Interestingly, the builders of the Ontology blockchain think they can make money by selling access to their Ethereum Virtual Machine as Ontology Gas (ONG) tokens.
A virtual machine is the digital computer that runs a blockchain. For example, the Ethereum Virtual Machine (EVM). Gas refers to the fees users pay a virtual machine to conduct transactions and perform tasks on a blockchain. For example, a smart contract needs to buy gas to perform a transaction.
Buying Ontology Gas (ONG) gives users access to the Ontology Ethereum Virtual Machine (EVM). Accessing the Ontology EVM allows users to conduct transactions on the Ethereum and Ontology blockchains.
A Dual Token Blockchain
Ontology operates as a dual token blockchain. They claim a dual token blockchain is more scalable and supports higher volumes of low-cost transactions.
Ontology (ONT) is Ontology’s native tokens. Users can buy and stake with ONT. Conversely, users pay fees and transactions with the ONG token. They claim using ONG keeps transaction costs stable and predictable.
Users sake ONT tokens for ONG rewards. Staking provides liquidity which supports decentralized finance (DeFi) transactions in Ontology’s ecosystem.
You can store and exchange ONT and ONG using the ONTO wallet. They claim ONTO is a complete cross-chain identity and asset management solution for Web3 users. The ONTO wallet is available as a mobile and an ONTO Web Wallet is available as a Chrome extension for PCs.
Users can swap, store, and transfer with the ONTO Wallet. An ONTO wallet supports ONT staking and ONG rewards management.
Ontology Nodes
They built the Ontology ecosystem on Ontology Nodes. To explain, Ontology is a decentralized blockchain built on hundreds of nodes. People all over the world operate the nodes. Ontology pays the Node Operators with Ontology Gas (ONG).
Conversely, Ontology Node Operators use the desktop OWallet. Operators manage nodes in OWallet. The OWallet can integrate with hardware wallets such as the Ledger Nano.
Ontology EVM Tokens
To interact with Ontology’s EVM applications. Users need Ontology’s EVM tokens. To pay the Ontology EVM, users need to wrap Ontology native or OEP-4 tokens as an ORC-20 (Ontology Request for Comment) tokens.
For example, they wrap ONT is as Wrapped ONT (WONT). WONT is an ORC-20 token that makes payment in ONT when you spend it. Similarly, Wrapped ONG (WONG) is an ORC-20 token that makes payment in ONG.
An application they call the Ontology Bridge wraps tokens so you can make payments to the Ontology EVM. You can also receive payments from Ontology EVM. Users can spend Ontology EVM tokens through the ONTO Wallet, ONTO Web Wallet, and Ethereum wallets such as MetaMask.
Uses for Ontology Gas (ONG)
You can use Ontology Gas in ONT ID and Wing Finance. ONT ID is an application that encrypts and protects data in the ONTO Wallet.
Wing Finance is a cross-chain DeFi lending protocol they integrate with a reputation score. The reputation score is OScore, which tracks borrowers’ transactions and reputations online to lower the risk of default. Users access OScore through ONT ID and ONTO Wallet.
The OScore (a blockchain credit score) makes lending and borrowing through the Wing Finance DeFi platform easier. Users can make and receive payments on Wing with both ONT and ONG. In addition, users can make money as Wing Finance Liquidity Providers.
What Value Does Ontology Gas (ONG) offer?
I think Mr. Market likes Ontology Gas (ONG) because it was CoinMarketCap’s fifth-most trending cryptocurrency on 12 July 2023.
Conversely, Ontology Gas was CoinMarketCap’s 258th largest cryptocurrency, with a 26.71₵ Coin Price on 13 July 2023. CoinMarketCap gave Ontology Gas a $92.757 million Market Capitalization, a $142.166 million Fully Diluted Market Cap, and a $267.948 million 24-Hour Market Volume on 13 July 2023. They base those numbers on a Circulating Supply of 347.29 million ONG and a Total Supply of one billion ONG.
Thus, I consider Ontology Gas a successful DeFi token. It’s also an interesting attempt to monetize an important part of DeFi gas.
Ontology Gas (ONG) is Worth more than the Ontology Token (ONT)
Interestingly, Ontology Gas is worth more than the Ontology Token (ONT). For example, CoinMarketCap gave Ontology (ONT) a 20.84₵ Coin Price on 13 July 2023.
Conversely, the Ontology Token had a $182.353 million Market Capitalization, a $208.3376 million Fully Diluted Market Cap, and a $23.966 million 24-Hour Market Volume on 13 July 2023. They base those numbers on a Circulating Supply of 875.250 ONT and a Total Supply of one billion ONT.
Thus, Ontology proves gas tokens can offer value. Therefore, I think Ontology shows decentralized finance can still make money.
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