Continuing to Refine Ontology’s Governance and Staking Economic Model
Ensuring the long-term growth and prosperity of our ecosystem is one of Ontology’s primary areas of focus and, with that in mind, we’re committed to integrating continuous technological development and improvements that are in line with our community’s preferences. At the end of June 2020, we will celebrate two years since the launch of the Ontology MainNet. In conjunction with this milestone anniversary, we will also launch Ontology 2.0, which will include the integration of a number of community-led upgrades to our MainNet.
Driven by a desire to put users’ needs first, we opted to put the power into the hands of our community members and let them have their say on the next phase of Ontology’s development. This was achieved by running an online vote on suggestions from the general community and then a governance vote amongst all the Ontology Triones nodes.
Ontology would like to thank our community for this valuable feedback. Below, we have outlined the exciting changes which will be incorporated into our governance and staking model.
Improving the Ontology Governance and Staking Economic Model
From 9–12th June 2020, Ontology gave its community the opportunity to have a say in the development of our governance and staking economic model when it comes to Triones node results. These results will bring new, exciting benefits to Ontology community members, with the aim of making the system more accessible, attractive, and practical. The results, included in the infographic below, will be effective from 7th July 2020 when the Ontology MainNet upgrade goes live.
These community-led changes will bring new and exciting opportunities to Ontology users, with the aim of further expanding the community by creating a more sustainable system with the user at its core.
It is intended that these changes to the Ontology governance and staking model will lower the requirements for users to participate in Ontology governance, and encourage more users to participate in ONT staking in order to earn ONG rewards. Furthermore, the node application process will be simplified, and an easy “ONT to ONG” instant swap option will be available on ONTO soon.
What has remained unchanged?
- The Ontology Foundation bonus is given out for the first three years to the top 49 nodes and the distribution method remains unchanged.
- The gas fee is designed to incentive all nodes inside the Triones network (The maximum number of the Triones nodes is 343, including consensus nodes and consensus nodes).
Ontology looks forward to continuing to provide users and the Ontology community with the best platform that suits their needs while contributing to a new blockchain-based digital landscape rooted in trust and privacy.