ONG is one of the two ontology tokens, the other one is ONT. The functioning of the ontology is ensured by the participation of all nodes. It protects the whole network by compensating all nodes with ONG cost of operation as recompense for their participation in the network. ONG is utilized as an on-chain value anchoring mechanism and leveraged in chain transactions.
About Ontology Gas
The second utility token of the Ontology network is Ontology Gas (ONG), which gives the right to use the Ontology network. It is provided by the MainNet ONT since the MainNet Ontology was established on June 30, 2018. The functioning of the ontology is ensured by the participation of all nodes. It protects the whole network by compensating all nodes with ONG operation costs as recompense for their contribution to the network.
What is Ontology Gas [ONG]?
Ontology is an open-source blockchain that specializes in digital identity and data. Ontology's architecture enables cross-chain cooperation and Layer 2 scalability, giving companies the freedom to create a blockchain that meets their specific requirements.
Ontologies' features include ONT ID, a mobiles digital identity and DID software utilized across the whole ecosystem, and DDXF, a decentralized data exchange and collaboration framework with a suite of decentralized identity and exchange protocols for improving speed, security, and integrity.
Ontology has a dual-token paradigm, with ONT and ONG serving as utility tokens. To reduce the danger of turbulent changes in the native "asset" value on the gas fee, Ontology decouples ONT from ONG. ONT is utilized as a staking tool, with time, staking charges, and node operation cost as inputs. On-chain apps employ ONG as a value-anchoring tool, and transactions on the chain use it as well.
Who Are the Founders of Ontology Gas [ONG]?
Ontology Gas is developed by two co-founders namely Li, and Andy. Ontology's founder (ont.io). Li belongs to a well-educated family. He was a computer engineer. He holds a degree of MS in Communication Engineering, an MBA, and a PMP. He has 17 years of expertise in IT and Fintech. Li has worked for prominent worldwide IT businesses as well as major Chinese financial exchanges. He has been engaged in the architectural design and technical administration of many important systems.
Andy has a lot of experience working with blockchain technologies. He contributed extensively to the blockchain group at Wanda, one of China's largest megacorporations, and is a chairman of Hyperledger, a representative member of ISO/IEC in China, and Deputy Director of the Ministry of Industry and Information Technology of China's Blockchain Technology. Andy has published many books on the blockchain, particularly blockchain technology manuals. He is also engaged in research associated with blockchain white papers and blockchain guidelines by China's Ministry of Industry and Information Technology.
What Makes Ontology Gas Unique?
A new form of currency was added to the network with the introduction of the Ontology MainNet. This was the Ontology Gas token (ONG), which was created specifically for the Ontology network. ONG was developed as a reward for platform users who contribute to its functioning. Members can receive trading fees in the form of ONG by participating to the network and creating new blockchains. This method encourages users to stay connected to the network.
Ontology platform is gaining popularity because it allows organizations to utilize both private and public blockchains. Because it is not a single blockchain, the Ontology network gives users freedom over how and with whom they exchange data via blockchain. This is one of the primary reasons why ONT is so appealing to businesses: it permits for separate chains and hence serves numerous functions.
Another distinguishing aspect of the Ontology platform is the implementation of a novel consensus method known as VBFT. Simply defined, a consensus mechanism is a method by which blockchains validate and verify transactions without the involvement of a third party, allowing them to become trustless environments. The VBFT method is a hybrid of three distinct consensus models: Proof-of-Stake (PoS), Byzantine Fault Tolerant (BFT), and Verifiable Random Function (VRF) (VRF). Since a result of this innovation, Ontology's developers believe that the platform will be able to perform thousands of transactions per second, as the VBFT method allows for cheaper and quicker transactions.
Where Can You Buy Ontology Gas [ONG]?
You can find ONG from many exchanges. If you're wondering where to purchase ONG, the main platforms for trading ONG right now are Binance, Upbit, HitBTC, BKEX, and Gate.io.
Frequently Asked Questions
Is it possible to purchase ONG with cash?
No. It is not possible to purchase ONG with cash. You can, however, utilize markets such as LocalBitcoins to first acquire BTC, and then complete the remainder of the procedures by moving your BTC to the appropriate AltCoin exchangers.
Is Ontology Gas [ONG] a good investment?
Yes, the ONG price is expected to rise, and it will be an excellent investment, according to our value projection and technical analysis.
On what factors the price of the Ontology Gas [ONG] Depends?
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact ONG’s price and market cap.
Ontology Gas Official website – https://ont.io/
Ontology Gas Medium – https://medium.com/ontologynetwork
Ontology Gas Twitter – https://twitter.com/OntologyNetwork
Ontology Gas Reddit – https://reddit.com/r/ontologynetwork