a matter of time before we see its value reach record highs.
Ontology market and price
The ontology token (ONT) began trading in March, valued at $2.62 against the USD. From then on, the token rallied, reaching an all-time high values of $11.18 on May 3, 2018. At that time, ONT became one of the projects above a $1 billion market capitalization. However, May hasn’t been very great for many crypto assets.
ONT’s value has steadily dropped in the last few days, losing -16% in the last seven days. Its current price against the US dollar is $7.78, a drop of -4.05% over the last 24 hours. It has a current market cap of $883 million and has seen $115 million worth of its token traded in the last 24 hours.
The market sentiment looks mixed, but the long-term outlook is bullish on the coin, especially as it approaches the mainnet. By then Ontology (ONT) could be over $10 to the US dollar. In the short-term, the anticipated ONT airdrop should keep the community in a positive mood.