The price of Ontology has recorded a double-digit gain over the past few hours as the development team completed its token giveaway. Ontology’s recent partnership with MovieBloc could have also helped push the price upwards.
What is Ontology?
Ontology is a high-performance blockchain project that designed a distributed trust collaboration network. Ontology provides other public blockchains with some high-performance features such as smart contract systems, and a complete series of distributed ledgers. It currently supports public blockchain networks and customizes them to carry out different functions.
Ontology Token Giveaway And MovieBloc Partnership Reasons For The Price Increase?
The price of Ontology (ONT) is up by 27% against the Bitcoin over the past 24 hours. The cryptocurrency was trading around 0.00027 BTC yesterday, but it is now up and is sold for roughly 0.00033 BTC on major crypto exchanges. The increase in price has made it the best performing cryptocurrency of the day amongst the top 100 by market cap.
The primary reason that could be behind the surge in price is the ONT giveaways announced by the development team to celebrate the first anniversary of their Binance listing. The development team announced the giveaway of 200,000 ONT coins to 50 traders, which will be based on the trading volume recorded on Binance between March 14 and March 21.
Last week, the Ontology team announced that it has partnered with MovieBloc, a film distribution platform. MovieBloc, a reverse ICO project that is handled by South Korea-based Pandora TV is set to use the blockchain infrastructure provided by Ontology.
MovieBloc is excited about this partnership and believes it would go a long way in revolutionizing the video industry.
The CEO of MovieBloc, Chris Kan, stated that:
Ontology to Develop Decentralized Location-Based Services
Earlier this month, the Ontology team announced its collaboration with GoWithMi, a decentralized location-based infrastructure. The two companies will work together on digital land rights and create some decentralized location-based services.
Ontology aims to make use of GoWithMi’s broad network in Asia to develop its services. According to the agreement, GoWithMi will receive technical support from Ontology, and the two parties will focus on digital land rights using the Ontology blockchain.
The development team also announced that it would be revealing its roadmap for the year at the Token2049 event. The cryptocurrency has so far recorded some developments this year and the founder, Li Jun, will unveil the updated roadmap for the remainder of the year.
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