What Is Ontorand Consensus Engine (Ontology)?

Ontorand Consensus Engine is VBFT (Verifiable Byzantine Fault Tolerance) consensus mechanism on the Ontology blockchain.

VBFT is a combination of proof of stake, verifiable random function, and byzantine fault tolerance. Conventional blockchain requires each node in the network to have a complete copy of the blockchain, thus making it hard for the nodes to scale. By combining proof of stake, VRF, and BFT, the Ontology Consensus Engine (OCE) creates a blockchain that can theoretically allow near-infinite scalability, excellent security and speed.
Ontology blockchain is a public blockchain project and distributed trust collaboration platform. It makes decentralized trust systems available to everyone, connecting different blockchains, improving the efficiency of business applications, and providing mainstream users with the ability to use public blockchains without having to know about their technical implementations.

As the Ontorand Consensus Engine operates on VBFT (Verifiable Blockchain Fault Tolerance) technology, the processing power of consensus is doubled to mitigate faults. It uses the proof-of-work algorithm and ensures nodes verify transactions on the VBFT blockchain by making them perform computations on it.

The VRF is part of an innovative cryptographic scheme that uses pairings to create a new, equally secure but much simpler function. It is more powerful than traditional two-party protocols such as those that rely on Diffie-Hellman (DH) or Elliptic Curve Diffie-Hellman (ECDH), and in many cases, it provides the same level of security with fewer steps.

Byzantine fault tolerance is a fault-tolerant consensus protocol. The algorithm ensures that if an arbitrary number of processes fail, the system still works. This is critical for distributed systems, where we cannot rely on a central server to dictate and validate the execution of a networked application. The term byzantine fault tolerance is used to describe fault-tolerance in computer systems in which failures may be caused by Byzantine faults (i.e., arbitrary faults that are not due to faulty hardware alone, such as software crashes). This is in contrast to the use of more typical terms like "fault tolerance", which implies that only failed hardware is held to be a source of potentially erroneous behavior.

What differentiates VBFT from other consensus algorithms is its tight integration with the governance model of the Ontology blockchain. It’s adapted to operate on the defined parameters of Ontology without affecting the randomness and fairness of the consensus process. With the help of VBFT, public blockchains can improve both performance and scalability. It consequently allows dApp developers to bring out their creativity the best way – the blockchain ecosystem relies on dApp developers hugely. VBFT has a long way to go and it’ll only improve with time.

Here's the Analysis of #POLYX :

#POLYX, just making its strong impulsive move to the upside and breaking out the structural resistance zone of $0.64. There's no reference to the left, so levels are not there for major resistances as its #ATH. So wait for good retracements so ride the move.

#BTC kept on moving within the range and last week gone perfectly as predicted. Price is still range and this week is currently started, with that, now we can expect some strong moves. The current range breakout will lead the directional move in the market.

#ROSE broke the rising wedge pattern and nearly reached the support zone. Now we've 2 zone where price can move up from, One is the current level and 2nd one is from support zone of $0.114 - $0.121. Take the risk accordingly, with proper stops.

Notice on the Withdrawals of Delisted Tokens & Conversion of Selected Tokens to USDT (2024-04-01)
https://www.binance.com/en/support/announcement/b1e997d92c90432fb28cf788f313f3dd

We can also see the dominance of Long-Term Holders is increasing relative to all profit taking events. This behavior pattern is typical of all prior Bitcoin cycles. From this, analysts can start to consider LTHs as an increasingly important cohort when assessing the magnitude of sell-side supply pressure moving forwards.

What is (#PBFT) Proof of Byzantine Fault Tolerance ?

Proof of Byzantine Fault Tolerance (#PBFT) is a consensus algorithm used in distributed systems to achieve #consensus among a network of nodes even in the presence of faulty or malicious nodes. It is specifically designed to handle #Byzantine faults, which refer to arbitrary and #malicious behaviors exhibited by nodes in a distributed network.

In #PBFT, a network of nodes forms a consensus group, and each node takes turns acting as a #leader. The consensus process involves a series of rounds where the leader proposes a value or a set of #transactions, and other nodes in the network vote on the proposed value. #Nodes communicate with each other to reach a consensus on the agreed-upon value.

To achieve Byzantine fault tolerance, #PBFT requires a minimum number of correctly functioning #nodes in the network. As long as a two-thirds majority of the nodes are honest and follow the #protocol, PBFT guarantees that the network can agree on a consistent value, even if some nodes are faulty or malicious.

#PBFT is often used in permissioned blockchain networks, where the participants are known and trusted, and the network operates in a more controlled environment. It provides fast finality, low #latency, and high throughput compared to other consensus #algorithms like Proof of Work (PoW) or Proof of Stake (PoS). However, PBFT requires a higher degree of network communication and is less suitable for open and #decentralized networks.

So, now you're wondering, I've never see any coin using this, Which coin uses this Consensus?

—> This is only the Hot Coin in 2016 - 2017 Bull-Run, which is #NEO Coin.

Here's the Analysis of #FLM :

#FLM is been rejected hard from the Major Resistance Zone of $0.141 - $0.148. Price kept on flipping both side of the zone around $0.127 - $0.200 which is a flip level too. Currently, price broke the supporting trendline, which says bearish words. Market is but unstable so better wait for the opportunities.

#BTC made its rejection from the consolidation range, and made a heavy drop. Price broke through the support zone and tapped into next support zone of $64,800 - $66,050. Sells side is strongly to the downside, so have to wait for the dust to settle down, before entering fresh trades or make any directional bias.

#ENJ continued to push lower and making it way towards the support zone. Well, Price entering there, is our buy zone, but market is very volatile at the moment. A strong bounce is expected from the $0.40 area but take it accordingly.

Our chart tracks supply clusters over time and by coin age, highlighting in blue previous breaks to new ATH prices, signaling a shift to 'red hot supply'. These warmer colors indicate older supply entering circulation, characterizing the 'Euphoria Phase' of Bitcoin bull markets. As prices rise, dormant supply becomes active, reflecting a wealth transfer from long-term holders to new demand. This pattern suggests continued market dynamics favoring higher prices.

What Is an Optimistic Oracle?

An optimistic oracle is an oracle where real-world data is integrated with decentralized systems (e.g. blockchains), and the data is accepted as true if it is not disputed during a certain period. The “optimistic” design differs from a price-feed oracle, where prices are streamed on-chain but without any recourse or error protection.

Because of the unique design, optimistic oracles can be used in different ways than price-feed oracles. In addition to the price of an asset, they can serve arbitrary data, and “long-tail” information requests that might not be feasible for price-feed oracles to support.

The optimistic oracle also protects smart contracts and users against manipulation of the external data feed, since incorrect data can be disputed. This is a unique feature, as other oracle solutions are only as secure as their data feed.

Here's the Analysis of #CELO :

#CELO is been moving down with the market correction and approaching towards the support zone of $0.97 - $1.00. A reaction is expected from the support but market need to slow down a bit, else we'll see a clean break below of the support. Shorting are less probable, buys will play better at some extent.

#BTC tapped into the support deeper till the bottom area and reacted a bit. Price Seems to be hodling the support and might gonna reverse from here. Well, still the dusk is in the air, better wait for the market to stable down.

#ENJ strongly reacted from the support zone and made a decent move. In Hourly TF, price making its structural shift. If you entered there, try to hodl it for a mid-term.