The Ontology blockchain, a business-focused, high performance (can handle multiple transactions at once) blockchain that focuses on tackling issues like identity security and data integrity, is powered by two cryptocurrencies, one of which is called Ontology gas (ONG) (accuracy and consistency of data).
Visit our article on ontology coin for more details regarding the Ontology project.
On June 30, 2018, the Ontology project launched its mainnet, or changed from utilising another blockchain (NEO) to its own native blockchain. This is when Ontology gas was first created.
What is Ontology Gas Used for
The Ontology coin (ONT) offers its owners two benefits in the Ontology ecosystem:
Governance rights: Participate in decisions that affect the network, for example.
Staking rewards – By staking, or locking up, your ONT, you aid the network’s security by assisting in transaction verification. In exchange, the network gives you an ONG.
On the other side, Ontology gas can be viewed as a “toll fee” for using the Ontology network or “highway”. It’s comparable to gas on Ethereum in this regard. However, the Ontology network requires you to pay for network usage (such as initiating a transaction) using a different token rather than the primary cryptocurrency, ONT, as you would with Ethereum (paying in ETH) (ONG).
As previously mentioned, staking ONT earns ONG rewards for ONT stakers. This means that even if you don’t use the Ontology platform for its intended use cases, such identity security, ONG still presents an intriguing potential.
Even if you just utilise ONT for staking rewards, you may still benefit from your contribution to network security by staking it and earning “passive” ONG income.
In fact, the benefits aren’t that awful; according to the ONG rewards calculator ONTCalc, you may anticipate a yearly “interest” rate of about 4% on the ONG you earn on your ONT.
That’s not a bad use of your money when compared to the typical US bank savings account interest rate of 0.06% (ONG pays almost 67 times more annually). especially when you take into account that
ONT is one of the top 25 cryptocurrencies by market capitalization (the product of a cryptocurrency’s price and its useable supply).
Onchain, the organisation behind the Ontology project, is also responsible for NEO, one of the top 20 cryptocurrencies.
Onchain was listed among the top 50 Chinese fintech businesses by KPMG, one of the Big Four accountancy firms.
For Alibaba, Onchain has worked on blockchain solutions (Chinese Amazon.com)
also more
Overall, generating ONG with ONT is a wonderful method to use your cryptocurrency to make extra income.
How to Receive Ontology Gas (How to Get Gas with Ontology)
With the Exodus Ontology Wallet, you may now stake your ONT for free!
Ontology Gas Wallet
You’ll need a wallet that supports accepting ONG via staking in order to begin earning it.
Exodus’ Ontology wallet is an excellent choice if you want something that not only supports ONG but also more than 100 other cryptocurrencies. Here is what it looks like to claim that an organisation is Exodus:
We advise using the official wallets provided by Ontology if you want to utilise an ONT/ONG specialised wallet:
What is Unbound Ontology Gas
You will see something called Unbound ONG, or Unbound Ontology Gas, while checking your Ontology wallet address in an Ontology block explorer (which displays information like all the transactions on the Ontology blockchain).
Unbound ONG is ONG that was generated by your staked ONT but has not yet become claimable ONG. Only when you complete an ONT transaction does ONG transition from Unbound to Claimable. If your Unbound ONG is Claimable after you complete an ONT transaction, you can claim it for a 0.01 ONG cost (required for all Ontology network transactions, whether they involve ONT or ONG).
Ontology Gas Generation Rate (When Will Ontology Produce Gas)
Since the confirmation period for an Ontology block, or collection of transactions, is 1 second, Ontology generates gas every second. Transactions are verified every second, and the ONT stakers that assisted in verifying the transaction are rewarded.
This figure illustrates how many Ontology Generated Objects (ONG) are generated (unbound/unlocked) from Years 1 through 18 of Ontology Launch (after 18 Years, no new ONG will be generated):
As you may have seen, the network’s first two years (we are currently in year 2) saw a greater release of ONG. This implies that early users receive generous rewards, which is comparable to how Bitcoin first functioned. Back then, mining Bitcoin was simpler and the block reward—the amount of Bitcoin awarded to miners for each completed block—was significantly bigger.
Additionally, each Ontology block generates 1 to 5 ONG (depending on the year), but the amount of ONG you receive is inversely proportional to the amount of ONT you own and stake (the more ONT you own, the more ONG you’ll receive). This is due to the fact that other individuals are attempting to obtain ONG by staking their ONT (vs. you earning 1-5 ONG every second).
For instance, you will receive 1261.44 of the 126,144,000 ONG created in year 2 of the Ontology protocol if you own 10,000 ONT (.001% of the entire 1 billion ONT supply;.001% of 126,144,000 is 1261.44). 1261.44 ONG per year equals 105.12 ONG per month, or 3.5 ONG each day (assuming an average of 30 days.
Ontology Gas Calculator
ONTCalc is an Ontology gas calculator that will perform the math for you if you don’t want to do it yourself in order to determine your individual Ontology gas generation rate.
Do I Need Gas to Transfer Ontology
Any Ontology transaction, including transferring ONT or ONG or claiming ONG, requires 0.01 ONG, as was previously stated. While it may seem absurd that you must pay for gas in order to claim it, it makes sense when you realise that “claiming” an ONG is actually recording a “transaction” on the Ontology blockchain (there is a history of who claimed what ONG when).
How to Buy Ontology Gas
You have a few options if you simply want to know where to buy Ontology gas and aren’t interested in staking ONT to gain ONG.
If you already have crypto
Download Exodus to convert your cryptocurrency (such as Bitcoin) into ONG if you already have any. Visit our post on how to trade for a simple guide on how to do that (click here for the mobile tutorial).
If you don’t have crypto
Popular centralised exchanges that allow you to acquire cryptocurrency with government funds include Coinbase, Kraken, and Bitstamp if you don’t already have any cryptocurrency and need to buy some using government-issued money like dollars or euros. LocalBitcoins, Paxful, and Bisq are all viable peer-to-peer choices.
On the same exchange where you purchased your Bitcoin, once you have some cryptocurrency such as Bitcoin, you can use it to purchase ONG (if they support ONG). If not, you can transfer your Bitcoin to a different exchange and use it there to purchase ONG. Here is how to receive cryptocurrency using your Exodus wallet if you decide to send Bitcoin to it and purchase ONG with it.
Ontology Gas Circulating Supply
Ontology Gas circulation supply estimates range widely from 60.5 million ONG to 157.8 million ONG, therefore there isn’t a precise number available.
However, if you study the first image from the prior article’s section on “Ontology Gas Generation Rate” (reproduced below) and consider that:
Year 2 of the Ontology protocol has passed.
The Ontology protocol’s first year produced 157.68 million ONG.
However, if you study the first image from the prior article’s section on “Ontology Gas Generation Rate” (reproduced below) and consider that:
Year 2 of the Ontology protocol has passed.
The Ontology protocol’s first year produced 157.68 million ONG.
So somewhere between 157.68 and 283.82 million ONG of gas are circulating in Ontology (the amount that will be generated by the end of year 2).
However, that estimate may vary based on whether you count ONG that is unbound or claimable as part of the circulating supply (instead of ONG that has been bound and/or claimed).
Ontology Max Supply
ONTs have a maximum supply of 1,000,000,000 and are not divisible. Ontology gas has a maximum supply of 1,000,000,000, however each ONG is divisible to nine decimal places (each ONG contains 1 billion subunits of ONG).
In other words, ONG (or at least its subunits) are more readily available than ONT. As a result, early ONT adopters may stand to gain a significant amount of ONG if Ontology becomes increasingly popular and there are fewer and fewer ONT available.
Therefore, it makes sense to purchase Ontology token and begin earning ONG if you believe that Ontology will be a useful blockchain network in the future.
Download the Exodus ONT wallet right now if you want a 1-click wallet to earn ONG.
Informational only, this content does not constitute investment advice. Before entering into any transaction, you should seek advice from a skilled, licenced advisor.
