What Is Ontology Gas (ONG)?

Ontology is the next-generation network of public blockchains. The chain has a dispersed, trust-based collaboration platform with combined support for smart contracts and ledger accounts. According to its whitepaper, the platform aims to support the applications and services operating on its public chains, and at the same time, sustaining the public chains of the applications created on its framework and association with different protocol groups. According to its website, Ontology seeks to design the infrastructure to supply trusted access to Web3, letting people and corporations stay assured that users and their privacy are in safe hands. 

Besides these frameworks, the platform provides users with features like;

• Fast Operation: Ontology's consensus mechanism verifies transactions in less than one second and completes over five thousand transactions per second.

• Accessibility: Ontology is integrated with Ethereum Virtual Machine (EVM) and an ideal cross-chain functionality to provide broader developer access in the Ethereum ecosystem. The Ethereum Virtual Machine (EVM) describes the rules for calculating a new reasonable state from block to block. And the cross-chain function works between two independent blockchains to avoid the restrictions of a single blockchain.

• Security: The Ontology MainNet offers peak trustworthiness and consistency for around three hundred Dapps that the public blockchain presently supports. 

These appropriate features merged with EVM integration encourage robust, secure, private Web3 business solutions for users worldwide.

Ontology operates as a unique dual-token standard using an infrastructure that supports scalability and quick, low-cost transactions. The ONG and ONT tokens are both necessary for the constant functionality of the Ontology public blockchain. The ONT token is the fundamental way of transferring and holding value on the Ontology network. The holders of the ONT token are also allowed to vote on suggested changes, advancements, and developments of the project.

Fees and transactions that happen on the Ontology network are yielded using ONG tokens. The token maintains the network's anticipated transaction costs, offering a pleasant operating environment for individuals and developers.

History of Ontology Gas (ONG)

Jun LI is the founder of Ontology Gas and is recognized worldwide as a blockchain solutions architect who has seventeen years of experience in Fintech and IT. The token of the platform has a total supply of one billion ONG.