Ontology Foundation recently announced its collaboration with Goshen Network, a distinguished Layer 2 (L2) project, to provide faster and more efficient solutions for developers and users in the entire Web3 world. The partnership aims to promote interactivity between the Ontology and Ethereum ecosystems and break down barriers between the two chains.

The future trend of Web3 is to provide cost-effective solutions through smooth interaction between multiple public chains. The collaboration between Ontology and Goshen aims to present an improved alternative to the expensive and slow transactions of Ethereum while maintaining high levels of security. Goshen’s optimistic rollup has a unique RISC-V fraud-proof system to support on-chain computing and collaborative interaction challenges, ensuring high overall security.

Goshen’s full compatibility with Ethereum and partnership with Ontology will provide a smoother user experience, and Goshen’s smart contracts will be fully open source for developers in April. Ontology’s own open-source code reinforces this partnership and shared vision.

With its five years plus technology precipitation and in-depth research on L2, Ontology recognized Goshen’s L2 framework design and its technical compatibility. Additionally, Ontology has a mature global community and users in DeFi, NFT, wallets, and other areas, which will help Goshen extend its testing to a larger scale.

In the future, ONT will be introduced into Goshen’s governance, running for a role in the decentralized packaging network and getting a share of the L2 network fees. To celebrate the collaboration, Ontology is going to launch various campaigns together with Goshen, covering developers, users, and community members with their own special NFT incentives.

#Ontology #ONT #Goshen #azcoinnews #crypto2023

This article was republished from azcoinnews.com

#Ontology (#ONT ) is a #blockchain #network that aims to provide a decentralized trust infrastructure for various industries and businesses. It specializes in trust, identity, data exchange, and authorization solutions to allow companies to develop and implement blockchain solutions into their business models without requiring expertise in the field.

The Ontology network is made up of various distributed services such as data exchange, data collaboration, and digital identity, forming a peer-to-peer trust network that is adaptable to different business models, applications, and devices for cross-compatibility.

To address the barriers that exist in establishing trust, Ontology offers a hyper-converged collection of distributed ledgers called the Ontology Chain Group, which acts as a business's personal blockchain network that can be fully customized to meet their unique needs. The Ontology Distributed Ledger provides basic services such as entity authentication, data exchange protocols, and identity management to facilitate business collaborations.

Ontology's protocols provide compatibility, #Data exchange, and trust across different industries, systems, and devices without requiring blockchain expertise. The suite of distributed services within the distributed ledger takes care of identification, trust, and consensus to provide a technological framework that businesses can leverage to become decentralized, offering a higher level of performance, security, and trust.

Heard of #ONG and interested in knowing more about it? Or maybe you're wondering why his price is going up? 👀

Ontology Gas, often abbreviated as ONG, is part of the #Ontology blockchain, which has carved a unique niche for itself in the ever-evolving crypto landscape.

Why Ontology? Performance and Versatility 🚀

Ontology isn't your run-of-the-mill blockchain. It's a high-performance, open-source #blockchain specializing in digital identity and data. It supports robust cross-chain collaboration and Layer 2 scalability, offering businesses a flexible design to tailor a blockchain that suits their needs.

One of Ontology's defining features is a suite of decentralized identity and data sharing protocols designed to enhance speed, security, and trust. This includes ONT ID, a mobile digital ID application used throughout the ecosystem, and DDXF, a decentralized data exchange and collaboration framework.

The Dual-Token Model: ONT and ONG ⚖️

Ontology adopts a unique dual-token model, consisting of both #ONT and Ontology Gas (ONG) as utility tokens. The model is designed to mitigate the risk of drastic value fluctuations on the gas fee, a concern that plagues many crypto users.

ONT is primarily used as the staking tool in the Ontology ecosystem. Staking refers to the process where users hold their #crypto in a wallet to support the operations of a blockchain network. Factors such as the time and cost of staking, along with the operating costs of the nodes, are inputs for ONT.

On the other hand, ONG is used as a value-anchoring tool for on-chain applications and is used in transactions on the Ontology chain.

This dual-token model ensures smooth operations within the Ontology blockchain and provides utility and stability for its users. It's an innovative solution to a common issue, making Ontology and Ontology Gas worth watching in the digital asset space.

$ONG $ONT

Friday, April 12, 2024 at 15:28 CEST (Central European Summer Time)
Overview:

Price: 0.4637 USDT
Change: 20.04% (Bullish)
Spread: 31.71%
Volume: 135.063M ONT (Last 24 hours)
Support Levels: 0.4500 USDT, 0.4300 USDT
Resistance Levels: 0.4700 USDT, 0.4900 USDT

Technical Indicators:

Moving Averages:

MA(7): 0.3664 USDT (Bullish trend)
MA(25): 0.3470 USDT (Bullish trend)
MA(99): 0.2891 USDT (Bullish trend)

Relative Strength Index (RSI): 70.39 (Overbought zone)
Bollinger Bands:

Upper Band: 0.4888 USDT
Lower Band: 0.3500 USDT

Analysis:

The ONT chart is based on 1-day candlesticks and analyzed as of April 12, 2024.
The price is currently at 0.4637 USDT and has increased by 20.04% in the last 24 hours.
The spread is at 31.71%, which is quite high. This indicates a high level of volatility in the market.
The volume has reached 135.063M ONT in the last 24 hours. This indicates increasing interest in the market.
Support levels can be determined as 0.4500 USDT and 0.4300 USDT. If the price falls below these levels, it may experience further declines.
Resistance levels can be determined as 0.4700 USDT and 0.4900 USDT. If the price breaks above these levels, it may start to rise.
Moving averages are in a bullish trend. This indicates that the price may rise further in the near future.
The RSI value is 70.39 and in the overbought zone. This indicates that the market is overbought.
Bollinger Bands are quite wide. This indicates a high level of volatility in the market.

Conclusion:
The ONT chart is currently in a bullish trend. The price is approaching the resistance levels and has the potential to rise further if it breaks above these levels. However, it may also decline if it falls below the support levels. It is important to do detailed research and evaluate the risks before making an investment.
Note:
This analysis is for informational purposes only and does not constitute investment advice. It is important to do your own research and evaluate the risks before making an investment.
I hope this information helps you.
Please do not forget to subscribe and do not miss the latest analysis.

$ONT #Ontusdt #Ontology #ONT #ONT/USDT