This article provides a full research report on the coin, Ontology
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Without further ado,
Charts/Technical Analysis of the Coin:
It appears as though $ONT is trading at the bottom of this symmetric triangle. We hope in the longer term that this will bump up against the bottom of this triangle and eventually break out.
This is a risky hold, but a hold nonetheless, in my personal opinion. Let’s take a zoomed out look at everything and see what’s going on.
Like many other charts in the cryptosphere, it appears that there is a repeated cycle of accumulation before the price begins to bounce outside again.
Looking at the RSI
Pink Line = RSI(14)
Blue Line = EMA(9)[RSI(14)] ; this is the ‘smoothed over’ RSI to give us a clearer view of what’s going on.
Once again, when Pink Line > Blue Line = buy signal. When blue line > pink line = sell signal.
Huh? I Don’t Get What You’re Talking About CryptoMedication
I wrote an article about it, check it out here:
Back to the RSI
So, as stated in the picture, the RSI is oversold at the moment. But I consider this a positive because this shows that the momentum is exhausted at this point and a move upward could be in the makings.[Caution: It’s worth noting that a move upward is not guaranteed from the point that we’re at currently]
Let’s Go Back to Analyzing the Moving Averages Here
So, if you look in the picture above, there are three moving averages that I want you to draw your attention to:
So, as we can see the EMA-50<EMA-100; EMA-50>EMA-200 (golden cross still in effect there)
Ideally, we’d want the EMA-50>EMA-100; That would be a signal of more bullish price action.
As noted in an article that I wrote prior, the relationship between price action and EMA (exponential moving average), is pronounced:
As you can see above, the price dropped bow the EMA-200, on the 4H chart TF, which is bearish, but it’s right at the bottom of our symmetrical triangle that we drew.
$ONT (Ontology) Daily Chart
Price successfully tested the EMA-50 on the daily as a support.
These time frames are more substantial than what you’d see for the 4H, which we were looking at above.
RoC(9)[RSI(14)]; reflects upward momentum from June 16th to this current point in time.
Price outside the bottom of the Bollinger’s Bands — far outside of it as a matter of fact.
On just about every time frame. Above is the 4H.
Below is the 6H, 8H, 12H, 1D
Overall, I believe that there will eventually be a bounce in the price at some point or another.
Let’s take a look at some of the FA for $ONT (Ontology)
Brief (Formal) Coin Description:
Ontology Network is a public infrastructure chain project and distributed trust collaboration platform. The blockchain/distributed ledger network combines distributed identity verification, data exchange, data collaboration, procedure protocols, communities, attestation, smart contract system support, and various industry-specific modules. The ONT is an NEO-based token that will serve as the utility token within the platform.
It’s worth noting that Ontology is actually a real word as well. It means:
USD Price: $6.12
BTC Price: 0.00092318
USD Volume: $79,360,500.00
USD MarketCap: $928,351,479.00
Circulating Supply: 151,292,175
Total Supply: 1,000,000,000
Medium Page: (https://medium.com/ontologynetwork)
Upcoming News & Events
June 29th, 2018
– Mainnet Release
– ONT ID Release
– Verfiable Claim Protocol
The actual mainnet release is slated for June 30th (as far as I know).
Here is a Medium article about it from the $ONT team:
Exchanges Supporting This:
This is their home website: https://ont.io/
Brief Whitepaper Analysis
As Satoshi Nakamoto stated in his whitepaper for Bitcoin, the primary purpose of that cryptocurrency was to create a trustless means for transferring value digitally (i.e., internet cash). This is what gave birth to distributed ledger technology (DLT).
By starting out with this premise, Ontology makes it clear that their intentions are to diverge from this model entirely, which I’m not sure is prudent, all things considered.
The concept of ‘three T’s’ is then introduced in the paper:
Once again, there are several ideas in here that I just simply disagree with.
One of those ideas is the premise that, “The introduction of blockchain technology has brought trust to the masses through shared access to decentralized information.” <- I’m not sure that this is a true statement, at all.
If anything, blockchain technology has given birth to the concept of us not having to trust each other at all in order to do business with one another or verify the payments that we are making.
The Paper Goes On to Introduce a Section Called ‘Current Issues in Trust Networks’
Once again, I’m not sure if these issues attack the heart of any issues that are laden within the Bitcoin/cryptocurrency/blockchain community, but they do discuss some issues outside of it.
However, once again, it is worth reiterating that the entire point of Bitcoin and the establishment of distributed ledger technology was to entirely swerve the concept of ‘trust’ as far as person-to-person transactions are concerned.
The Company’s Ethos
According to the whitepaper,
“Ontology has architected a distributed trust system. It incorporates mutliple trust types in an integrated protocol system with various blockchains and databases. Multi-source identities and multi-source data exchange protocols have been implemented into the network, building a distributed trust system that is cross-chain, cross-industry, cross-system, cross-application, and cross-device. Ontology aims to develop its trust ecosystem through partnerships to provide distributed services including distributed communities, data verification, data exchange, and credit across industries.”
As stated numerous times before up to this point, I simply do not like the concept of there being a distributed ledger technology (DLT) implementation (i.e., blockchain), that asserts itself as decentralized, yet embraces the concept of trust as heavily as Ontology does.
I believe that it is antithetical to the premise of blockchain technology (public blockchains, at least), and is something that is a major red flag in my personal opinion. However, this does not preclude this from being a solid investment (disclaimer: I’m not invested and I don’t know the team at all), because the majority of the community and the rest of the sphere will try their absolute damndest to ensure that they do not read the whitepaper or heed any of the answers/advice/information contained within.
So, let’s continue on our dissection course.
Vision and Structure of Ontology
Given the fact that this is the vision and structure of Ontology, and we know that it is built on the $NEO blockchain, it raises the question of whether there is any true security in the structure that $ONT proposes.
As you can see, the activity on the blockchain right now (at the time of writing) is damn near close to nil, which is especially concerning, since this project is already launched in full.
It appears that there is no interest or use in building on top of a project that is already built on top of another project that has an idea that mimics a lot of what is already available (ARDOR, Aion, etc.)
Okay, quick lesson:
If something is decentralized, that means that there is no central point of failure.
This definition means that there can not be ANY trust that is introduced into the system.
Therefore, given the premise of $ONT (the blatant introduction of trust into its structure), I have a hard time believing or even understanding how it could be decentralized.
Okay, let’s break this down by tenet here:
In the whitepaper, it is claimed that,
“Ontology’s identity verification system is characteristically decentralized [emphasis added]. Decentralized identity verification is not predefined by industry nor does it come with set features, it is instead built by project-specific requirements.”
This is confusing to me, because something that is individualized in such a way cannot, by definition, be ‘decentralized’ because, if there are specific requirements/specifications that are relative to a given project/assignment, then the project itself exists as a potential, centralized point of failure.
“Organizational networks can be established using information such as student IDs for academic institutions or employee IDs for businesses. All entities can select a range of identity verification methods in order to create systems free from third party interference. Private information is securely stored in decentralized databases.”
The statements in this portion of the whitepaper also do not make much sense when viewed alongside one another.
The idea of depending upon the identities/IDs issues on a given network (centralized), being used as verification in a process that is somehow decentralized, overall, is almost word soup.
Also, identity theft is rampant. A bad actor could simply print out whatever ID that they wish. On top of this, must systems/databases/companies/academic institutions already have some sort of verification network of their own that they use in order to ensure that they can keep track of everything (ever been given an ID that you needed to swipe to get into a building/place of work?).
Once again — this premise is impossible.
Not only that, but the whitepaper is incomplete as far as the technical side of things.
So, What the Hell is the Use of $ONT?
My Verdict? Vaporware
I know that some will beg to differ, and that’s the beauty of there being a freedom of expression/opinion in the world at large that we live in.
However, from what I read in the whitepaper (no, I did not cover the entire thing within this report, because it felt slightly redundant) — there are a few things
Google Trends Shows Increasing Momentum for the United States
Look at the increase in just a couple of weeks:
Google Trends Shows Decreasing Momentum Worldwide Though!
So, it appears as though Worldwide interest has fallen off.
However, it is worth mentioning that the term ‘Ontology’, does not just refer to the coin/project, but to many other unrelated/irrelevant queries as well.
Therefore, I also decided to do a Google search on the term, ‘OntologyCoin’ as well in order to get a better idea of what the true Google Trend Search would be (more than likely, someone looking for true information on the $ONT project would be searching up ‘Ontology Coin’ in order to narrow down the results).
The international stats are pretty much similar as well:
Now Let’s Check the Metrics From Bittsanalytics (Sentiment Indicator)
Upcoming Events for Ontology
As explained earlier — the Mainnet Release is the main event for Ontology. That is coming at the end of the month.
More than likely the price bump that will occur from this has not even come close to being priced in yet since KuCoin and Binance are both supporting it and I’m sure that the hype will continue to grow as the date comes closer to now.
Disclaimer: I do not own any of this coin, its competitors, nor do I plan on doing so in the near future. No part of this report was paid or sponsored.