Ontology Gas is a high-performance and low-cost public layer-2 blockchain for smart contracts. In this article, as Kriptokoin.com, “What is Ontology Gas?” We will answer the question. In addition, we will touch on other questions about the project.
What is Ontology Gas? What Does It Do?
It is the gas token of the Ontology blockchain, “a high-speed, low-cost public blockchain that brings decentralized identity and data solutions to Web3.” It was founded by Jun Li in 2018 in Singapore. It is an Infrastructure as a Service (IaaS) offering with a number of selling points, including cross-chain functionality and privacy features via the Ontology ID protocol.
As one side of Ontology’s two-token system, ONG is used to pay transaction fees on the Ontology network. It is also used to pay staking rewards to those who help ensure the security and stability of the network.
In addition, holders can use the token to participate in numerous decentralized finance (DeFi) protocols unique to Ontology.
What is ONG Coin?
ONT, also known as Ontology Gas, which owns two tokens and ONG provides governance. ONT is used to secure the network. ONG, on the other hand, is used to pay for transactions on the network. ONT allows users to participate in the Proof of Stake (PoS) consensus mechanism and participate in on-chain governance. Using ONG, you can pay for transactions to deploy a smart contract or a decentralized application, or when sending ONT through the platform. Users can earn ONG by staking ONT tokens on the network.
How Does Ontology Gas Work?
The Ontology platform supports the deployment of decentralized applications using various virtual machines. Virtual machines are essentially Ubuntu, Windows, etc. such as virtual environments. A virtual machine uses software to allocate resources to run programs and deploy applications.
It supports multiple virtual machines. (like Neo VM and WASM VM) This gives users flexibility to make applications specific to their needs and resources. Also, the Ontology network; It uses a consensus engine framework that allows the platform to use various consensus mechanisms. This is especially important since the core consensus algorithm of the Ontology platform is Verifiable Byzantine Fault Tolerance (VBFT). VFBT is a hybrid algorithm combining Proof of Stake (PoS), Verifiable Random Function (VRF) and Byzantine Fault Tolerance algorithm (BFT). The consensus engine allows Ontology to record transactions on different machines in the same order.
What is Ontology Gas? How to Get ONG Coins?
Ontology Gas is currently traded on many cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. The exchanges where Ontology Gas is traded are listed as follows: Binance, MEXC, DigiFinex, Gate.io. Users who want to invest in the project should open an account on one of these exchanges.
