Buy Ontology Gas: How to invest in Ontology Gas?

If you want to invest in cryptocurrencies, you will have to think about the coins you choose. Since there are almost thousands of options to choose from, it is useful to make a selection. One of the coins you can choose to invest in is Ontology Gas. Are you wondering if investing in Ontology Gas is smart? Do you want to know what the connection of Ontology Gas with  Ontology is? Then read on; in this article you can read all about it!

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How to buy Ontology Gas?

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The dedicated Ontology platform

To see what Ontology Gas does, it is necessary to take a brief look at Ontology itself. Ontology is a platform designed by the creators of NEO, the well-known Chinese crypto-currency. With Ontology’s platform, the team hopes they can make the technology behind Blockchain accessible to all types of businesses. By encouraging companies to set up their blockchain and create their tokens, they are trying to achieve large-scale adoption.

Ontology makes it possible to send data anonymously to a third party using a public blockchain. This blockchain ensures that it is no longer necessary to send all kinds of data. A kind of digital signature is enough to verify transactions or execute smart contracts. In our other article, we will show you much more about how the special Ontology platform works.

What is Ontology Gas – goals of the tokens

Ontology makes use of a so-called Dual token. This is also referred to as the ONT and ONG model. ONT is the token that can be used for consensus deployment. ONG is the special token used for on-chain services. Since the Ontology MainNet went live on June 30, 2018, MainNet ONT has started releasing ONG periodically.

When Ontology MainNet becomes truly active, ONT will periodically distribute ONG. The main function of this token is to reward and motivate the users of the platform, but this is not its only function, as the token is also used as ‘chain currency’. You get more ONG tokens if you have more ONT tokens in your possession. If you have an official ONT-wallet, you will get your ONG every day at a certain time. If you have them on an exchange, you’ll get the reward monthly.

Rewarding the users

So ONG can basically be seen as the reward for the work of the users. When a company brings a new blockchain to the platform, Ontology rewards it in the form of an ONG. This ensures that users are incentivized to continue working together. The platform accepts both private and public blockchains. The more blockchains that are added to the platform, the higher the reward for the amount of ONG.

This platform has three fundamental protocols for its operation. These are ONT ID with the digital identity. The second process is ONT Data, which is a special process for data exchange and smart contract management. Finally, there is ONT Scores for credit evaluation and logistics. These processes keep Ontology’s platform running smoothly. ONG is a kind of lubricant to keep this platform working properly, so it’s really closely linked to Ontology itself.

Distribution of ONT and ONG

The maximum supply of ONT is 1,000,000,000 and each ONT is indivisible. The maximum supply of the corresponding ONG is 1,000,000,000 and is divisible to nine decimal places. The number of unbound ONG is determined by the time interval and the number of ONT held. There is an important rule for disbursing and releasing ONG. This is as follows: 1 ONG is released every second when a new block is generated.

All ONG will be released in about 18 years, after which no more ONG will be released. When the coins are all released, a certain form of scarcity will arise. This scarcity is very useful for your investments. As more people start using ONG, the price will also rise further. This may result in a high return, although the question is whether the objectives will all be realized.

Ontology Gas stored in special wallet

One mistake many beginners make when they first start investing in Ontology Gas is to leave the coins on the exchange. This is possible if you want to sell them quickly, but it isn’t very useful for long-term investments. It is a fact that an exchange can be hacked, something that unfortunately has happened in the past. Therefore, it is wise to always put your coins on a special wallet.

If you want to keep your Ontology Gas safe, it is advisable to choose either a hardware or a software wallet. These are still the two most secure options at this moment. With a hardware wallet such as a Ledger, you are slightly better protected, but this option does cost some money. A software wallet, on the other hand, can easily be installed on a computer. Most software wallets can be installed for free.

Conclusion – should you invest in Ontology Gas?

The information in this article has made it possible for you to get a better idea about whether to invest in Ontology Gas. Whether you should invest in it yourself is really a personal choice to make. If you think Ontology will perform well, it’s logical to invest in Ontology Gas. If you think another project will take home the profit, then it is better to choose the other crypto-currencies on the market.

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Alex Mostert Avatar
Over Alex Mostert

When I was 16, I secretly bought my first stock. Since that ‘proud moment’ I have been managing for over 10 years. It is my goal to educate people about financial freedom. After my studies business administration and psychology, I decided to put all my time in developing this website. Since I love to travel, I work from all over the world. Click here to read more about! Don’t hesitate to leave a comment under this article.

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