About Ontology Gas (ONG)
Ontology, is a project bringing trust, privacy, and security to Web3 through decentralized identity and data solutions. It is building the infrastructure to provide trusted access to Web3, providing individuals and enterprises the assurance that through regulatory compliant digital identity solutions, users and their privacy come first.
The Ontology blockchain is a high speed, low cost public blockchain. Increasing privacy, transparency, and trust, the high speed, low cost, layer 2 blockchain is designed to give users and enterprises the flexibility to build blockchain-based solutions that suit their needs, while also ensuring regulatory compliance. Through Ontology’s Ethereum Virtual Machine (EVM), Ontology ensures frictionless compatibility with Ethereum, the first step in the creation of the Ontology Multi-Virtual Machine and further interoperability for the chain.
At its launch, Ontology chose to forego the popular initial coin offering (ICO) model in favor of a series of community distributions and airdrops of its ONT cryptocurrency. This helped to quickly establish both organic price discovery and a passionate community, and helped the project to avoid subsequent regulatory scrutiny.
The Ontology dual-token design uses ONT for staking and ONG as gas. ONT is used as the staking tool and the time cost of staking, as well as the operating costs of the nodes, are considered to be inputs, with ONG distributed as revenue.
Ontology launched its own MainNet on June 30, 2018, and released its Ontology 2.0 version on June 1st, 2020. Ontology has supported 3 multi-VMs since March 2020, with a wider vision for the future of Web3. Quarter 1 of 2022 will see the MainNet launch of the Ontology EVM. The launch of the EVM enables developers to easily build on the Ontology chain, with the advantage of easily accessing core Ontology products, such as ONT ID and ONTO Wallet.
Ontology’s ONT ID reached 1.5 million users in September, 2021 and underwent an upgrade, which improves user experience. ONT ID includes a suite of products to make it easier for developers to build sophisticated applications and real-world use cases, including ONT TAG, ONT Login and OScore. More information can be found on ONT.ID.
ONTO Wallet is a DID-based gateway for a seamless Web3 experience, allowing you to manage your digital identity, data, and assets all in one place. ONTO Wallet brings secure access to Web3, placing the next iteration of the internet in the palm of your hands.
Ontology was established by Li Jun, Founder of Ontology on November 27th, 2017.