The DeFi boom of 2021 brought up a lot of blockchain projects that offer solutions for enterprises. One of them is the Ontology Gas blockchain, the project mainly focused on data privacy and security. Clear concepts and innovative technologies attracted attention from the community, and many experts see a lot of investment potential in the ONG tokens.
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Ontology Gas Fundamental Analysis
Ontology Gas is a public layer-2 blockchain platform that aims to bring data solutions and decentralized identity to the Web3 world. According to the official website, Ontology offers high-speed and low-cost transactions along with improved privacy, transparency, and trust. It is created to give an opportunity to the enterprisers to build their own blockchain-based solutions for any business needs while complying with the existing regulations.
Ontology Gas also uses an Ethereum Virtual Machine that provides compatibility with Ethereum. It is also the first stage of the Ontology Multi-Virtual Machine and the future interoperability. Thanks to the ONT ID users' data (identity and personal information) are protected with no need for constant maintenance or oversight.
The project also offers a native ONTO wallet, equipped with the ONT ID, so the users get full control over their digital footprints. Moreover, it provides the first blockchain reputation scoring system, dubbed OScore. It allows access to under-collateralized loans through Wing.Finance DeFi platform based on reputation.
Another product of Ontology Gas is SAGA — a decentralized data protocol that helps to buy and monetize data in a fair, secure, and compliant way.
The platform adopts a dual-token model and has two utility tokens: ONG and ONT. The coins are separated to decrease the risk of the native asset price volatility. ONT token is used for staking with the staking and operating costs considered as inputs.
ONG coin plays the role of a value anchor for on-chain applications and is also necessary for the transactions on the Ontology blockchain. It has a total supply of 1 billion coins and the circulating supply of 273 million.
Ontology Gas Live Price Chart
In the 1-year period, the asset grew 139% in price. It started to gain value from the very beginning of the last year, but together with the overall trend went down in summer. At the beginning of July, it was traded for just $0.46. The price went up in mid-August, though the token didn’t gain as much as some other assets in October. At that time ONG's price was stabilizing between $1.15- $1.3.
The following market correction in the middle and the end of November though didn’t affect the asset that much. The token sustained the level of $1.15, but from the first days of December, ONG price chart started to decline. On December 6, the asset went down to $0.83, recovered to %0.95 in the next few days, and then continued to lose in value.
The coin was going down till it reached the minimum of $0.58 on January 22. In the next three weeks, the price was bouncing between $0.61 and $0.73.
During the last week, while the crypto market is getting ready to recover from a long bear run, ONG token has gained 35%. ONG price chart looks bullish at the moment, though it is still 79% below its all-time high. Experts assume that the ONG token will most probably grow in price in the nearby future.