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Ontology Price Prediction 2019-20-25 — How Much Will ONT Cost?


Ontology Price Prediction 2019-20-25 — How Much Will ONT Cost?
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Contents

The world’s 17th largest cryptocurrency, Ontology is an innovative blockchain platform that has much potential to bring about. However, after 2018 bearish period, the cryptocurrency has lost about 95% of its value and isn’t developing well. The major price cut reduced its $10 price to $1.27 now, so traders are wondering whether it will ever reach the highest high again. This Ontology price prediction is here to help you understand whether ONT is a worthy investment, and what will happen to it in the long term.

What is Ontology (ONT)?

Ontology statistics as of 03/27/19
Ontology price and market cap according to CoinMarketCap

ONT is a blockchain structure for organizations that enables them to host information and applications inside their infrastructure and reap benefits from various advanced features. This blockchain environment is designed for coordinating each segment together with the governmental area. It leverages a new distributed ledger that allows combining data collaboration, decentralized groups, and protocols.

Ontology has a P2P network that supports work with various apps, gadgets, and chains. It is useful for scaling, safety, and interaction protocols.


While the essential services they offer is indistinguishable from what Ethereum provides, they additionally have very interesting perks. Organizations who partake in their environment access verification algorithms, credit scoring, and adaptable customization not accessible on Ethereum.

For financial specialists, our Ontology forecast reveals that there's still space to develop and grow. This crypto asset has encountered a quick drop, like all other cryptos in the market, however, it seems like it’s back on track.

Ontology infrastructure

Components of Ontology network
Ontology network is a complicated multi-layer structure


To understand the functionality of ONT better, let’s take a closer look at its components:

  • Common apps and different services for the Ontology ecosystem to work with public blockchains.

  • Frameworks used to help different sorts of organizations, the infrastructure of the blockchain is exceedingly modularized and adjustable.

  • Protocols: These algorithms are responsible for platform compatibility with various gadgets, frameworks, and blockchains.

The Ontology system is also comprised of:

  • ONT ID – a verification and identity proof module that permits validation of different assets and items.

  • Data system that deals with information on the blockchain. It handles activities like information management, transactions made over smart contracts, and so on.

  • Score system offers help for different organizations so as to create distinctive evaluation techniques. It’s possible thanks to credible data.

  • Decentralized system which gives the clients control over their data, personal account, and digital assets.

  • Search engine created for connection and authentication operations for items, people, and assets.

  • Decentralized information exchange system. It ensures financial protection and the possibility to adjust data trading infrastructure.

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Key advantages of Ontology

What makes Ontology an outstanding product? Consider these advantages:

  1. Gifted engineers: Ontology is created by a gathering of profoundly talented and smart programmers. They are exceptionally experienced.

  2. It’s properly financed: Established by a Chinese organization, it is financially supported by many other Chinese businesses, too.

  3. NEO Partnership: The help from NEO is one of the main reasons behind the current achievements of Ontology.

  4. Transaction Process: Though it is still being developed, Ontology has affirmed that it will introduce two token frameworks, ONT and ONG. The ONT token will offer access to consensus and administration while ONG will serve for execution of smart contracts. As the framework is acquired from NEO, its ides of transaction fees will be the equivalent for Ontology.

Ontology price forecast 2019

According to optimistic ONT price predictions, it could achieve the estimation of $1.30 as the beginning for 2019 with the capacity to draw near to the value of $4 before the year is over. Since its price is a bit lower than $1.30 still, this forecast might not actualize.

With current market trends, it seems like bear patterns won't permit ONT to ascent at the proposed pace. Rather, it is more possible that in 2019, the ONT price could reach the bottom of $0.35 while the highest for Ontology would be $2 before the finish of 2019. If no market manipulation is involved, an Ontology price of $3 could still be a possible situation.

Judging by technical analyses of ONT price, the cryptocurrency can reach only $2 by the end of 2019, which coincides with our opinion. Some websites provide pessimistic ONT price predictions, for example, according to TradingBeasts, it will be about $0.22 by the end of 2019.

ONT price prediction from digitalcoinprice.com
ONT price prediction from digitalcoinprice.com

Ontology price forecast 2020

Numerous experts reckon that the market will swing to progressively bullish patterns in 2020, which implies that ONT could see its growth before the finish of 2020, drawing near to its unequaled high, at any rate going towards the cost of $5 per one unit.

ONT price prediction from WalletInvestor
WalletInvestor ONT price predictions: most seem too good to be true

Ontology price forecast for 2025

In six years, the crypto money market will presumably be very, very different from what it’s like now, and Ontology won’t be an exception. Many traders and experts suggest that ONT will go past its unsurpassed high of $10 and even make its way to $30 or higher.

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What will drive Ontology growth?

With a market cap of $1 bln, Ontology has already achieved much, but it will continue evolving thanks to its technologies and current partners:

  1. Tembusu Partners – a developing private Singapore-based equity firm.

  2. Accomplice – an American-based capital firm. Ontology helps them boost their technical advances.

  3. Hashed – is a standout amongst the most well-established blockchain companies in South Korea. They support communities and help projects to develop.

  4. Onchain – an organization that puts its focus on blockchain development, research, and promotion.

Is Ontology a worthy investment?

The growing market cap of Ontology is a good answer to that question. Representing a 2nd generation blockchain, it has a lot of perks and incentives for investors, which, of course, attracts many of them.

What else makes its blockchain superb?

  1. Advanced Trust Mechanism: Ontology unites different trust components to develop a decentralized trust system. It is exceedingly adaptable and can be modularized to fit your requirements.

  2. Multi-source identification mechanism: This framework requires proof of identity from various sources like family, place of work/businesses, and banks. That allows for building a reliable trustworthy system. The current worldwide market needs such systems, which is why ONT has a competitive advantage over other blockchains and cryptocurrencies behind them.

  3. Partnerships: As we’ve mentioned organizations working with ONT are one of the main reasons why you ought to consider Ontology for investment. It's an indication of corporate adoption and strong backup, which increases value. Together, company partners develop a reliable and secure system for users.

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Risks for Ontology

The main threat to Ontology is market saturation. There are many smart contract blockchains with Ethereum, EOS and NEO in the head of the race. The chances for Ontology to disappear from the market are minor because such risks are typical for projects maintained by 1-2 people. It’s not our case.

Even though Ontology is not a Top-10 cryptocurrency, it stands out from altcoins offering smart contract blockchains. This cryptocurrency might be a good long-term investment, and you can expect about 100-200% profit if you make an investment now.

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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How to Learn Solidity and Start Blockchain Programming

  • Eric Croix
    📚 WikiCoin

    If making an Ethereum-based dApp or creating an ERC20 standard token sounds compelling to you, than you need to learn the language called Solidity. In our tutorial we provide you with the foundation of coding smart contracts


How to Learn Solidity and Start Blockchain Programming
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Blockchain programming has become one of the best paying and challenging software spheres during the recent decade. Although blockchains are language-agnostic and many of the existing languages, like C++ and JavaScript (JS), are used by blockchain engineers, there are some tasks that couldn’t be conveniently realized by existing languages, which opened up the demand for new, crypto-specific options. One such language is Solidity.

Solidity was born as a core part of the Ethereum ecosystem. It absorbed C++, JavaScript, and Python. It has many contemporary features like libraries and inheritance. Solidity is designed to write programs that interact with Ethereum accounts, which are called smart contracts. Smart contracts are executed on Ethereum Virtual Machine (EVM), enabling users utilizing them perform tasks like crowdfunding, blind auctions, voting, and many others in a decentralized manner. The most famous killer-app of smart contracts was decentralized funding in ICOs, which started the bull rally on the crypto markets in 2017.

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Whether you are an experienced developer or just starting out in crypto, it’s a good idea to start learning Solidity because smart contracts have become a crucial part of the blockchain ecosystem. Aside from being actively implemented by dApps, they are being actively integrated into infrastructure-layer blockchains and even in Bitcoin via providers like RSK. By knowing how to build smart contracts you will make your blockchain career more sustainable and be able to produce better quality solutions. Let’s not pull it off any longer and get our hands dirty with coding!

Understanding the basics of a smart contract

A smart contract account consists of three sections: balance, storage, and code. The balance represents how much Ethereum a smart contract has. Storage holds data like strings and arrays that are specific to an application. The code section has the raw machine code that is compiled from what we write in Solidity.

Unlike user accounts, smart contract accounts are not external to the respective networks. In other words, you can use your wallet with various networks like Kovan and Ropsten, but you can’t do this with a smart contract. Smart contracts are internal.

Each smart contract has a source, which is stored on an author’s device and instances, which are stored on the blockchain. In order to create an instance (account) of a smart contract, we need to deploy it to the network. It very much resembles the relationship between classes and instances in traditional object-oriented programming (OOP) and languages representing it (JS, Ruby). To give you a more visual representation, let’s create a class ‘Bike’ and add an instance of it.

Bike class & instance

Bike class & instance

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What we will be writing is a contract definition, which will then run through a compiler that will produce two files: bytecode and application binary interface (ABI). Bytecode is what will be actually fed to the EVM and ABI is a layer between bytecode and regular JavaScript code that allows building a user interface (UI).

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Choosing an IDE & version of Solidity

Before we start, we need a proper integrated development environment (IDE). In other terms, we need a convenient terminal with the necessary tools to write our code in. For the purposes of this tutorial, we will pick Remix, an IDE created by the Ethereum foundation that allows writing, testing, debugging, launching smart contracts and many more. You can use it either straight in the browser or download it locally if you would like.

Once you launch Remix, you will be presented with the code editor in the center, the file manager on the left, and a compiler on the right.

Initial Remix window

Initial Remix window

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There will be some pre-written code – we won’t need that. To create out first-ever smart contract let’s press on the little plus icon in the top-left corner of the terminal and give it a name.

Creating a new project in Remix

Creating a new project in Remix

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As we have the blank .sol document now, we should specify the version of Solidity that the compiler will run. At the time of this tutorial, the latest version is 0.5.7. If you are not sure which version to use, you can specify a range of versions.

2 types of specifying the version of Solidity

2 types of specifying the version of Solidity

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Lastly, let’s give our smart contract a name, followed by a parenthesis.

Smart contract naming

Smart contract naming

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Writing your first smart contract

Once we have our canvas ready, it’s time to define the basic building blocks – variables. While experienced software engineers will have no issues understanding this concept, we will briefly introduce it to beginners. Variables are placeholders for chunks of information that are later referenced by a program that runs them.

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Let’s create a couple of variables: a string (a sequence of symbols) and an integer (a number). In Ethereum’s case, variables are stored in the blockchain along with the rest of parts of contracts and can, therefore, be accessed and updated from anywhere. Another key characteristic of Solidity variables is that you can make them private by writing ‘private’ next to the variables. Finally, for the integers, Solidity has two types: signed (can be positive & negative) and unsigned (can only be positive). To specify an unsigned variable, we should just put ‘u’ before it.

A private string and an integer

A private string and an integer

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Once we have the ‘name’ variable, we need to write out the methods of setting and getting it. This looks like a JS function. Remember that Solidity is statically typed, so we have to define variable types. Now any value we put in the ‘setName’ will define the ‘name’ string. For the getter, we will use ‘getName’ and specify what variable we expect to see. Now, it’s time to do the same for the ‘age’ variable. The method is constructed similarly to the ‘getName’.

Name/age setters and getters

Name/age setters and getters

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Let’s test our little chunk of code. Go to the ‘Run’ tab of the compiler and press ‘Deploy’ under your contract’s name. At the very bottom of the compiler, you will now see the ‘Deployed Contracts’ section that has our methods available. In order to pass a name to the ‘newName’ value, we need to make sure that our string is written in JSON, otherwise, the ‘getName’ will return nothing. For the ‘setAge’ just put your age without quotes. As you see, we can now set and receive the ‘name’ and the ‘age’ variables through our smart contract.

Compiler, with a name and an age

Compiler, with a name and an age

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Defining Wei and Gas

One of the most remarkable features of smart contrasts is that to deploy them to the Ethereum network you will need to initiate a transaction, which costs some amount of money that is paid in Ether. It’s crucial to understand how the fees are utilized in the system, as they will be deducted each time you interact with EVM.

What’s Wei?

Let us assume that reading this far into our tutorial you have used Bitcoin at least once. You probably made a small transaction that was way less than 1 BTC. In that case, you used Satoshis, which are something like pennies for a dollar. Wei is like a Satoshi – it’s the smallest part of 1 Ether. If we think of it in programming terms, it’s the lowest unsigned integer in the network. While interacting with the network, you will mostly encounter Gwei, which refers to Gigawei and equals 1 billion Wei.

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What’s Gas?

Gas is an essential part of the mechanism of smart contract execution. It has two values for each transaction: Gas consumed and its price. It’s worth mentioning that a user initiating a transaction defines these values. However, if the set value of Gas won’t be enough to process a specific operation, then the Gas will be consumed, but the transaction will fail. Moreover, if the price for Gas will be set too low for the network at a given time, the transaction will not be processed by the nodes, eventually making it unsuccessful. There are several services to check optimal values for your transactions, one of them being ethgasstation.info. To get a better understanding of Gas and why it costs any money, let’s code some of it by ourselves.

Get back to your Remix window and initiate a new file. In our example, we will call it ‘Gas’ and create a contract with the same name. Bear in mind that the more data we will require to store on the blockchain, the more Gas we will need. That being said, for the purpose of this tutorial we will create a cheap contract; the more you will add to it, the higher the fee will be.

There will be a function that returns an integer that is a sum of two inputs. To make it as lightweight as possible, we will specify that our contract will store nothing on the blockchain, and for that we will put ‘pure’ next to the function.

Cheap contract

Cheap contract

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Now you can deploy it in the compiler and input any two numbers to get the integer ‘c’. To check the price of our transaction we should take a look at the terminal located beneath the code section. There is a transaction cost and an execution cost. The first one refers to how much data a transaction has. The second one refers to how much of EVM’s power was required by the transaction.

Cheap contract’s cost

Cheap contract’s cost

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This is an extremely basic transaction that costs almost nothing for the network. In writing meaningful smart contracts you will add more details, which will increase their weight and therefore transaction fees.  

Creating & deploying your own ERC20 token

Let’s face it, the majority of the blockchain developers that are just starting out are eager to play big and create their own blockchains and tokens. While this is an extremely difficult topic that attracted some of the best software engineers from other spheres, building a basic ERC20 token isn’t rocket science.

First, we need to create another file in Remix and uploading the ERC20 interface, which is the following:

ERC20 standard

ERC20 standard

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The ‘totalSupply’ function lets us see how many tokens we have in total. The ‘balanceOf’ function is used to get amounts of tokens on specific addresses. The ‘transfer’ function allows users performing transactions between each other. The ‘transferFrom’, ‘allowance’ and ‘approve’ functions are there to allow people to let some other users initiate transactions on their behalf. Events are the logging tools for the ledger.

In addition to the interface itself, we will need a separate .sol file for our new token. Here we will import the ERC20 interface and specify our token’s symbol, name, and decimals.

uToday token

uToday token

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Before we compile it, we need to specify constraints.

  • Let’s start with the total supply – it’s a constant integer variable that we will make private. The total supply of our tokens will be 1 million, we also write a function to return this value.

  • Second, we need to store our token somewhere. For this, we will need to outline the mapping that will return a balance for any address specified.

  • Third, there should be a function for token transfers, which will essentially have an address of a receiver and an amount of token transferred. This function should also be able to check whether or not a sender has enough tokens on their balance, which can be realized through a simple if/then statement. In addition, we will set conditionals for ‘_value’ in a way that blocks users from sending transactions with 0 tokens as this would only flood the network with junk.

  • Fourth, we should create the mapping for the remainder functions, which is a mapping of mapping to an integer.

  • Then we will specify a few checkers in the ‘approve’ and ‘allowance’ functions and put conditions for the ‘transferFrom’.

  • Finally, not all the tokens will be available on the market. Some of the tokens are usually left out for teams, foundations, advisors and other purposes. Hence, it’s essential that we make it clear how many tokens will be circulating. As we created the tokens, the circulating supply equals our balance.

uToday token constraints

uToday token constraints

Source: Image by U.Today

The code is ready, so let’s test it. Proceed to the ‘Run’ tab of the compiler and deploy our token contract. You will see that we have our token data along with the total supply, balances, and allowances. Congratulations, you deserve a pat on the back!

To make our token actually function on the network, we need to deploy the smart contract (note that this is different from deploying it for testing in Remix). For the sake of this tutorial, we will use Remix and Metamask, but there other ways of doing so. Metamask is a simple but efficient Ethereum wallet program with a nice UI that integrates as an extension to some of the most popular browsers. In our case, we will use Opera. Firstly, go to metamask.io and download the extension. Once it’s done, you will see a fox icon in the top right of your browser.

Downloading Metamask & location of the icon

Downloading Metamask & location of the icon

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Press on the icon and proceed through the offered instructions to create a wallet. Do not forget to store the secret phrase! When you have your wallet, press on the Metamask icon and change the network to ‘Ropsten’ because we don’t want to mess with Ethereum’s mainnet.

Changing Metamask to Ropsten

Changing Metamask to Ropsten

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The last step is to generate some Ether (unfortunately, you won’t be able to use these for any real purchases, but they are necessary for testing). Head over to faucet.metamask.io and request 1 Ether.

Now you are all set. Return to your Remix window and change the environment to ‘Injected Web3’ in the compiler. Take a look at the account tab too – your address should be the same as that of what you generated with Metamask. Select the smart contract you want to deploy, which is your token contract and not the ERC20 interface and press on the respective button. A Metamask window will pop up with a transaction, its details, and options to interact with it. Submit the transaction, and our token will come into life.

Metamask popup

Metamask popup

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You can now play around with all the functions we specified earlier. Let’s look at our contract from another side to verify that it works properly. Like any other blockchain, Ethereum has multiple block explorers which serve the essential purpose of monitoring what’s happening on the network. In our case, we will stick to etherscan, though there is a handful of other great alternatives. Note that if you just go to etherscan, you will see the Main network. As we need to see the Ropsten network, you will need to put ‘ropsten.’ before the website’s address. Search for your address and you will see two transactions – one is for free Ether you received, and another is for deploying the contract.

User’s address in Etherscan

User’s address in Etherscan

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To find the address of your contract, press on the TxHash and navigate to the ‘To’ field. Here you can check your smart contract’s transactions, code, and events. At this point, we need to verify and publish our contract. Go to the ‘Code’ section and click on the ‘Verify and Publish’ link. Here you will need to again specify the name of your token, the version of the compiler (in our case the latest version of Solidity we used was 0.5.7, so we will stick to the related compiler version). Now you should copy the token’s smart contract code along with the ERC20 interface code from your Remix window to etherscan and press ‘Verify and Publish’ at the bottom of the screen.

Verifying the smart contract

Verifying the smart contract

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It’s time to go back to your contract’s address. The code in the ‘Code’ tab will now be verified. In addition, you will now have two more tabs: ‘Read contract’ & ‘Write contract’. In the reading section, we can check the functionality of our token. Input your (not the contract’s) address into ‘balanceOf’ field to see how many tokens you have; it should show 1 million that we hard coded as the total supply and gave it circulating to our wallet. That means that our token is now correctly working on the testnet.

Receiving the balance

Receiving the balance

Source: Image by U.Today

Summary

If you are looking to start a career in the crypto industry, you need to understand that despite its relative simplicity in basics, blockchain has incredible deepness to it. Since 2017 blockchains have evolved significantly and their use cases went beyond just financial transactions. With the advent of Ethereum, a whole new layer of networks appeared that hosts various dApps and blockchain-based solutions. The tool behind this evolution was a smart contract, and if you want to make your experience more valuable and future-proof, you should know how one works.

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While you can code smart contracts using other languages, Solidity is a better fit for such a purpose. Moreover, if you want to become an Ethereum developer, or create an ICO/ERC20 token for your project, this is your go-to choice. If you had some experience with C++ or JavaScript, coding on Solidity should be relatively easy. You will have to understand some differences between the client-server and decentralized models of launching software, though. Thanks to Ethereum Foundation and some third-party organizations, developers are presented with a set of convenient tools like Remix and Etherscan to code and deploy smart contracts.

We hope that our tutorial helped you with getting around the majority of Solidity’s concepts to be able to start your blockchain journey. Remember that you can always check with the latest documentation on Solidity. We wish you good luck and will be happy to use some of your dApps someday!

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