Buy Ontology Gas (ONG)

Ontology Gas (ONG) is one of two tokens used within the Ontology blockchain ecosystem. Ontology itself is an open-source blockchain platform designed to improve data privacy, identity management, and interoperability between different blockchains. The platform enables users and enterprises to create secure blockchain solutions, with a strong emphasis on data security and trust.

ONG plays a vital role in the functioning of the Ontology blockchain. While the other token, ONT, is used for governance and staking, ONG serves as the “fuel” of the network. Users pay with ONG to make transactions, similar to gas fees on the Ethereum network. Every time a user sends tokens or executes a smart contract, a transaction fee in the form of ONG is charged.

ONT is primarily focused on securing the network through staking and governance, while ONG is generated as a reward for ONT stakers. This dual-token model minimizes the volatility of transaction fees and provides a more stable user experience. This makes the Ontology platform attractive to both developers and enterprises who want to leverage the benefits of blockchain without the high fees and instability that other platforms can have.

Since the launch of Ontology’s mainnet in 2018, ONG has become an integral part of the network. In addition to transactions, ONG is also used within Ontology’s other protocols, such as the ONT ID system (for decentralized identity management) and DDXF, a platform for decentralized data exchange.

Who founded Ontology Gas?

Ontology Gas (ONG) was founded by Jun Li and Andy Ji, two experts in blockchain technology and finance. Jun Li, co-founder and CEO of Ontology, has an extensive background in blockchain development and led the founding of Ontology. He heads the team in Shanghai, which is responsible for the further development of the project. Andy Ji, co-founder and Chief Strategy Officer, brings his experience in the blockchain and finance industry to drive Ontology’s strategic growth.

A key pillar of the Ontology ecosystem is ONT ID, a decentralized identity management platform that allows users to verify their identity without handing over their data to third parties. This self-sovereign identity (SSI) gives users full control over their personal information.

In addition, Ontology includes the DDXF protocol, a decentralized platform for tokenizing and securely exchanging data. This allows both businesses and individuals to share data securely. The ecosystem also supports smart contracts and advanced blockchain solutions, making it particularly suitable for businesses that want to benefit from blockchain technology without compromising on security.

Ontology Gas (ONG) has several important applications and functions within the Ontology ecosystem:

• Transaction fees: ONG is used to perform transactions including sending tokens, executing smart contracts, and interacting with dApps on the Ontology network.
• Staking rewards: Users who stake ONT will receive rewards in the form of ONG. This incentivizes users to secure the network and actively contribute to the blockchain’s operational activities.
• Network fees: Every time a user uses a service or application within the Ontology ecosystem, network fees are paid in ONG. This ensures the efficient operation of the network.
• dApps support: Developers can use ONG to pay the gas fees required for interactions within their decentralized applications (dApps).

Ontology Gas (ONG) plays a crucial role in the dual token structure of the Ontology ecosystem. The model consists of two tokens: ONT and ONG. ONT is used for governance and staking within the network, where users can vote on updates and changes. Users who stake ONT receive ONG as a reward, which incentivizes network participation and strengthens the security of the network.

Transaction fees and staking

With every transaction on the Ontology network, a small amount of ONG is burned as a gas fee, gradually reducing the total supply of ONG. This creates scarcity, which supports the long-term value of ONG, especially as the network grows.

Additionally, users who stake ONT will receive rewards in the form of ONG. This allows users to earn passive income while contributing to the security and stability of the network.

Technical operation of Ontology Gas

Ontology uses an advanced consensus method called Verifiable Byzantine Fault Tolerance (VBFT). This method combines elements of Proof-of-Stake (PoS), Byzantine Fault Tolerance (BFT), and Verifiable Random Function (VRF) to ensure secure and efficient network operation. VBFT allows Ontology to process thousands of transactions per second, making it significantly faster than traditional blockchains such as Bitcoin and Ethereum.

Additionally, network scalability can be improved through techniques such as sharding, where transactions are split into smaller parts to further increase throughput.

ONG acts as the gas fee for all transactions within the Ontology network and is generated as a reward for users who stake ONT. There will be a total of 1 billion ONG tokens in circulation, which will be released gradually through staking rewards and network activity.

The distribution of ONG tokens follows Ontology’s dual-token model, which ensures a balanced and fair distribution of tokens among the community and users. When a user stakes ONT, a percentage of the generated ONG tokens is allocated as a reward. These rewards gradually decrease as more tokens are released, which helps maintain the value of ONG.

There has been no initial token sale (ICO) for ONG tokens, which contributes to organic growth within the community and reduces the risk of inflation due to oversupply.

Staking Ontology Gas (ONG) works a little differently than traditional cryptocurrencies. Instead of staking ONG directly, users need to stake ONT tokens in order to receive rewards in the form of ONG. This means that you need to own ONT tokens, which can be staked via the official Ontology wallet, such as the ONTO wallet, or via third-party wallets that support staking.

The process is simple: users store their ONT tokens in a wallet and choose to stake them. After staking, they receive rewards in the form of ONG periodically, depending on the amount of ONT staked and the duration of the staking. By staking, users contribute to the security of the network and earn passive income at the same time.

The following properties make Ontology Gas (ONG) unique within the blockchain ecosystem:

• Dual-token model: Ontology's dual-token model splits governance (ONT) and transaction fees (ONG). This reduces the volatility of gas fees, providing a more stable experience for users.
• Self-sovereign identity (SSI): Ontology provides users with full control over their digital identity, protecting them from data breaches and giving them autonomy over their personal data.
• High transaction speed: Thanks to the Verifiable Byzantine Fault Tolerance (VBFT) consensus mechanism, Ontology can process up to 4,000 transactions per second, making it faster than many other blockchains.
• Interoperability: Ontology is compatible with multiple blockchains, including Ethereum, increasing its functionality within the broader crypto ecosystem.
• Decentralized data exchange: The DDXF protocol allows users and enterprises to securely tokenize and exchange data, making Ontology attractive for business applications.

You can buy Ontology Gas (ONG) via Bitvavo. Our platform is suitable for both novice and experienced crypto traders. Follow these steps to buy ONG via our website or app:

1. Register or log in to your Bitvavo account.
2. Make a deposit by clicking "Deposit" and choosing a preferred payment method.
3. Head to the Ontology Gas (ONG) purchase page.
4. Enter the amount in Euros you want to invest or select the number of ONG tokens you wish to purchase and click "Buy".

The current market rate determines how expensive the Ontology Gas tokens are at the moment. After completing the transaction, ONG tokens are immediately and automatically added to your Bitvavo account, where you can manage or trade them. In your account, you can also sell ONG tokens.

Looking to store your Ontology Gas (ONG) safely? Bitvavo offers a reliable solution for storing cryptocurrencies. The majority of funds are securely stored in offline cold storage, which provides an extra layer of protection against potential security risks. Additionally, we recommend enabling two-factor authentication (2FA) for extra security when logging in.

If you choose to store your ONG tokens in an external wallet, many software and hardware wallets support Ontology Gas. Make sure to add the wallet address to your Bitvavo account first before sending your tokens to the external wallet.