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Ontology Gas (ONG) is one of the two tokens that belong to the dual model (dual token) used by Ontology. It is generated after storing Ontology (ONT) in a wallet or exchange. This token is usually used as a utility token for services in the Ontology blockchain.
The platform was created in 2017 by the Chinese company OnChain. The project was carried out with the developers Erik Zhang, Jun Li and Da HongFei at the head. The same company founded the NEO blockchain.
The main objective of the project was to enable companies to install the blockchain without making major changes to its operation. This would simplify the blockchain integration process and make it affordable for everyone.
This was one of the few platforms that did not launch an ICO (Initial Offer of Crypt Coins) to develop the project. Instead, ONT were given to all NEO holders.
After the launch of Ontology, a new crypto, ONG, was introduced. Its creation was intended to reward users who contribute to the operation of the platform.
How does Ontology Gas work?
Once Ontology MainNet is launched, MainNet ONT periodically launches ONG. The main function of this token is the rewards and motivation of the platform users, although it also acts as a chain currency.
The operation of ONG starts with storing and owning ONT, since the more ONT tokens we have in the wallet the more reward we will receive in ONG. When we hold an official ONT wallet, we will receive the reward at a certain time each day. On the other hand, if the coins are stored in exchange houses, the process will be monthly.
ONG is basically the reward for the users’ work. When a company brings a new blockchain to the platform, Ontology rewards it in the form of an ONG, encouraging users to continue collaborating.
The platform accepts both private and public blockchains. This platform has three fundamental protocols for its operation. These are ONT ID with the digital identity, the second process is ONT Data, a process in charge of data exchange and smart contract management. Finally, ONT Scores is the process in charge of credit evaluation and logistics.
If you decide to buy ONG you will need a wallet to store this crypto currency. Among the most recommended wallet options are the hardware wallet Ledger Nano and the physical wallet Trezor Model X.
If you want to know how to buy ONG or where to do it, of course we will recommend you to buy ONG in Bitnovo. And this is not simply because we are inside the brand’s blog, but because Bitnovo is really a fast and safe way to do it.
Our goal as a company is to make it possible for a person who just entered the crypto world to buy any crypto currency in a matter of minutes, without experiencing the problems that most crypt exchanges have.