Ontology Coin: A proof of stake coin rewarding users with ontology Gas for securing network with ontology coin
Ontology Coin: A proof of stake coin rewarding users with ontology Gas for securing network with ontology coin

By quintomudigo | cryptoforex street | 3 Oct 2019

$0.25 tipped




ontology.png  

Ontology coin is a native cryptocurrency of the Ontology blockchain network platform created on the Ontology blockchain network platform whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset. Ontology coin was mainly created to enable different developers to be able to build their Dapps on the Ontology network using different programming languages such as python, Java, javascript and C+. Unlike other networks where developers  use the native coin to pay for the service fees for running their Dapps, on Ontology network, that is not the case. Instead, there is another utility coin called Ontology gas which developers use it to pay for service their Dapps receive on  the Ontology blockchain network.  Developers also  use the ontology Gas coin  to create and issue the tokens of their Dapps thus enabling users of those Dapps to earn those tokens after which they will be able to exchange them back to ontology Gas coin or ontology coin. The ontology coin will also be used by different nodes to run and secure the Ontology network as well as validate transactions provided they unlock them on the staking wallet thus in return they receive reward in form of ontology Gas coin. Different consensus stakers can also purchase the Ontology coin take them to their Ontology verified node wallet, lock them there thus in return they also receive reward in form of Ontology Gas coin. This makes the Ontology coin to serve as a proof-of-stake coin thus enabling nodes and consensus stakers to earn Ontology Gas coin  based on the Ontology coins they lock. The more your staking the more the reward you will be receiving.

Ontology coin transaction 

Ontology  coin transaction takes place on the Ontology blockchain explorer based on block height and timestamp.  Here is a view of Ontology Gas coin transaction;

  ontology transaction.png    

To view how the transaction takes place at OntologyGas blockchain explorer, simply follow the link below;

https://explorer.ont.io  


Date Launched  

Ontology coin project was started in 2017 but was launched in 2018 with the main objective of allowing different Dapps to be built on its blockchain network  as well as allowing different masternodes to be rewarded with ontology Gas coin (ONG) by running the network using their locked Ontology coin(ONT)

Founder Of Ontology coin

Ontology coin was created by Li jun Tommy who is a Shanghai based  blockchain technologist with the main objective of becoming a native coin for its Ontology blockchain network thus allowing different Dapps being build thus allowing Dapps creators to also use the coin to run their Dapps on the network thus in return the receive reward in form of Ontology Gas coin. Li Jun also created the Ontology coin so that it can be used by different Dapps to create and issue their tokens on the Ontology blockchain.  

Process of creating Ontology coin  

Unlike cryptocurrencies like bitcoin and Ethereum which are released through the mining process using power supply and internet using the proof-of-work consensus, for Ontology coin, that is not the case.  Instead, Ontology coin was created to become proof of stake coin. During its launch part of the 1,000,000,000 ontology coins were distributed to several ontology community members as well as partners and cofounders while unknown  remaining amount will be distributed later to its community member. Unlike in other crypto staking, where the same coin is being rewarded to users for using them to secure the network, for Ontology, that is not the case. There are two coins in ontology ecosystem, the Ontology coin and the ontology Gas coin. Ontology coin is the native coin of ontology network and is the one that is used to secure the ontology network while Ontology Gas coin is the utility coin for ontology network thus is used to pay for service offered by Ontology network. Therefore, Users can stake their ontology coin as solo staker or they can decide to lock them in a node thus they will be used to secure the ontology network as well as to validate transactions taking place at the Ontology blockchain network thus in return they receive reward in form of ontology Gas coin being generated or the one being used to pay for transaction cost . The more your staking the the reward you will receive. To become a staker, you need to have atleast 500 Ontology coin in your staking wallet while to become a node you need to have a 24 hour internet connection as well as a minimum of 200,000 ontology coins. Here is how the Ontology staking process looks like;  

 

ONTOLOGY STAKING.png  

If you want to become a consensus staker or want to participate as a node to secure the network using your staked ontology coin thus in return you receive reward in form of ontology Gas, then you can join them from below; https://onto.app/  

Maximum circulation of Ontology coin 

According to Ontology white paper, the maximum amount of Ontology coin that should be circulating in its Ontology blockchain network is capped at 1,000,000,000 coins. Out of this amount, 65.5% will be unlocked while 34.5% is the one which can be unlocked in order to take part in securing the network thus in return they receive reward in form of Ontology Gas coin(ONG).  During its launch, 120,000,000 coins were set aside to be issued to the community members in form of airdrop over a given period of time for performiing specific task while another 280,000,000 coins were set aside for partnership with other projects.Another 100,000,000 million coins was set aside to be issued to council members of the NEO project while another 250,000,000 for the Ontology ecosystem development .Another 100,000,000 coin was set aside for Ontology technical community reward while the remaining 150,000,000 coins was set aside for the Ontology core team members. Here is how the  Ontology Supply distribution looks like;  

ontology supply.png      

Ontology coin Price

Currently, 1 ontology coin is worth more than $0.6 and its price is expected to increase over the next period of time. Ontology coin is being abbreviated as ONT.

 

Converting my Ontology  coin to other cryptocurrencies

To convert your Ontology  coin to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Ontology Gas coin to Bitcoin or Ethereum. Here is a list of exchanges where you can easily exchange your Ontology coin to your favorite cryptocurrencies;   https://www.kucoin.com/  

https://www.binance.com/en 

 https://www.gate.io/

https://international.bittrex.com/ 

 https://www.mxc.co/

Storing my Ontology  coin

To store your Ontology Gas coin, you need an  Ontology Gas coin wallet. You can either store online or offline. To store your Ontology coin online, you can either download their windows wallet or Appstore wallet t. To secure your Ontology Gas coin from being stolen by hackers, you can use ledger Nano wallet.  

Transferring my  Ontology coin to other Users

If you want to transfer your Ontology coin to another user, the two of you must have trust in each other. The trust should be the Ontology  coin address provided for by the receiver while the sender must have the Ontology coin balance in their account to send to the receiver. For the sender, a blank space to insert the receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;

  ONTOLOGY 2 SENDER.png

  ONTOLOGY 2 RECEIVER.png

    Knowing more About Ontology  coin

If you feel that you need to learn more about Ontology coin, then you can follow them on their site. Here is the link redirecting you to Ontology coin platform website 

https://ont.io/  

You can as well read their white paper to learn more about their idea from below

https://dev-docs.ont.io/#/docs-en/DeveloperGuide/06-white-papers  

You can also join as a community member in any of their social media platform from below to follow the discussion made by other community members;

Telegram: https://t.me/OntologyNetwork

twitter:https://twitter.com/OntologyNetwork

facebook:https://www.facebook.com/ONTnetwork/

linkedin:https://www.linkedin.com/company/ontology-network-official/

medium:https://medium.com/ontologynetwork

Reddit:https://old.reddit.com/r/OntologyNetwork/

discordapp:https://discordapp.com/invite/4TQujHj

github:https://github.com/ontio

Now that you know, I think that it is time for you to start earning some Ontology gas coin by simply staking Ontology coin to a verified node thus in return you receive reward. The more your staking the more reward you receive. If you feel that i should also own some Ontology  coin for helping you know about it then here is our ontology  coin address;

ARya82Mz1gTTb3zQv5tDafj7C6GediNntk


quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


cryptoforex street
cryptoforex street

Cryptoforex street provides knowledge related to cryptocurrencies, tokens and blockchain technology. The knowledge consists of different cryptocurrencies with passive income, crypto mining, crypto staking and many more.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.