Ontology Gas price

ONG

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Ontology Gas (ONG) serves as a utility token within the Ontology blockchain ecosystem, a high-performance, open-source blockchain specializing in digital identity and data. Unlike traditional single-token systems, Ontology employs a dual-token model, with ONT functioning as the governance token and ONG facilitating on-chain services.

In the Ontology network, ONG is pivotal for staking and acts as a value-anchoring tool for various on-chain applications. This decoupling from ONT helps mitigate the risk associated with volatile native asset values, ensuring more stable transaction fees. ONG is essential for executing transactions and smart contracts, providing the necessary gas fees to maintain network operations.

Ontology's infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design customized blockchain solutions. The ecosystem includes ONT ID, a mobile digital ID application, and DDXF, a decentralized data exchange and collaboration framework. These features enhance speed, security, and trust within the network.

The dual-token model allows ONT to be used for staking, where the time, cost of staking, and node operating expenses are considered inputs. Meanwhile, ONG is utilized in transactions, ensuring smooth and efficient network functionality. This separation of roles between ONT and ONG provides a more resilient and adaptable blockchain environment.

Ontology Gas (ONG) operates on the Ontology blockchain, a high-performance, open-source platform that specializes in decentralized identity and data sharing. This blockchain is designed to support robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs.

The Ontology blockchain employs a dual-token model with ONT and ONG. ONT serves as the staking tool, while ONG is used for on-chain transactions. This separation helps mitigate the risk of volatile fluctuations in the native asset value affecting gas fees. By decoupling these functions, Ontology ensures a more stable and predictable environment for developers and users.

A key feature of Ontology's technology is its suite of decentralized identity and data sharing protocols. ONT ID, for instance, is a mobile digital ID application that allows users to manage their digital identities securely. This application is part of a broader decentralized identity (DID) system used throughout the Ontology ecosystem. The DID system enhances security and trust by giving users control over their personal data, reducing the risk of identity theft and fraud.

Another significant component is the Decentralized Data Exchange and Collaboration Framework (DDXF). This framework facilitates secure and efficient data sharing between parties, ensuring that data integrity and privacy are maintained. DDXF supports various data-related operations, including data storage, data exchange, and data collaboration, making it a versatile tool for businesses and developers.

To prevent attacks from bad actors, Ontology employs several security measures. One of the primary mechanisms is its consensus algorithm, which combines Delegated Byzantine Fault Tolerance (dBFT) with Verifiable Random Function (VRF). This hybrid approach ensures that the network remains secure and resilient against various types of attacks, such as Sybil attacks and double-spending. The dBFT algorithm allows for fast transaction finality, while the VRF adds an additional layer of randomness and security to the consensus process.

Ontology's infrastructure also supports cross-chain collaboration, enabling interoperability between different blockchain networks. This capability is crucial for creating a more connected and integrated blockchain ecosystem, where assets and data can move seamlessly across different platforms. By facilitating cross-chain interactions, Ontology enhances the overall utility and reach of its blockchain technology.

The technology behind Ontology Gas is constantly evolving, with ongoing developments aimed at improving performance, security, and scalability. This continuous innovation ensures that Ontology remains at the forefront of blockchain technology, providing a robust and reliable platform for decentralized applications and services.

Ontology Gas (ONG) plays a vital role in the Ontology blockchain ecosystem, which specializes in digital identity and data. As a utility token, ONG is integral to several real-world applications that enhance the functionality and usability of the Ontology network.

One of the primary uses of ONG is to power the Ontology network. This involves facilitating transactions on the blockchain, where ONG is used to pay for transaction fees. This ensures that the network remains secure and efficient by compensating nodes for their work in validating and processing transactions.

In the realm of decentralized identity solutions, ONG supports ONT ID, a mobile digital ID application. This application allows users to manage their digital identities securely and efficiently. By leveraging ONG, ONT ID ensures that identity verification processes are both cost-effective and reliable, enhancing trust and security in digital interactions.

ONG also plays a crucial role in staking within the Ontology ecosystem. Users can stake their ONT tokens and earn ONG as a reward. This staking mechanism not only secures the network but also incentivizes users to participate in maintaining the blockchain's integrity.

Another significant application of ONG is in value anchoring for on-chain applications. This means that ONG is used to stabilize the value of various services and products offered within the Ontology ecosystem. By providing a stable medium of exchange, ONG helps in reducing the volatility that can affect the usability of blockchain-based applications.

Moreover, ONG is utilized in decentralized data exchange and collaboration frameworks like DDXF. This framework allows for secure and efficient data sharing between parties, ensuring that data remains tamper-proof and trustworthy. ONG facilitates transactions within this framework, making it easier for businesses to collaborate and share data without compromising security.

In summary, Ontology Gas (ONG) is essential for powering the Ontology network, supporting decentralized identity solutions, facilitating transactions, enabling staking, and stabilizing on-chain applications. These applications make ONG a critical component in the broader Ontology blockchain ecosystem.

Ontology Gas (ONG) is an integral part of the Ontology blockchain, which specializes in digital identity and data. Ontology's infrastructure supports cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. The dual-token model, featuring ONT and ONG, helps manage the ecosystem's economic structure, with ONG being used for on-chain transactions.

The launch of the Ontology MainNet in June 2018 marked a significant milestone. This event transitioned Ontology from a token on another blockchain to its own independent network, enabling the full functionality of its dual-token system. The introduction of the Triones Consensus System in 2018 further enhanced the network's security and scalability by implementing a unique governance model.

In 2019, Ontology introduced the VBFT consensus mechanism, which combines Verifiable Random Function (VRF), Byzantine Fault Tolerance (BFT), and Proof of Stake (PoS) to improve the efficiency and security of the network. This year also saw the publication of White Paper 2.0, which outlined the future direction and technological advancements of the Ontology ecosystem.

The Ontology Sharding design was released in 2020, aiming to enhance the network's scalability by allowing multiple parallel chains to process transactions simultaneously. This was followed by the formal addition of Ontology Decentralized Identifier (ONT ID) to the W3C-CCG DID, establishing Ontology's commitment to decentralized identity standards.

The launch of the ONTO Wallet in 2020 provided users with a comprehensive tool for managing digital assets, identities, and data. This wallet supports multiple blockchains and offers features like staking and decentralized finance (DeFi) services.

In 2021, Ontology proposed blockchain standards that were approved by IEEE, reinforcing its position as a leader in blockchain technology. The launch of OScore, a credit scoring system based on blockchain data, and a partnership with Daimler Mobility to explore blockchain solutions for the automotive industry, highlighted Ontology's focus on real-world applications.

The first credit-based, cross-chain DeFi platform was launched in 2021, leveraging Ontology's decentralized identity and data protocols to offer innovative financial services. Ontology 2.0 was released, introducing significant upgrades to the network's performance and functionality.

The release of Ontology Layer 2 in 2022 aimed to further enhance scalability and reduce transaction costs by enabling off-chain processing of transactions. Multi-VM support was also introduced, allowing developers to deploy and run smart contracts in multiple virtual machines, increasing the flexibility and interoperability of the network.

Ontology Wasm-JIT, a Just-In-Time compiler for WebAssembly, was released to improve the execution speed of smart contracts. The deployment of the Ontology EVM TestNet provided developers with a testing environment for Ethereum-compatible smart contracts, facilitating cross-chain development and integration.

These key events have shaped Ontology Gas into a vital component of the Ontology blockchain, driving innovation and adoption in the blockchain space.