The Ontology Gas blockchain is bringing trust, privacy, and security to Web3 through decentralized identity and data solutions.
What Is Ontology Gas (ONG)?
Ontology Gas is the native cryptocurrency of the Ontology blockchain. It is used to pay for transaction fees and gas costs on the network. ONG can be staked, which allows users to earn rewards for participating in the network. The Ontology Gas cryptocurrency is an important part of the Ontology ecosystem and has a wide range of uses.
Ontology is dedicated to constructing an open source blockchain where trust is systematically generated, streamlined, and fully integrated. It will serve as an infrastructure providing collaboration of trust sources, interconnection of data sources, and distribution of various application services. They also allow businesses to create blockchains that suit their needs which helps give flexibility.
Ontology has a dual-token system in place, using both ONT and ONG tokens as utility. It basically decouples ONT and ONG in order to decrease the fluctuations of the native asset value on the gas fee. ONT is purposely used for staking and operating costs of the nodes, while ONG is used as a value-anchor tool for on-chain applications and also transactions within the blockchain.
How Does Ontology Gas Work?
The backend of Ontology runs based on the Ontorand Consensus Engine (OCE), which relies on a mechanism called Verifiable Byzantine Fault Tolerance (VBFT).
VBFT is a combination of Proof-of-Stake (PoS), Verifiable Random Function (VRF), and Byzantine Fault Tolerance (BFT). As a result, VBFT deepens the scalability of the PoS mechanism, ensuring additional security through the VRF node process, and delivering finality rates with BFT.
Ontology has also delivered essential features to the ecosystem including the ONT ID, which is a digital mobile ID application and DDXF, a decentralized data exchange and collaboration framework.
Ontology is working toward the development of an international cross-chain network system that brings all parties together along the entire economic value chain to achieve the true potential of blockchain.
The History Of Ontology Gas
Jun Li is known as the founder of Ontology Gas and is a world-renowned blockchain architect with a focus on Fintech and IT.
The Ontology Gas mainnet launched in August 2018.
Is Ontology Gas (ONG) A Good Investment?
The project is still in its early stages, but if successful, it could have a major impact on how digital identity and data is conserved.
As for the price of the ONG token, the highest that it has ever reached is $2.65 back in September 2018 and peaked again to $2.45 in May 2021, and then a few months later it dropped and is now sitting below $0.50, which makes you wonder if ONG will see another all time high in the future.
Should You Buy Ontology Gas (ONG)?
By owning ONG, users are able to participate in the suite of products and services built within the Ontology Gas ecosystem.
If you have done research on the team, vision, whitepaper and you are satisfied with what Ontology Gas has accomplished so far, then potentially it could be a great investment for the long term. Perhaps invest small, and wait for market direction before buying more.
Cryptocurrencies can be risky, so invest wisely and be careful with your hard earned money. As a rule of thumb, never invest money you can’t afford to lose.
How Many Ontology Gas (ONG) Coins Are There in Circulation?
Ontology Gas has a total supply of 1 billion ONG coins.
Where Can You Buy Ontology Gas (ONG) Coins?
If you would like to purchase some ONG coins, below are a handful of cryptocurrency exchanges which list them.