Ontology Takes After NEO with Passive ‘Ontology GAS’ (ONG) Income
NEO is know to be one of the best cryptocurrencies to invest in given its unique option to passively receive GAS (GAS) in return for holding NEO coins in a compatible wallet. The founders of NEO, DaHongFei and Erik Zhang established a company named OnChain, which has recently launched ‘Ontology Network‘ on November 27, 2017, and was released as a collaboration between Chinese businesses and government. — Yes, you read that sentence correct. The government is working with Ontology.
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Recently actor/serial entrepreneur Kevin L. Walker (Vigilante Diaries / The Creation Station Studios / Piiggy) tweeted the following which led to me doing some deep research on Ontology and this unknown ‘Ontology GAS’ (ONG):
I wonder how many people even know that the Cryptocurrency Ontology will generate ‘Ontology Gas’ (ONG) like NEO generates ‘Gas’ (GAS) — if you know what I’m talking about, then you also understand that ONT was also worth $2 about 30 days ago and now sits at $8.90 😏
— Kevin L. Walker (@KevinLWalker) May 10, 2018
The Ontology Network aims to create a simple and reliable method to verify identity and financial records, using block chain as a trust machine. The developers will provide the open source network free of cost to their industry partners. Therefore, the system will act as a traditional centralized system with newer block chain technology, and both systems will be linked through block chain oracles. As the tamper proof information would be readily available, financial institutions will be more confident in dealing with the clients from the outset. Likewise, clients need not bother about a false report due to the veracity of the documents. The developers will be releasing the road map by the end of first-quarter of 2018. Additionally, OnChain will also release the testnet with a bug bounty program.
Similar to NEO ecosystem, which offers GAS as rewards to stakeholders, and there will be a voting model in place for the Ontology Network as well. The holders of the Ontology tokens will have a say on the decisions taken in the Ontology ecosystem. A total of one billion Ontology tokens will be created on the genesis block. Like NEO, the ONT tokens will not be divisible. The network will also use a unique ‘Ontology Gas’ (ONG) to pay for transactions and computations. ONG will be paid as interest to the ONT holders over a period of 22 years, and will be divided by up to one billion parts.
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There will be no pre-sale, or ICO for the project. Instead, Ontology (ONT) tokens will be released through a number of reward events and can be purchased on Binance.