Ontology Gas (ONG) is part of the Ontology network's unique dual-token system, alongside the Ontology Token (ONT). The Ontology network is a high-speed, low-cost public blockchain focused on decentralized identity and data solutions for Web3, aiming to enhance privacy, transparency, and trust. This dual-token model facilitates the network's operations, with ONT primarily serving as the means of value storage and transfer, while ONG is used to pay for transaction fees and smart contract deployments.
Beyond transaction fees, ONG acts as the operational 'fuel' for the network, underpinning a wide range of actions and services on the blockchain. This includes anything from contract execution to token transfers, making ONG essential for the day-to-day functioning of the Ontology ecosystem.
Staking ONT tokens allows users to earn ONG as rewards, contributing to the network's security and stability. The ONTO Wallet, Ontology's official wallet, supports the management, swapping, and transferring of both ONT and ONG, providing an integrated solution for digital identity and asset management across chains.
Though the primary governance token is ONT, the distribution and utility of ONG indirectly support the governance process by enabling transaction execution and participation in the network's DeFi and other decentralized applications (dApps).
The Ontology network embraces a broad vision for Web3 infrastructure, encompassing decentralized identity protocols (ONT ID), data exchange frameworks (Orange Protocol), and more, aiming to put control of identity and data back into the hands of users. Through innovations like the VBFT consensus mechanism, multi-VM support, and cross-chain collaboration, Ontology is crafting a secure and versatile ecosystem for the decentralized future.
