Ontology Gas

Halal Rating :
Comfortable
Last Price $0.34 Last updated:
Rank 392
1D Change 6.72 %
Market Cap $135.49m
Circulating supply 400,710,813
Maximum supply 1,000,000,000

Crypto Overview

Categories
  • Ontology Ecosystem

Overview

Ontology Gas (ONG) is the utility token that powers the Ontology blockchain network. It serves as the gas token for executing smart contracts and performing transactions on the Ontology network, similar to how ETH works on Ethereum.

Intended Utility

ONG was designed to serve as the utility token for the Ontology network, specifically for: Paying transaction fees and smart contract execution costs on the network; Staking by validators to secure the network; Governance participation through voting.

Actual Utility

The token is actively used for its intended purposes within the Ontology ecosystem: Network participants use ONG to pay for transaction fees and smart contract deployments; Validators stake ONG to participate in network consensus; Token holders can participate in governance decisions.

Token Distribution and Founder Assessment

The token distribution appears relatively fair, with no concerning concentration among founders or early investors. ONG is generated as utility fees for the network, similar to how ETH works for Ethereum. There's ongoing development activity with regular github commits and ecosystem growth.

Technology and Revenue Model

The underlying technology focuses on providing a high-performance blockchain platform for decentralized applications. The revenue model is based on network usage fees paid in ONG, which is a legitimate and halal source of value.

Crypto Impact

To assign a comfort level investing in Ontology Gas from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Ontology Gas.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

You only have one vote per asset so use it wisely.

You can change your vote if you change your mind.