ONG

Ontology Gas (ONG) is the utility token of the Ontology blockchain, a high-speed, low-cost public Smart Contract Platform. It functions as the primary medium for paying transaction fees, deploying smart contracts, and covers other operational costs within the Ontology network. The blockchain employs a dual-token model, where Ontology (ONT) represents value storage and governance, while ong ensures smooth and predictable transaction costs. Users can earn ONG by staking their ONT, contributing to the network's security and stability. This design helps maintain an efficient and cost-effective environment for developers and users.

Ontology Gas (ONG) addresses the need for predictable and efficient transaction costs on the Ontology blockchain, ensuring that dApps and enterprises can operate without prohibitive fees. As the gas token, ong provides a stable economic model for the network, preventing congestion and facilitating smooth operation for decentralized identity and data solutions. It allows for the deployment of smart contracts, data exchanges, and various Web3 applications, all while maintaining high performance and security. This predictability is crucial for mass adoption and building robust, scalable blockchain solutions.

The ong token has several key use cases within the Ontology ecosystem. Primarily, it is used to pay for all transaction fees on the Ontology blockchain, including smart contract executions and data storage. Developers utilize ong to deploy and interact with decentralized applications (dApps) on the platform. Furthermore, ONT token holders can stake their ONT to earn ong rewards, incentivizing participation in network security and governance. As the network expands its Web3 applications, including DeFi, gaming, and enterprise solutions, the demand for ong for operational costs will continue to grow.

Users stake ONT (not ONG) to Triones consensus nodes, earning ONG as rewards. The yield varies based on node performance and stake distribution; recent consensus rounds show annual returns between 23.5%-24.6%. Rewards come from two sources: unlocked ONG distributed at 1 ONG/second and transaction fees. Node operators set sharing ratios determining what percentage of rewards goes to stakers versus themselves.

VBFT integrates three innovations: 1) VRF ensures random and verifiable node selection using previous block data, 2) PoS weighting influences node selection probability, and 3) BFT provides Byzantine fault tolerance with fast finality. This hybrid approach enables dynamic scaling of consensus groups (currently 49 nodes) while maintaining security against malicious actors.

Yes, through Ontology's EVM compatibility and bridging protocols. ONG can be wrapped as WONG (ORC-20 standard) for use in Ethereum-compatible dApps. Additionally, partnerships like bloXmove integrate ONT ID (using ONG for operations) into mobility applications, demonstrating utility beyond native blockchain transactions.

ONT ID implements zero-knowledge proofs and decentralized identifiers (DIDs), allowing users to share verifiable credentials without exposing raw data. All personal information remains encrypted and user-controlled, with trust anchors (e.g., institutions) providing attestations without accessing underlying data. ONG facilitates cryptographic operations for these privacy-preserving interactions.

Post-unlocking (after ~18 years), all 1 billion ONG will be in circulation. The token will continue serving as gas for network operations, with transaction fees becoming the primary reward source for stakers. The inflation-free model transitions to pure utility-based tokenomics, where fee economics sustain network security and operations.