Ontology Gas

Overview

Ontology Gas (ONG) is the utility token that powers the Ontology blockchain network. It serves as the payment token for transaction fees and smart contract execution costs within the Ontology ecosystem.

Purpose and Utility

ONG's primary purpose is to serve as the gas token for the Ontology network, similar to how ETH works for Ethereum. Users need ONG to pay for network operations, deploy smart contracts, and execute transactions. The token has clear utility within a functioning blockchain ecosystem.

Business Model

The business model revolves around providing a decentralized network infrastructure where ONG facilitates network operations. The model is transparent and doesn't involve any inherently prohibited activities under Islamic law. There are no interest-bearing mechanisms or gambling elements in the core protocol.

Real-World Adoption

The Ontology network has maintained consistent transaction activity, primarily for smart contract execution and network operations. While adoption isn't as widespread as some larger blockchain platforms, there is genuine utility being derived from the network.

Development Activity

The project maintains active development with regular updates to the protocol. The GitHub repository shows consistent commits and improvements to the network infrastructure.

Token Distribution

ONG is generated as users stake ONT tokens, with a clear distribution mechanism. The token generation and distribution model is transparent and follows a predetermined schedule.