Ontology have released details of a dual token economic model for their forthcoming distributed trust network. The model is very similar to that of NEO, featuring ONT and ONG tokens.
ONT (Ontology) will be the governance token, which is the Ontology equivalent of the NEO token. 1,000,000,000 (one billion) ONT tokens will be minted in the genesis block and are indivisible. ONT holders can vote in major decisions on the Ontology network, and will also receive system generated ONG (Ontology Gas).
ONG is the Ontology equivalent of NEO’s GAS, and is the utility token of the network. ONG will be used for token transactions, network storage, deployment and execution of smart contracts, and use of other network resources. Like NeoGas, ONG will be generated over a period of 22 years, with 16% being generated in the first year, 52% within the first four years, and 80% within the first 12 years. A total of 1,000,000,000 (one billion) ONG tokens will be generated. ONG spent on the network will be redistributed to ONT holders.
The ONT distribution plan is still to be announced, and anyone interested in learning more can subscribe to the Ontology newsletter found at ont.io. Ontology also plan to release their Ecosystem White Paper in Q1 2018, as well as make the TestNet available on GitHub and invite developers to take part in a bounty program.
For more information on the economic model you can click here, and to hear the recent NEO News Today podcast interview with Jun Li from Ontology, you can click here.
About The Author: Dean Jeffs
Dean is a digital project manager who has worked extensively with start ups and agencies in the marketing space. Fascinated by the potential applications of blockchain technology, Dean has a passion for realising the new smart economy.
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