Ontology Gas (ONG): The Complete Guide
in Ontology Gas (ONG)
- What is Ontology Gas
- What is Ontology Gas Used for
- How to Receive Ontology Gas (How to Get Gas with Ontology)
- What is Unbound Ontology Gas
- Ontology Gas Generation Rate (When Will Ontology Produce Gas)
- Ontology Gas Calculator
- Do I Need Gas to Transfer Ontology
- How to Buy Ontology Gas
- Ontology Gas Circulating Supply
- Ontology Max Supply
Looking to learn about Ontology Gas (including how to earn money from it)? Here’s the complete guide to ONG.
What is Ontology Gas
Ontology gas (ONG) is one of 2 crypto assets that power the Ontology blockchain, a business-focused, high performance (can handle many transactions at once) blockchain that focuses on solving problems like identity security and data integrity (accuracy and consistency of data).
For more information about the Ontology project, check out our article on ontology coin.
Ontology gas came into existence on June 30, 2018, when the Ontology project launched its mainnet, or transitioned from using another blockchain (NEO) to its own native blockchain.
What is Ontology Gas Used for
In the Ontology ecosystem, Ontology coin (ONT) gives ONT holders two things:
- Governance rights - have a say in things like changes to the network
- Staking rewards - by staking, or locking up, your ONT, you contribute to the security of the network by helping verify transactions. In return, the network grants you ONG
On the other hand, you can think of Ontology gas as a “toll fee” to use the Ontology “highway” or network. In this way, it’s similar to gas on Ethereum. But instead of paying in the main cryptocurrency, ONT, like you would with Ethereum (paying in ETH), the Ontology network makes you pay for network usage (e.g. making a transaction) using a separate token (ONG).
As mentioned, staking ONT grants ONT stakers ONG rewards. This means that ONG presents an interesting opportunity, even if you don’t use the Ontology platform for its intended use cases like identity security.
By staking ONT, you can earn “passive” ONG income for your part in securing the network (even if you don’t use it for anything other than staking rewards).
Indeed, the rewards aren’t too bad - according to ONTCalc, an ONG rewards calculator, you can expect your yearly “interest” rate, or percentage of ONG you earn on your ONT, to be ~4%.
Compare that to your average US bank savings account interest of 0.06% (in other words, ONG pays ~67x more per year), and that’s not a bad use of your money. Especially when you consider that:
- ONT is a top 25 crypto by market capitalization (a crypto’s price multiplied by its circulating, or usable, supply)
- The company behind the Ontology project, Onchain, is also the same company behind NEO, a top 20 cryptocurrency
- Onchain was named one of KPMG’s (one of the Big Four accounting firms) top 50 Chinese fintech companies
- Onchain has worked on blockchain solutions for Alibaba (Chinese Amazon.com)
- ...and more
All in all, using ONT to generate ONG is a nice way to earn extra money with your crypto.
To learn how to start earning ONG by staking, keep reading below!
How to Receive Ontology Gas (How to Get Gas with Ontology)
Ontology Gas Wallet
In order to start earning ONG, you’ll need a wallet that supports ONG and receiving ONG via staking.
If you want something that not only supports ONG but 100+ other cryptos, Exodus’ Ontology wallet is a good option. Here’s what it looks like when you Claim ONG is Exodus:
If you want to use an ONT/ONG dedicated wallet, we recommend using Ontology’s official wallets:
If you choose to use Exodus, check our guide on How to Receive Ontology Gas to learn how to earn ONG via Ontology’s built-in staking rewards.
What is Unbound Ontology Gas
When viewing your Ontology wallet address in an Ontology block explorer (shows you things like all the transactions on the Ontology blockchain), you’ll see something called Unbound ONG, or Unbound Ontology Gas.
Unbound ONG is the ONG that your staked ONT has generated but isn’t Claimable ONG yet. ONG only goes from Unbound to Claimable when you make an ONT transaction. Once you make an ONT transaction, and your Unbound ONG is Claimable, you can claim the ONG for a 0.01 ONG fee (required for all Ontology network transactions, whether they involve ONT or ONG).
Ontology Gas Generation Rate (When Will Ontology Produce Gas)
Ontology produces gas every second, since the Ontology block time (how long it takes to confirm an Ontology block, or group of transactions) is 1 second. Every second, transactions are confirmed, and the people who helped confirm the transaction (ONT stakers) are rewarded for their efforts.
Here’s an image that shows how many ONG are generated (unbound/unlocked) from years 1-18 of Ontology being launched (no new ONG will be generated after 18 years):
If you notice, more ONG is released in the early years of the network (we’re currently in year 2). This means early adopters get rewarded handsomely, which is similar to how Bitcoin worked in its early days. Back then, it was easier to mine Bitcoin and the Bitcoin block reward, or Bitcoin given to miners each block, was much higher.
To get a headstart on the competition, download the Exodus Ontology wallet.
Also, while 1-5 ONG (depending on the year) is generated every Ontology block, the number of ONG you receive is proportional to how much ONT you hold and stake (the more ONT you have, the more ONG you’ll receive). This is because there are other people trying to earn ONG by staking their ONT (vs. you earning 1-5 ONG every second).
For example, if you hold 10,000 ONT (.001% of the total 1 billion ONT supply), you will receive 1261.44 of the 126,144,000 ONG generated in year 2 of the Ontology protocol (.001% of 126,144,000 is 1261.44). 1261.44 ONG/year comes out to 105.12 ONG/month, or ~3.5 ONG/day (assuming an average of 30 days in a month).
Ontology Gas Calculator
If you don’t want to do the math necessary to calculate your personal Ontology gas generation rate, ONTCalc is an Ontology gas calculator that will do the math for you.
Do I Need Gas to Transfer Ontology
As mentioned before, you need 0.01 ONG to do any Ontology transaction, including transferring ONT or ONG as well as claiming ONG. While it might not make sense that you need to pay gas to claim gas, it makes sense when you consider that “claiming” ONG is technically a “transaction” that gets recorded on the Ontology blockchain (so there’s a record of who claimed what ONG and when).
How to Buy Ontology Gas
If you aren’t interested in staking ONT to earn ONG and just want to know where to buy Ontology gas, you have a few options:
If you already have crypto
If you already have cryptocurrency (e.g. Bitcoin), you can download Exodus and exchange your crypto for ONG. For an easy tutorial on how to do that, check our article on how to exchange (click here for the mobile tutorial).
If you don’t have crypto
If you don’t have any crypto and need to buy some using government-owned money like dollars or euros, popular centralized exchanges that let you buy crypto with government money include Coinbase, Kraken, and Bitstamp. For peer-to-peer options, LocalBitcoins, Paxful, and Bisq are good options.
Once you have some crypto, such as Bitcoin, you can buy ONG with it on the same exchange you bought your Bitcoin on (if they support ONG). If not, you can send your Bitcoin to another exchange and use it to buy ONG there. If you choose to send your Bitcoin to your Exodus wallet and buy ONG with it, here’s how to receive crypto using your Exodus wallet.
If you don’t want to spend real money and would rather play around with testnet ONG (fake ONG that you can use to test Ontology) first, apply for testnet ONG here.
Ontology Gas Circulating Supply
Unfortunately, there is no reliable figure for the Ontology Gas circulating supply, as estimates vary wildly from ~60.5 million ONG to ~157.8 million ONG.
However, if you take into consideration the first image (reproduced below) from the “Ontology Gas Generation Rate” section earlier in this article and consider that:
- We are in year 2 of the Ontology protocol
- Year 1 of the Ontology protocol generated 157.68 million ONG
Then the Ontology gas circulating supply is somewhere between 157.68 and 283.82 million ONG (the amount that will be generated by the end of year 2).
Though depending on whether you count unbound/claimable ONG as part of the circulating supply (vs. ONG that has been bound and/or claimed), that estimate can change.
Ontology Max Supply
The max supply of ONT is 1,000,000,000 and each ONT is indivisible. The max supply of Ontology gas, too, is 1,000,000,000 but each ONG is divisible to nine decimal points (each ONG contains 1 billion subunits of ONG).
In other words, there is more ONG (or at least subunits of ONG) available than there is ONT. This means that early ONT adopters have the potential to earn lots of ONG if Ontology grows in popularity and there is less and less ONT to go around.
Therefore, if you think that Ontology will be a valuable blockchain network in the future, it’s a good idea to get some Ontology coin and start earning ONG!
If you want a 1-click wallet for earning ONG, download the Exodus ONT wallet today.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.