Student Becomes Master as Ontology Overtakes NEO; ONT Price Keeps Climbing
Ontology (ONT) just overtook its former parent chain, NEO (NEO) for the first time ever. Ontology was one of the first tokens to launch on the NEO platform in 2018, and Thursday morning’s 28% growth spurt placed it at 17th by market cap – one place ahead of the blockchain which spawned it.
Just like the mass of tokens which often migrate from Ethereum to their own blockchains, Ontology departed NEO in July of 2018. That was only a few months after its launch on NEO – unlike many ETH-based tokens which promise mainnet blockchains of their own and then don’t deliver.
Humble Beginnings; Or How To Actually Get A Free Lunch
As Ontology now sits among the major altcoins with a market cap of $690 million, it’s worth remembering that NEO was given away for free. Well, they were handed out at a ratio of 0.2 for every one NEO coin held back in Q1 of 2018.
Free airdrops were viewed with cynicism, but also curiosity. Right now NEO is ranked 18th by CoinMarketCap with a valuation of $600 million, but when multiple ONT airdrops were getting underway last year, NEO’s value was moving between $7 billion to $12 billion.
That might lead one to think that Ontology coins are just a kind of fluke – a free altcoin that dropped from the sky at a time when altcoins were in vogue and worth billions.
Ontology: Deal Maker and Partner
Last year Ontology was added to Microsoft Azure and Amazon Web Services, effectively opening up smart contract and blockchain development for free to the aforementioned firms customer base. It was described by Ontology at the time as:
“…an Ontology blockchain dApp product built on a cloud service, which includes the Ontology stand-alone test environment, SmartX, and Block Explorer. It is available to users worldwide for free to deploy in just one click.”
Ontology has already gained backing from multiple Chinese investor groups such as Danhua Capital, ZhenFund and Sequoia Capital. And just like NEO gave birth to Ontology, Ontology is now giving birth to multiple DApps (which are more notable for their quantity than quality at the moment, as is often the case in current times).
Make Ontology Work For You
Take a look at this Hacked breakdown on How to Make Passive Income from Ontology to familiarize yourself with ONT staking. A minimum number of 500 ONT are required for staking, from which you can expect to earn just over 5% ROI – similar to returns available on the much more cumbersome masternodes.
ONT staking can be done from a desktop wallet, and even if you don’t want to stake your coins to help secure the network, you’ll still receive rewards in the form of ONG. Much like the gas of Ethereum, ONG is used to pay for transactions on the Ontology network, and it literally generates infinitely as your ONT sits in your wallet.
On top of all of that, Ontology recently announced a potentially huge deal with MovieBloc, which involves intermingling with some of Asia’s biggest media playback companies. This all comes as the ONT coin price tops $1.41 – a north of 40% increase since this time last week.
Maybe we’re still too close to the thing to have the benefit of perspective, but Ontology has done something right – and one day everyone will know what it was.
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.