The Q2 rebound in the market greatly impacted the resurgence of Ontology (ONT) token after a poor performing Q1. ONT has seen its price rise by over 40% in the last 24 hours to beat the $8 dollar mark and is yet targeting the $10-mark by the end of the week. Will it do it?
The swift rise of Ontology (ONT)
The most fascinating aspect about this token is the belief the whole crypto community shows in it. For a coin only launched 3 months ago, the current price, daily volumes traded and market capitalization of ONT have left many surprised. The coin currently trades at $8.09 as at 29th April 29, 2018 8.40 AM EAT, after it rose by 43% in the last 24 hours.
This places the token at position 34 on the Coinmarketcap ranking with its market capitalization only a few million dollars off the $1 billion mark. The rapid rise of ONT seems to be a call to buy with the coin experiencing higher highs and higher daily lows in the last week.
What is Ontology?
Ontology (ONT) is a branch in metaphysics that deals with the nature of being. It is a set of concepts and categories in a subject area or domain that shows their properties and the relations between them. The Ontology network is built on the NEO platform to connect public smart contracts into an ecosystem that helps its users relate with the technology easier. It creates a natural decentralized ecosystem that allows applications to be built on the platform.
The Smart X Tool
After the release of Ontology v0.7 and TestNet Polaris on April 25th 2018, the Ontology team focused on Smart X, which was launched 2 days later. The new version includes a new CLI function, WebSocket subscribe function, event push filter, new Wasm APIs, smart contract pre-execute, interoperability across VMs, NeoVM v0.7, SmartX, and more. The team announced on their Medium page of the new smart contract tool, Smart X.
“Smart X is a one-stop IDE that can be used to compile, deploy, and invoke smart contracts. It provides a range of smart contract templates and a powerful online editor. Individuals can use SmartX templates or commission community developers to customize contracts.” ̶ Ontology Team
The Ontology platform runs on the ONT and ONG tokens. The latter is set to be introduced after the Ontology development team completes its main net later this year. The ONT token was not offered through a public sale or ICO, but rather airdropped and private sales.
The token was airdropped to NEO token holders, through ICO drops, on their site and sold privately to early investors and the development team were rewarded using these tokens. This happened from January 8th 2018 till it was first listed in early March.
A total of 1 billion Ontology (ONT) tokens were pre mined and distributed with the current total number of tokens in circulation standing at 112,619,658 ONT tokens. The token was first offered at $0.20 USD per token during the private sale and airdropping period. The token quickly soared in price when it was first listed on various exchanges at an average price of $1.80 USD.