Ontology is a distributed trust collaboration platform that utilizes blockchain infrastructure. Ontology uses a dual token (Ontology Token (ONT) and Ontology GAS (ONG) model. Just like VeChain and VeChain Token, ONT is used for staking in consensus, whereas ONG is the utility token used for on-chain services.
ONT and ONG are now supported on Cobo Wallet.
Ontology and NEO have been working together to build a smart contract ecosystem, NeoVM and NeoContract. NeoContract serves to be a smart contract that is enriched with more functionalities whereas, NeoVM serves to be the decentralized virtual machine, developed with low-coupling architecture which makes its use versatile beyond blockchain industry.
The supply of ONT and ONG will be capped at 1,000,000,000 each. ONT is indivisible while ONG can be divisible to 9 decimal points. All transactions that occur in ONT and ONG MainNet cost 0.01 ONG.
Ontology follows an ONG unbinding model, which means ONT holders will be rewarded with unbounded ONG for every block composed in their blockchain platform (happens every second). Unbounded ONG are distributed accordingly. It is based on users’ ONT holding ratio (the percentage of ONT they are holding in the entire ONT pool). More information about the unbinding model can be seen below.
Under the ONG unbinding model, about 16% of ONG will be unbounded in the first year, a cumulative of 47% in the first four years, and about 82% in the first twelve years.
Following the chart above and given that it has been less than a year since the launch of the ONT MainNet (at the publication time of this piece), 5 ONG is unbounded whenever a block is generated. Gradually, the number of unbound ONG per block will fall and after 18 years, all the ONG will be unbounded. This is further illustrated in the ONG unbinding curve below.
All ONG will be unbounded in around 18 years, and no ONG will be generated thereafter.
Assuming that the user holds 10,000 ONT, according to the ONG unbinding curve equation above, the number of ONG generated is approximately 4.32 per day, 129.6 per month, and 1,576.8 per year.
ONT holders can extract ONG to their address at any time. However, do note that the ONG earned from holding ONT are unbounded.
In Ontology ecosystem, there are 2 types of ONG: Unbounded and Claimable.
Unbounded ONG can only be withdrawn when it is transferred to the Claimable ONG.
In order to transfer your Unbounded ONG to Claimable ONG, you need to make an ONG transaction, one that is tied to your wallet address. Then, the claimable ONG balance will automatically update. (Adding your unbound ONG amount to your claimable ONG amount).
Claimable ONG is the amount of ONG you can claim for a 0.01 ONG fee. This balance will update each time an ONT transaction is made in your wallet address.
Luckily, users of Cobo Wallet don’t need to worry about the difference between claimable and unbounded ONG. Just by holding your ONT in Cobo Wallet, you’ll receive ONG every 24 hours based on your account balance.
August 20, 2019
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