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Information about "Ontology Gas"
What is Ontology?
Ontology is a highly efficient, open-source blockchain platform that focuses on digital identity and data management.
Its infrastructure is designed to facilitate strong cross-chain collaboration and enhance Layer 2 scalability, providing businesses with the adaptability needed to create tailored blockchain solutions.
Ontology offers a range of decentralized identity and data-sharing protocols that improve speed, security, and trust. Key features include ONT ID, a mobile app for digital identification and a decentralized ID system used across the platform, and DDXF, a framework for decentralized data exchange and collaboration.
The platform uses a dual-token system, employing both ONT and ONG as utility tokens. This separation helps stabilize the native "asset" value by keeping ONT and ONG independent, thereby reducing the risk of extreme fluctuations affecting gas fees.
ONT is used for staking purposes, taking into account the time required, staking costs, and node operation expenses. ONG, on the other hand, serves as a value-anchor for applications on the blockchain and is utilized in transaction processes.
Its infrastructure is designed to facilitate strong cross-chain collaboration and enhance Layer 2 scalability, providing businesses with the adaptability needed to create tailored blockchain solutions.
Ontology offers a range of decentralized identity and data-sharing protocols that improve speed, security, and trust. Key features include ONT ID, a mobile app for digital identification and a decentralized ID system used across the platform, and DDXF, a framework for decentralized data exchange and collaboration.
The platform uses a dual-token system, employing both ONT and ONG as utility tokens. This separation helps stabilize the native "asset" value by keeping ONT and ONG independent, thereby reducing the risk of extreme fluctuations affecting gas fees.
ONT is used for staking purposes, taking into account the time required, staking costs, and node operation expenses. ONG, on the other hand, serves as a value-anchor for applications on the blockchain and is utilized in transaction processes.
What is Ontology Gas?
Ontology Gas (ONG) functions as a utility token within the Ontology blockchain ecosystem, a high-performance, open-source blockchain focused on digital identity and data. Unlike conventional single-token systems, Ontology uses a dual-token model where ONT acts as the governance token, and ONG facilitates on-chain services.
Within the Ontology network, ONG is critical for staking and acts as a stable value-anchor for various on-chain applications. By separating its role from ONT, it helps control the risks linked to volatile native asset values, ensuring transaction fees remain stable. ONG is indispensable for executing transactions and smart contracts, providing the necessary gas fees to keep network operations running smoothly.
Ontology's infrastructure promotes strong cross-chain collaboration and Layer 2 scalability, giving businesses the freedom to build customized blockchain solutions. The ecosystem includes ONT ID, a mobile digital ID application, and DDXF, a framework for decentralized data exchange and collaboration. These elements improve speed, security, and trust within the network.
The dual-token model allows ONT to be used for staking, with factors like time, staking cost, and node operating expenses as inputs. Meanwhile, ONG is used in transactions, ensuring smooth and efficient network operations. This division of roles between ONT and ONG supports a more resilient and adaptable blockchain environment.
Within the Ontology network, ONG is critical for staking and acts as a stable value-anchor for various on-chain applications. By separating its role from ONT, it helps control the risks linked to volatile native asset values, ensuring transaction fees remain stable. ONG is indispensable for executing transactions and smart contracts, providing the necessary gas fees to keep network operations running smoothly.
Ontology's infrastructure promotes strong cross-chain collaboration and Layer 2 scalability, giving businesses the freedom to build customized blockchain solutions. The ecosystem includes ONT ID, a mobile digital ID application, and DDXF, a framework for decentralized data exchange and collaboration. These elements improve speed, security, and trust within the network.
The dual-token model allows ONT to be used for staking, with factors like time, staking cost, and node operating expenses as inputs. Meanwhile, ONG is used in transactions, ensuring smooth and efficient network operations. This division of roles between ONT and ONG supports a more resilient and adaptable blockchain environment.
What is the technology behind Ontology Gas?
Ontology Gas (ONG) operates within the Ontology blockchain, a high-performance, open-source platform dedicated to decentralized identity and data sharing. This blockchain is crafted to enable strong cross-chain collaboration and Layer 2 scalability, allowing businesses to create a blockchain that aligns with their requirements.
The Ontology blockchain adopts a dual-token model with ONT and ONG. ONT serves the purpose of staking, while ONG is utilized for on-chain transactions. This separation helps mitigate the impact of volatile fluctuations in native asset value on gas fees. By decoupling these functions, Ontology provides a more stable and predictable environment for both developers and users.
A standout feature of Ontology's technology is its array of decentralized identity and data-sharing protocols. ONT ID, for instance, is a mobile digital ID application that empowers users to securely manage their digital identities. This tool is part of a wider decentralized identity (DID) system applied throughout the Ontology ecosystem, enhancing security and trust by allowing users control over their personal data, thus reducing identity theft and fraud risks.
Another pivotal component is the Decentralized Data Exchange and Collaboration Framework (DDXF). This framework enables secure and efficient data exchange between parties, maintaining data integrity and privacy. DDXF supports a variety of data-related activities, including data storage, exchange, and collaboration, making it a versatile resource for businesses and developers.
To counteract attacks from malicious entities, Ontology utilizes several security measures. One of the primary methods is its consensus algorithm, which merges Delegated Byzantine Fault Tolerance (dBFT) with Verifiable Random Function (VRF). This hybrid strategy ensures the network remains secure and robust against different types of attacks, such as Sybil attacks and double-spending. The dBFT algorithm allows for swift transaction finality, while the VRF offers additional randomness and security to the consensus process.
Ontology's infrastructure also supports cross-chain collaboration, enabling interoperability among different blockchain networks. This capability is crucial for crafting a more interconnected and integrated blockchain ecosystem, where both assets and data can be transferred seamlessly across diverse platforms. By facilitating cross-chain interactions, Ontology expands the overall utility and reach of its blockchain technology.
The technology underpinning Ontology Gas is continually evolving, with ongoing advancements aimed at enhancing performance, security, and scalability. This consistent innovation ensures that Ontology remains at the cutting edge of blockchain technology, providing a robust and dependable platform for decentralized applications and services.
The Ontology blockchain adopts a dual-token model with ONT and ONG. ONT serves the purpose of staking, while ONG is utilized for on-chain transactions. This separation helps mitigate the impact of volatile fluctuations in native asset value on gas fees. By decoupling these functions, Ontology provides a more stable and predictable environment for both developers and users.
A standout feature of Ontology's technology is its array of decentralized identity and data-sharing protocols. ONT ID, for instance, is a mobile digital ID application that empowers users to securely manage their digital identities. This tool is part of a wider decentralized identity (DID) system applied throughout the Ontology ecosystem, enhancing security and trust by allowing users control over their personal data, thus reducing identity theft and fraud risks.
Another pivotal component is the Decentralized Data Exchange and Collaboration Framework (DDXF). This framework enables secure and efficient data exchange between parties, maintaining data integrity and privacy. DDXF supports a variety of data-related activities, including data storage, exchange, and collaboration, making it a versatile resource for businesses and developers.
To counteract attacks from malicious entities, Ontology utilizes several security measures. One of the primary methods is its consensus algorithm, which merges Delegated Byzantine Fault Tolerance (dBFT) with Verifiable Random Function (VRF). This hybrid strategy ensures the network remains secure and robust against different types of attacks, such as Sybil attacks and double-spending. The dBFT algorithm allows for swift transaction finality, while the VRF offers additional randomness and security to the consensus process.
Ontology's infrastructure also supports cross-chain collaboration, enabling interoperability among different blockchain networks. This capability is crucial for crafting a more interconnected and integrated blockchain ecosystem, where both assets and data can be transferred seamlessly across diverse platforms. By facilitating cross-chain interactions, Ontology expands the overall utility and reach of its blockchain technology.
The technology underpinning Ontology Gas is continually evolving, with ongoing advancements aimed at enhancing performance, security, and scalability. This consistent innovation ensures that Ontology remains at the cutting edge of blockchain technology, providing a robust and dependable platform for decentralized applications and services.
What are the real-world applications of Ontology Gas?
Ontology Gas (ONG) is essential to the Ontology blockchain ecosystem, which specializes in digital identity and data. As a utility token, ONG is crucial for several real-world applications that boost the functionality and usability of the Ontology network.
One of the main uses of ONG is to power the Ontology network, facilitating blockchain transactions by covering transaction fees. This process ensures the network remains secure and efficient, as nodes are compensated for their work validating and processing transactions.
In the field of decentralized identity solutions, ONG supports ONT ID, a mobile digital ID app. This application allows users to manage digital identities securely and efficiently. By using ONG, ONT ID makes identity verification processes both cost-effective and reliable, enhancing trust and security in digital interactions.
ONG is also vital in the staking process within the Ontology ecosystem. Users can stake their ONT tokens to earn ONG as a reward. This staking mechanism not only strengthens the network but also encourages users to help maintain the blockchain's integrity.
Another important use of ONG is in value anchoring for on-chain applications. ONG serves to stabilize the value of various services and products within the Ontology ecosystem, offering a stable medium of exchange that minimizes the volatility that could affect the usability of blockchain-based applications.
Additionally, ONG is used in decentralized data exchange and collaboration frameworks like DDXF. This framework facilitates secure and efficient data sharing between parties, ensuring data remains tamper-proof and trustworthy. ONG powers transactions within this framework, enabling businesses to collaborate and share data securely.
In summary, Ontology Gas (ONG) is key to 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.
One of the main uses of ONG is to power the Ontology network, facilitating blockchain transactions by covering transaction fees. This process ensures the network remains secure and efficient, as nodes are compensated for their work validating and processing transactions.
In the field of decentralized identity solutions, ONG supports ONT ID, a mobile digital ID app. This application allows users to manage digital identities securely and efficiently. By using ONG, ONT ID makes identity verification processes both cost-effective and reliable, enhancing trust and security in digital interactions.
ONG is also vital in the staking process within the Ontology ecosystem. Users can stake their ONT tokens to earn ONG as a reward. This staking mechanism not only strengthens the network but also encourages users to help maintain the blockchain's integrity.
Another important use of ONG is in value anchoring for on-chain applications. ONG serves to stabilize the value of various services and products within the Ontology ecosystem, offering a stable medium of exchange that minimizes the volatility that could affect the usability of blockchain-based applications.
Additionally, ONG is used in decentralized data exchange and collaboration frameworks like DDXF. This framework facilitates secure and efficient data sharing between parties, ensuring data remains tamper-proof and trustworthy. ONG powers transactions within this framework, enabling businesses to collaborate and share data securely.
In summary, Ontology Gas (ONG) is key to 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.
What key events have there been for Ontology Gas?
Ontology Gas (ONG) is a crucial element of the Ontology blockchain, which is focused on digital identity and data management. Ontology's infrastructure enables cross-chain collaboration and Layer 2 scalability, allowing businesses to craft blockchain solutions that cater to their specific needs. The ecosystem's dual-token model, featuring ONT and ONG, efficiently manages its economic structure, with ONG being utilized for on-chain transactions.
The launch of the Ontology MainNet in June 2018 was a major milestone. This event transitioned Ontology from operating as a token on another blockchain to becoming an independent network, enabling full use of its dual-token system. The introduction of the Triones Consensus System in 2018 further bolstered the network's security and scalability through a distinctive governance model.
In 2019, Ontology unveiled the VBFT consensus mechanism, which integrates Verifiable Random Function (VRF), Byzantine Fault Tolerance (BFT), and Proof of Stake (PoS) to enhance the network's efficiency and security. The publication of White Paper 2.0 that same year outlined the future direction and technological progressions of the Ontology ecosystem.
The 2020 release of the Ontology Sharding design aimed to boost the network's scalability by enabling multiple parallel chains to process transactions concurrently. This was followed by the formal incorporation of the Ontology Decentralized Identifier (ONT ID) into the W3C-CCG DID, underscoring Ontology's dedication to decentralized identity standards.
The launch of the ONTO Wallet in 2020 furnished users with an all-encompassing tool for managing digital assets, identities, and data, supporting multiple blockchains and offering features like staking and decentralized finance (DeFi) services.
In 2021, Ontology's proposed blockchain standards received approval from IEEE, reinforcing its leadership in blockchain technology. The introduction 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 launched in 2021, utilizing Ontology's decentralized identity and data protocols to deliver innovative financial services. Ontology 2.0 was released, bringing significant upgrades to the network's performance and capabilities.
The 2022 release of Ontology Layer 2 aimed to further increase scalability and reduce transaction costs by facilitating off-chain transaction processing. Multi-VM support was also added, allowing developers to deploy and run smart contracts across multiple virtual machines, boosting the network's flexibility and interoperability.
Ontology Wasm-JIT, a Just-In-Time compiler for WebAssembly, was introduced 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, aiding cross-chain development and integration.
These key events have established Ontology Gas as a vital component of the Ontology blockchain, driving innovation and adoption within the blockchain sphere.
The launch of the Ontology MainNet in June 2018 was a major milestone. This event transitioned Ontology from operating as a token on another blockchain to becoming an independent network, enabling full use of its dual-token system. The introduction of the Triones Consensus System in 2018 further bolstered the network's security and scalability through a distinctive governance model.
In 2019, Ontology unveiled the VBFT consensus mechanism, which integrates Verifiable Random Function (VRF), Byzantine Fault Tolerance (BFT), and Proof of Stake (PoS) to enhance the network's efficiency and security. The publication of White Paper 2.0 that same year outlined the future direction and technological progressions of the Ontology ecosystem.
The 2020 release of the Ontology Sharding design aimed to boost the network's scalability by enabling multiple parallel chains to process transactions concurrently. This was followed by the formal incorporation of the Ontology Decentralized Identifier (ONT ID) into the W3C-CCG DID, underscoring Ontology's dedication to decentralized identity standards.
The launch of the ONTO Wallet in 2020 furnished users with an all-encompassing tool for managing digital assets, identities, and data, supporting multiple blockchains and offering features like staking and decentralized finance (DeFi) services.
In 2021, Ontology's proposed blockchain standards received approval from IEEE, reinforcing its leadership in blockchain technology. The introduction 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 launched in 2021, utilizing Ontology's decentralized identity and data protocols to deliver innovative financial services. Ontology 2.0 was released, bringing significant upgrades to the network's performance and capabilities.
The 2022 release of Ontology Layer 2 aimed to further increase scalability and reduce transaction costs by facilitating off-chain transaction processing. Multi-VM support was also added, allowing developers to deploy and run smart contracts across multiple virtual machines, boosting the network's flexibility and interoperability.
Ontology Wasm-JIT, a Just-In-Time compiler for WebAssembly, was introduced 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, aiding cross-chain development and integration.
These key events have established Ontology Gas as a vital component of the Ontology blockchain, driving innovation and adoption within the blockchain sphere.
Who are the founders of Ontology Gas?
Ontology Gas (ONG) functions as a utility token within the Ontology blockchain ecosystem, dedicated to digital identity and data. The founder of Ontology Gas is Jun Li, who has greatly contributed to the creation and development of the Ontology blockchain. Jun Li's background includes extensive experience in IT and fintech, which has contributed to the strong infrastructure of Ontology, supporting cross-chain collaboration and Layer 2 scalability. While other team members have also played significant roles in the project's success, specific details about their contributions are not as well-documented.
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