Heard of #ONG and interested in knowing more about it? Or maybe you're wondering why his price is going up? 👀
Ontology Gas, often abbreviated as ONG, is part of the #Ontology blockchain, which has carved a unique niche for itself in the ever-evolving crypto landscape.
Why Ontology? Performance and Versatility 🚀
Ontology isn't your run-of-the-mill blockchain. It's a high-performance, open-source #blockchain specializing in digital identity and data. It supports robust cross-chain collaboration and Layer 2 scalability, offering businesses a flexible design to tailor a blockchain that suits their needs.
One of Ontology's defining features is a suite of decentralized identity and data sharing protocols designed to enhance speed, security, and trust. This includes ONT ID, a mobile digital ID application used throughout the ecosystem, and DDXF, a decentralized data exchange and collaboration framework.
The Dual-Token Model: ONT and ONG ⚖️
Ontology adopts a unique dual-token model, consisting of both #ONT and Ontology Gas (ONG) as utility tokens. The model is designed to mitigate the risk of drastic value fluctuations on the gas fee, a concern that plagues many crypto users.
ONT is primarily used as the staking tool in the Ontology ecosystem. Staking refers to the process where users hold their #crypto in a wallet to support the operations of a blockchain network. Factors such as the time and cost of staking, along with the operating costs of the nodes, are inputs for ONT.
On the other hand, ONG is used as a value-anchoring tool for on-chain applications and is used in transactions on the Ontology chain.
This dual-token model ensures smooth operations within the Ontology blockchain and provides utility and stability for its users. It's an innovative solution to a common issue, making Ontology and Ontology Gas worth watching in the digital asset space.