OntologyNetwork
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OntologyNetwork

Cyberspace 4 Philosophers

Supercharge your staking with Ontology’s Limited Edition NFT: Multiply your yield by 9000X!

To celebrate Ontology’s 4th anniversary, we have made 10,000 limited edition NFT’s available for minting. Not only do they look great, but they will also be used to establish a special NFT Ontology Node where NFT holders benefit from the staking rewards.

Minting takes place over four rounds, between December 9th 06:00 UTC and December 10th 00:00 UTC. Any remaining NFTs from each round, will be carried over to the next.

Round 1: 06.00 UTC, Dec 9th — 1000 NFTs available
Round 2: 12.00 UTC, Dec 9th — 2000 NFTs available
Round 3: 18.00 UTC, Dec 9th — 3000 NFTs available
Round 4: 00.00 UTC, Dec 10th — 4000 NFTs available

NFTs will be available to mint for ten days, starting with Round 1. Minting ends on 12/19 06:00 UTC or when all 10,000 NFTs have been minted. Each NFT will cost 10 ONT to mint, with a unique ONT address able to mint a maximum of 10 NFTs.

Stake NFTs and Earn ONG

When you mint your first NFT, you have helped to establish special NFT node owners. Congratulations!

NFT staking has significantly reduced the barrier of entry to establishing a node, by allowing you to do it together with your NFTs. A node owner requires a minimum of 10,000 ONT and pays fees of 500 ONG to establish the node. The special NFT node is established with the ONT used during the minting event and Ontology is covering the 500 ONG in fees as a part of the 4th anniversary celebrations.

90% of the ONG rewards earned by the node will be distributed between the NFT owners, with the remaining 10% being used, in the first instance, as a fund for those who choose to burn their NFTs (see below). When the NFT burning fund is full, the remaining 10% will be used to fund future Ontology events.

Redeem ONT

Should an NFT owner wish to do so, they can burn their NFT and redeem 10 ONT.

Burning NFTs does not reduce the size of the stake in the node. Great news for those that don’t burn their NFTs, as their share of ONG rewards increases for every NFT burned.

Burning NFTs can increase rewards up to 9000 times for the remaining holder. Should all NFTs be burned, the ONG generated by the node will be used by Ontology for future community development.

More

NFTs feature additional use cases — stay tuned for more details!

Guide

1. Download the ONTO Wallet and Create an ONT ID Wallet

Click on the link to view the relevant guide.

Skip this step if you already have an ONT ID wallet.

2. Prepare ONT and ONG

The minting fee of each NFT is 10 ONT, and all transactions on the Ontology blockchain require a small amount of ONG as fees. If ONG balance is insufficient, navigate to ONTO’s Assets page and click the ONT details page. Here, you can click on the upper right button to swap ONT for ONG.

3. Mint NFT

Navigate to ONTO’s Discover page, search “Cyberspace 4 Philosophers” and open it.

Tap on the “Mint” button at the bottom left of the homepage to open the “Mint” page, then tap on the “Mint” button at the bottom. In the pop-up window, enter the mint number, then tap on the “Mint” button to finish the process.

Minted NFTs can be viewed and sent on the ONTO Assets — Collectibles page.

4. Stake NFT and Claim ONG Reward

To earn ONG rewards, NFTs must be staked. The staking feature will be available shortly after the minting is complete and the node has been established

Tap on the “Stake/Redeem” button at the bottom right of the homepage to open the “Stake/Redeem” page, then tap on the “Stake” button to stake ONT or the “Unstake” button to unstake ONT.

ONG rewards are distributed at the end of each consensus round. Tap on the “Claim” button to claim the ONG reward.

5. Burn NFTs and Redeem ONT

Only unstaked NFTs can be burned. On the “Stake/Redeem” page, tap on the “Burn” button at the bottom left to burn NFTs. Then wait until the current consensus round ends, and then tap on the “Redeem” button at the bottom right to redeem ONT.

Please note that, Redeem will only be available when there is enough balance in the NFT burning fund.

The Ontology team will reserve the final rights of interpretation of this event.

Want more Ontology?

Learn more about our decentralized data and identity solutions on our website and official Twitter account. You can also chat with us on Telegram and keep up-to-date with the latest news via our Telegram Announcement account.

Other Resources

LinkedIn / Medium / Facebook / Reddit / Discord / YouTube

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Ontology is a high performance, open source blockchain specializing in digital identity and data. ONTO: http://onto.app/downloadpage/TW Telegram: http://t.me/OntologyNetwork

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Active project domain: https://ont.io/

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