Ontology is a native coin of the ontology network. As a native coin of the ontology network,ontology coin can be transferred from one smart contract address to another without the need of a third party.The first smart contract address must pay a transaction fee in form of ontology gas in order for the transaction to reach the second smart contract address. In order for the transaction to reach the second smart contract address, it must be validated by the validators running the network. Ontology coin can also be used by several stakers to vote the validators who should be running the network thus in return they receive reward in form of ontology gas when their coins is being used to secure the network and to validate transaction taking place on the network. This makes it a delegated proof of stake coin. During its ICO, one ontology coin was going for $0.2 .Some months later, the price went as high as $10. The price then dropped to $0.6. Currently, one ontology coin is trading at around $0.6. The increase in price was due to an increase in the number of stakers to delegate their coins to several validators. The decrease in price again was due to several stakers and early investors dumping their holding together with their reward in order to profit from this increase in price. The price analysis of ontology coin based on delegated proof of stake consensus can further be explained as follows.
Delegated proof of stake consensus
Ontology coin uses delegated proof of stake consensus. In this consensus, the delegator's will delegate their smart contract address balance of ontology to several validators so that they can use those balance to secure the ontology network as well as to validate any transaction taking place on the ontology network. In this consensus, if more coins are being delegated to several delegates ,then there will be inefficiency of the coin in the network thus its price will rise due to its increase in demand while if less coins are being delegated to several delegates, then there will be surplus of the coin to its network thus its price will decline . The future price prediction of ontology coin based on the delegated proof of stake consensus can further be explained using the bullish and bearish concept as follows
1. Ontology bullish condition based on the consensus used
In a bullish condition, the ontology coin will be considered to be moving in an upward market direction. When the ICO of ontology coin was conducted , one ontology coin was going for $0.2. In a very short period of time , the price managed to go as high as $10. This increase in price was due to an increase in the number of stakers delegating their ontology coin to several verified stakers thus causing the ontology coin to become inefficiency in its network. The price then decline to $0.6 and has managed to maintain that trend. This decrease in price was due to the dumping of ontology coin together with the reward by early investors as well as stakers . In the near future, if more stakers will enter the staking program of ontology due to an increase in its reward, then the ontology coin will further becomes inefficiency in its network thus its price will further increase. In one year time, the price can go as high as $2. The analysis of ontology coin based on the consensus used is further being indicated as from the candlesticks chart below;
The above chart represents the future price prediction of the ontology used. Two points are being indicated. There is point A and point B. Before point A, the price of ontology coin can be seen to have been rising all the way to $0.6037. This increase in price has been due to an increase in the number of stakers delegating their ontology coin to several validators thus causing an inefficiency of ontology coin in its network. This inefficiency is what results to an increase in its demand thus causing the price to go as high as $0.6037 as stated above. Some stakers then unlock their ontology coin together with their earned ontology gas and dump them in several exchanges thus causing the price to slightly dropped to point A at $0.5928. Some more stakers then continue to join the staking program by delegating more of their purchased ontology coin to several delegates thus causing the price to rise again to point B at above $0.6037. In the near future, if more stakers will continue to join the ontology staking program due to an increase in its reward, then the price will continue to rise to above point B. In one year time from now, the price can manage to go as high as $2. For investors, this is the right time to purchase ontology coin.
2. Ontology bearish condition based on the consensus used
In bearish condition, the ontology coin will be considered to be moving in a downward market direction. When the ICO of ontology coin was conducted, one ontology coin was going for $0.2. In a very short period of time, the price managed to go as high as $10. This increase in price was due to an increase in the number of stakers delegating their ontology coin to several verified stakers thus causing the ontology coin to become inefficiency in its network. The price then decline to $0.6 and has managed to maintain at that trend . This decrease in price was due to the dumping of ontology coin together with the reward by early investors as well as stakers. In the near future, if the ontology staking reward will decline, then the price will also decline . Here is a chart showing the price analysis of ontology based on the consensus used.
The above chart represents the future price prediction of the ontology coin. Two points are being indicated. There is point A and point B. Before point A , the price of ontology coin can be seen to have been declining all the way to $0.5928. This decrease in price has been due to an increase in the transaction cost thus causing many Dapps to shift to other network. This result to a decline in the staking reward program thus causing many stakers to unlock their staked ontology coin together with their reward and dump them in several exchanges. This dumping is what result to a decline in price to $0.5928 as indicated above. Some existing Dapps then purchase the ontology coin so that it can be used to perform several functions in their Dapps like paying their users and paying for transaction cost. Because of this,the price slightly rises to point A at $0.6037. The ontology platform further increases the transaction cost in their network thus causing more Dapps to continue to exit the platform due to a decline in their revenue. Because of this, more stakers continue to unlock their ontology coin together with their reward due to a decline in the staking reward and continue dumping them in several exchanges thus causing the price to further decline all the way to point B at below $0.5928. In one year time, if this will continue to happen,then the price can go as low as $0.4. I am not bearish for ontology but if you are bearish and think this can happen, then you can sell them at current market price if you are holding them.
Summary
ontology coin conducted its ICO in early 2018 where one coin was going for $0.2. In a very short period of time, the price managed to go as high as $10 but later dropped to $0.6 where it is currently trading at. The increase in price was due to an increase in the number of stakers while the decline in price was due to dumping of coin by early investors as well as early stakers in order to profit from it. Therefore, we can say that an increase in the number of stakers will result to an increase in the price of ontology coin while a decrease in the price of ontology coin will result to a decrease in its price.
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