Ontology Gas ONG Price

What is Ontology Gas (ONG)?

Ontology Gas (ONG) is a utility token associated with the Ontology blockchain, which is designed to enhance the efficiency of decentralized applications (dApps) and enable seamless interactions on the Ontology network. It serves multiple functions, primarily as a means of transaction fees and as an incentive for users to participate in the network's governance and ecosystem growth. ONG is used to pay for various services on the Ontology platform, including smart contract execution and data storage, allowing users to engage with decentralized services without the need for traditional banking systems.

Who are the Founders of Ontology Gas?

Ontology was founded in 2017 by a team led by Jun Li, a notable figure in the blockchain space with a background in technology and enterprise solutions. The Ontology project was developed by Onchain, a blockchain technology company co-founded by Da Hongfei, who is also known for founding NEO. The combined expertise of these founders has propelled Ontology to become a significant player in the blockchain ecosystem, focusing on providing a decentralized identity framework and data management solutions.

How does Ontology Gas Work?

Ontology Gas functions as an essential component of the Ontology blockchain's economic model. It is generated through the staking of Ontology tokens (ONT), where users can earn ONG by holding and staking their ONT in a wallet. The amount of ONG earned depends on the amount of ONT staked and the length of time it is held. ONG is also integrated into the network's governance model, where holders can vote on proposals and participate in decision-making processes that influence the future of the Ontology ecosystem. Transactions on the Ontology blockchain require ONG for fees, supporting the network's operational costs and incentivizing validators and node operators.

Top Use Cases of Ontology Gas

1. Transaction Fees: ONG is primarily used to pay for transaction fees on the Ontology blockchain, enabling efficient execution of smart contracts and transactions.

2. Staking Rewards: Users can earn ONG by staking their ONT tokens, promoting network security and stability while rewarding participants for their contributions.

3. Governance Participation: ONG holders can participate in governance by voting on proposals, influencing the development and direction of the Ontology ecosystem.

4. Decentralized Applications: ONG is utilized within various dApps built on the Ontology platform, facilitating payments and interactions between users and services.

5. Identity Verification: ONG can be used as part of Ontology's decentralized identity solutions, allowing users to verify their identities in a secure and privacy-preserving manner.

How to Keep your Ontology Gas Safe?

1. Use Hardware Wallets: Store ONG in hardware wallets like Ledger or Trezor for enhanced security against hacks and malware.

2. Enable Two-Factor Authentication: Implement 2FA on any platform where you hold or trade ONG to add an extra layer of security to your accounts.

3. Be Aware of Phishing Scams: Always verify URLs and avoid clicking on suspicious links that may lead to phishing sites aimed at stealing your assets.

4. Keep Software Updated: Regularly update your wallets and any applications you use to ensure you have the latest security features and patches.

5. Backup Your Wallet: Create backups of your wallet's private keys and seed phrases, storing them in a secure location to prevent loss of access to your ONG holdings.