HomeLearnWhat Is Ontology Gas (ONG)?

What Is Ontology Gas (ONG)?

- Advertisement -spot_img

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.

Is Ontology Gas A Good Investment
CoinMarketCap

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.

The Ontology Gas Whitepaper

Ontology Gas released a whitepaper packed full of information which includes problems and solutions they are trying to solve, information surrounding the token they launched, the technical aspects behind the project, the project timeline they are working towards and formal introductions from the founders, employees and advisors.

If you want to read the Ontology Gas whitepaper click on the button below.

How Many Ontology Gas (ONG) Coins Are There in Circulation?

Ontology Gas has a total supply of 1 billion ONG coins.

How Can You Buy Ontology Gas (ONG) Coins?

It’s actually quite easy to buy ONG. All you need to do is follow these four basic steps:

  1. Create an account on a cryptocurrency exchange that lists ONG. Below we share some of these exchanges.
  2. Complete the identity verification process. Some exchanges require a scan of an identity document such as a passport or driver’s license.
  3. Transfer money from your bank account to the crypto exchange. The exchange may accept other payment methods, but bank account transfers typically have the lowest fees.
  4. Once the money is available in your account with the exchange, select the “buy” option to purchase ONG.

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.

  • Binance
  • AAX
  • MEXC
  • DigiFinex
  • Gate.io
Disclaimer: All images, branding and wording is copyright of Ontology Gas. All content on this page is used for informational purposes only. CoinCitrus has no affiliation or relationship with the coins, projects or people mentioned on this page.
- Advertisement -spot_img
Gabriel Santos
Gabriel Santoshttps://gabrielsantos.eth
Gabriel has over 15 years of experience trading various asset classes as a full-time technical analysis trader. He was first introduced to cryptocurrency in 2017 and was immediately hooked. Aside from analyzing charts, Gabriel enjoys going to the gym and lifting weights.
- Advertisement -spot_img
Stay Connected
16,985FansLike
2,458FollowersFollow
61,453SubscribersSubscribe
Must Read

What Is Chainlink (LINK)?

- Advertisement -spot_img
Related News
- Advertisement -spot_img