What is Ontology Gas (ONG)? Blockchain for Identity and Verification

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Bittime - Ontology is a public blockchain platform designed to increase trust and efficiency in a variety of industries. The platform offers solutions to the scalability , security, and privacy issues that traditional blockchains face. 

Purpose of Ontology Gas (ONG)

Ontology aims to be the platform of choice for decentralized applications (dApps) that require verified identities and secure data exchange.

Also Read myDid: Secure and Decentralized Digital Identity Solution

Ontology Gas (ONG) is a utility token used to power various services on the Ontology platform. 

This Token Is Used For

• Paying fees: ONG is used to pay transaction fees, data storage and use of other services on the Ontology platform.

• Staking: ONG holders can stake their tokens to earn rewards and help secure the Ontology network.

• Governance: ONG is used to vote on governance proposals and determine the future of the Ontology platform.

Tokenomics Ontology Gas (ONG)

Ontology tokenomics is a bit more complex than most cases in the cryptocurrency world because it is a dual token system. As such, it has two different native tokens, Ontology (ONT) and Ontology Gas Network (ONG).

The supply of ONT tokens is 1,000,000,000 ONT. About 87% of the entire token supply is already in circulation. Most ONT tokens were slowly unlocked over a two-year period, ending at the end of October 2020.

At the time of airdrop and launch, tokens are distributed as follows:

• Allocated to core team: 15%
• Dewan NEO: 10%
• Ontology community: 12%
• Institutional partners: 28%
• Technical community: 10%
• ONT ecosystem development: 25%

Both tokens help the project to work with fast, high-volume, low-cost and scalable transactions. Both are important to the project, but serve different purposes. The primary token, ONT, functions as a transfer of value across the network as well as a store of value.

ONT can also be staked, meaning stakeholders can earn ONG as a reward. It also allows stakeholders to vote or make proposals for improvements or anything related to project governance. It is also interesting to note that ONT is not divisible. This means it cannot be split, for example into half an ONT.

Up-to-date data related to ONT staking. Source

Token kedua, Ontology Gas Token (ONG) , diluncurkan ketika mainnet Ontology mulai aktif. Itu dibuat sebagai sistem penghargaan bagi pengguna karena mereka dialokasikan dan didistribusikan sebagai biaya transaksi dalam bentuk ONG. Hal yang sama juga berlaku bagi pengguna yang berkontribusi terhadap pengoperasian platform secara keseluruhan. Contoh yang baik adalah penerapan kontrak pintar, yang juga menggunakan ONG dalam prosesnya. Sistem dengan demikian memberi penghargaan dan mendorong para pengguna yang aktif dalam jaringan.

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Coin Ontology Gas (ONG) Market Predictions

ONG price has experienced significant volatility since its launch. In April 2021, the price peaked at $11.74, but then fell drastically. Currently (February 21, 2024), the price of ONG is at $0.6352 USD.

Experts have mixed predictions about ONG's future. Some experts believe that ONG has the potential to achieve great value due to its innovative technology and scalability. Other experts are more cautious and warn about the risks associated with the volatile cryptocurrency market.

Founder and Ontology Team

Ontology was founded by Li Jun (CEO), Da Hongfei (CTO), and Erik Zhang (COO). The Ontology team consists of experienced professionals with backgrounds in blockchain, network technology, and software development.

Conclusion

Ontology Gas (ONG) is a promising blockchain platform with a lot of potential. The platform offers innovative solutions to the scalability, security, and privacy issues facing traditional blockchains. However, it is important to remember that the cryptocurrency market is still volatile, and there are risks associated with investing in ONG.

Before investing, it is important to do your own research and understand the risks involved.

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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.