Ontology (ONT) Price Jumps 13% as Founder Teases Movie Distribution Deal with MovieBloc

Ontology (ONT) underwent a 13% price pump on Wednesday afternoon as news began to circulate regarding Ontology’s partnership with MovieBloc.

MovieBloc is a new film distribution platform, which utilizes the popular KMPlayer and Pandora TV applications in its technology. Ontology’s founder Li Jun announced the partnership at the pre-event banquet for the TOKEN2049 conference in Hong-Kong, attended by representatives from Coinbase, TRON, Litecoin, NEO, and more.

Full details are being kept under wraps for now, however a data-drop explaining the deal is expected within the next twenty-four hours.

Ontology Gets In The Movie Business

According to Wednesday’s Medium post by the Ontology team, Ontology will be rubbing shoulders with some high-distribution software companies:

“Li Jun, Founder of Ontology, announced the commencement of a partnership with MovieBloc, a new participant-centric film distribution platform. MovieBloc is driven by KMPlayer, the world’s top multimedia platform with over 812 million downloads, Pandora.tv, the world’s first video sharing platform, and Prism Exchange, a one-stop video marketing platform.”

Western users will be more familiar with VLC Player, however KMPlayer is still popular in the Eastern hemisphere. Likewise, Pandora.tv was something of a precursor to YouTube, and was the first video-streaming platform to integrate advertising into user-uploaded videos.

As mentioned above, details remain slim, and the full extent of Ontology’s partnership with Pandora.tv and KMPlayer will hopefully be revealed in the next day:

“The partnership marks a milestone in the adoption of Ontology’s public blockchain infrastructure, as Ontology becomes more widely used across industries and regions.

Full news on the MovieBloc partnership will be shared tomorrow.”

Ontology Price – ONT/USD

The dollar value of ONT had been on the decline all week, suffering a slow bleed out that took the coin price from $1.05 down to the $0.88 range. That was reversed in the space of a few hours on Wednesday as the coin price rose from $0.938235 up to $1.06 – 13% gains fuelled presumably by the MovieBloc news.

Since the start of March, ONT has risen 36% in value. Trade volume trebled from $30 million to over $100 million today – a notable increase, but still some way off February’s trade high of $342 million

Ontology also gained some new exchange listings this week, as well as partnerships with blockchain project GoWithMi, as well as South American shipping and logistics company, LatamEX:

“Fresh partnerships with LatamEx and GoWithMi announced. Ontology token was listed on BitAsset and MXC exchanges. The growth in the community is essential, we can see the increase in involvement among social networks. Let’s see what will happen next.”

More can be read about these latest partnerships at Ontology’s official blog. For balance, take a look at Craig Wright’s recent takedown of multi-chain blockchains (which Ontology is), and why Faketoshi believes all multi-chain or multi-coin projects amount to little more than scams.

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.

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