NEO Price Jumps 33%; Ontology (ONT) Benefits From Smart Economy Pump

NEO (NEO) and Ontology (ONT) both recorded large gains during the crypto market surge that sent Bitcoin to $11,000 for the first time in fifteen months.

Hailed as China’s answer to Ethereum, NEO’s prospects of creating a digital ‘smart economy’ suddenly seemed rosier on Saturday. The NEO coin price jumped 33% in a matter of minutes, while a coin born on its chain – Ontology – pumped 19% in alignment.

NEO and Ontology Fates Aligned

NEO’s push towards its v3.0 update in Q2, 2020 was recently helped with the addition of former Microsoft developer, Harry Pierson. NEO’s U.S office, based in Seattle, has been on a hiring spree of late. A call was recently put out for a lead technical developer, and this update report from earlier this week details busy progress being made on the ground.

Part of that includes refining NEO’s consensus mechanism – delegated Byzantine Fault Tolerance (dBFT), which was recently tweaked in the NEO client v2.10.2 update. Coincidentally, that’s the same consensus mechanism being used in Facebook’s newly launched coin, Libra.

Less than two weeks ago when Ontology popped to the tune of 16%, its rally was closely followed by NEO. On Saturday, when NEO popped 33%, its rally was closely followed by Ontology.

Ontology was once a token on the NEO blockchain before it launched its own mainnet in early 2018. One might assume that’s where the association ends, but the market tends to disagree. Both are China-based projects, both have staking rewards for holders, and both of their fates are aligned.

Whereas NEO aims at becoming the ‘smart economy’, Ontology seeks to provide the onramp to that economy with the provision of a blockchain toolkit.

Ontology Update

A recent update details the addition of WASM (Web Assembly) tools for the Ontology blockchain. Put simply, WASM allows blockchain developers to use the most common programming languages to create applications. EOS (EOS) is one of the few to already have this mechanism in place, while Golem (GNT) recently added the same.

This deep-dive into what WASM can do for developers reveals the extent to which blockchain can be aided by such tools. Support for Rust, C, C++, Python and more essentially bring the building blocks of the internet to the blockchain.

NEO Price Pump – NEO/USD

The value of NEO spiked 33% on Saturday, as the coin price rose from $13.83 up to $18.51. Most of that growth came in a sudden 60 minute spike, as seen below. By time of writing the pullback had carried it back down to $16.95, leaving NEO with 22.5% growth.

Ontology Price – ONT/USD

From the daily low of $1.40, the value of ONT rose to $1.67 by its peak. That marked 19% growth for a time, before a pullback to $1.56 left it with 11% gains overall.

Ontology’s pump aligned almost perfectly with NEO, starting just a few minutes afterwards – if CoinMarketCap’s charts are an accurate measure.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. Charts via CoinMarketCap.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.