The Beginner’s Guide to Ontology Gas (ONG)

The Ontology Gas coin or ONG coin is the second utility token for the Ontology blockchain network. The Ontology blockchain project is one of the leading projects in the domain of Web 3, focused on developing identity and security solutions for businesses worldwide.

Ontology Network – an overview

The Ontology blockchain network is focused on Web 3 solutions for identity and data security for businesses. As per the Ontology website, Ontology is a high-speed, low-cost blockchain that gives businesses the “flexibility to build blockchain-based solutions that suit their needs, while also ensuring regulatory compliance.”

What is Ontology Gas and what is it used for?

The Ontology network has two utility tokens – ONT and ONG. ONT or Ontology coin is the governance token that gives ONT holders the rights to govern the Ontology network and determine future changes. The ONG or Ontology gas coin is the utility token used for facilitating transactions on the Ontology network. Every transaction on the Ontology network costs a fixed amount of ONG fee.

Ontology network products for using ONG

The Ontology network has several products which require ONG coin holdings to use them. Here are some of the Ontology network products where ONG is used –

1.     ONT ID – This is the identity protection solution offered by Ontology. It helps users protect their identity data on the blockchain and prevents malicious users from hijacking or stealing such data.

2.   Wing Finance – This is a DeFi or decentralised finance platform that enables users to lend and insure collateralized loans based on a blockchain-based borrower reputation system.

3.   SAGA – This is a secure data marketplace, powered by the Ontology network, which enables users to monetize and purchase data securely.

How to receive Ontology Gas?

Ontology Gas coins are rewarded as staking rewards to all ONT holders. The Ontology network enables users to stake their ONT coins in two ways – as a node or as a regular staker. As a proof-of-stake coin, the ONT holders receive ONG staking rewards based on the value and duration of their ONT stake. Users can also swap their ONT holdings into ONG by using the ONTO Wallet, Ontology network’s own wallet built for ONG and ONT.

ONG release curve and tokenomics

ONG coins have a fixed supply limit of 1,000,000,000. The Ontology network has fixed the rate of release of ONG every year. In an 18-year release schedule, ONG will reach the capped supply limit of 1,000,000,000. The ONG coin release will drop off significantly in the later years, thus enhancing the value of the token long-term. Therefore, early adopters of the ONG coin stand to gain the most as the Ontology network’s popularity increases.

ONG Future Outlook

Privacy and data theft have become issues of paramount importance in recent years. Ensuring the security of all types of individual and enterprise data is crucial for businesses. The Ontology network is developing unique blockchain-based solutions to solve this massive problem for businesses worldwide.

As the network gets adopted by more and more big names across industries, the need for ONG coins to facilitate transactions on the Ontology blockchain will increase. Thus, the future of the ONG coin holds a lot of promise.

How to buy an ONG coin?

If you also believe in a future where identity and data privacy are secured with the help of technology, then you can become a part of it by investing in the ONG coin. You can purchase the ONG coin in a few minutes on Zebpay, India’s leading crypto exchange.