Home » Blockchain » What is Ontology Gas coin (ONG) and how does it work?

What is Ontology Gas coin (ONG) and how does it work?

by Financial Economy

Ontology gas coin (ONG) came into existence on June 30, 2018, when the Ontology project launched its mainnet. There are two utility tokens in the Ontology ecosystem. One of them is ONT and the other is ONG. Detailed information about what is Ontology Gas coin ONG, how does it work, how much it costs, where to buy, etc. is in the continuation of the content.  You can browse here for information about Convex Finance coin (CVX).

What is Ontology Gas coin (ONG) and how does it work?

Ontology gas appeared on June 30, 2018. In the Ontology ecosystem, ONT holders get management rights and staking rewards. By staking or locking ONT, transactions can be assisted in verifying. Because it contributes to the security of the network, the network gives ONG in return.

Ontology gas acts as a “toll” for using the network. In this way, it is in a similar state to gas in Ethereum. However, instead of paying in the main cryptocurrency ONT as in Ethereum, it allows you to pay for network usage using a separate token (ONG). ONT stakers who stake ONT get ONG rewards. This indicates that ONG presents an interesting opportunity, even if you are not using the Ontology platform for its intended use cases such as identity security.

How to buy Ontology Gas coin (ONG)? How much does ONG cost?

Ontology Gas coin is listed on many cryptocurrency exchanges. ONG can be purchased from these exchanges, but before trading it is necessary to make sure that the exchange is “trusted”. As of October 4, 2021, the price of 1 ONG coin is around $1.23. The ONG supply in circulation in the market is 261,677,564 units, and the total ONG supply is 1,000,000,000 units.

Caution: The information contained in this content is for informational purposes only. It is not investment advice.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

Related Posts

Leave a Comment