The trading volume of Ontology (ONT) crypto rose 19.71% to US$23.83 million on Wednesday morning ahead of its scheduled telegram discussion.
Under its Loyal Member program, the platform gives away NFTs, ONG and ONT tokens as rewards to those who participate in Ontology events and contribute to the weekly discussions.
Ontology claims that its program aims to improve the community’s knowledge about blockchain, Web3, and decentralized identity solutions.
While the ONT token surged 2.11% to US$0.2972 at 5:04 am ET on Wednesday, the broader crypto market fell 0.74% to US$1.30 trillion. Bitcoin (BTC) was down 0.07% to US$31,601.47 and Ethereum (ETH) declined 1.85% to US$1,935.15.
What Is Ontology (ONT)?
The platform seeks to protect users’ identities and data through encryption. It assures users guaranteed on-chain and off-chain data security. Ontology aims to build a platform where one will have complete control over who can access, see, and use their online data and identity.
The Ontology blockchain is a high-speed, low-cost public chain designed to launch data and decentralized identity solutions on Web3 while ensuring trust, transparency, and privacy.
According to the company, building a proper infrastructure is one of the initial steps toward addressing Web3 challenges. To improve users’ experience, the blockchain offers products like ONT ID, ONTO Wallet, Wing Finance, and SAGA.
For instance, the cross-chain ONT Wallet manages digital identity, data, and assets all in one place. The ONT ID gives users complete control over their ID and data.
Wing Finance, a cross-chain DeFi lending protocol, is integrated with a “reputation score”.
Lastly, SAGA, a decentralized data protocol, allows users to monetize data securely while ensuring regulatory compliance.
The project allows enterprises to build their customized blockchains on the Ontology platform, which supports Ontology EVM, NeoVM, and WasmVM to ensure interoperability.
The project has two tokens to power & secure its network: ONT and ONG.
ONT is the primary token for governance, staking, and verifying transactions, while ONG is used for performing operations on the Ontology blockchain, for example, executing smart contracts.
The ONT token has a current market capitalization of US$260.08 million. Its circulating supply is 875.25 million, and the total supply is one billion.
ONT can be traded on Binance, KuCoin, OKX, MEXC, BingX, etc. The token reached its all-time low of US$0.198733 on May 12, 2022, as per CoinGecko. It has recovered around 49% since. The Crypto market is volatile; hence, investors should carefully evaluate digital assets before investing in them.
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