Everything you need to know about ONG
What is ONG?
Since the Ontology MainNet went live on June 30th, 2018, MainNet ONT has started to release ONG periodically.
Ontology uses a dual token (ONT and ONG) model. ONT is the coin and can be used for staking in consensus, whereas ONG is the utility token used for on-chain services.
Where can I buy, sell, and store ONG?
Find all ONG exchange and wallet information here.
I have ONT, how can I get ONG?
Transactions of MainNet ONT and ONG, as well as redeeming ONG, cost 0.01 ONG. If you performed your MainNet ONT token swap in ONTO you will have automatically received ONG your ONT has generated since the Ontology MainNet went live. After receiving this amount you received as a result of the token swap, you will have to pay 0.01 ONG to claim ONG. You can redeem ONG by going to your wallet in ONTO, pressing “ONG”, and then pressing “Redeem”.
If you had your ONT on an exchange and are withdrawing MainNet ONT to ONTO, you will have to wait until the exchange you used distributes your ONG, or until ONG is listed on the exchange so you can buy some.
What is the difference between claimable ONG and unbound ONG?
In your ONTO wallet you can see a “claimable” ONG amount and in the Ontology block explorer (https://explorer.ont.io/) when looking at an address you will be able to see both a “claimable” ONG amount and an “unbound” ONG amount.
Claimable ONG: Claimable ONG is the amount of ONG you can claim for a 0.01 ONG fee. This balance will update each time an ONT transaction is made in your wallet address.
Unbound ONG: Unbound ONG is an amount of ONG which has not been added to your claimable ONG balance yet (since it only updates each time you make an ONT transaction in your wallet address). When an ONT transaction is made in your address, the claimable ONG balance will update (adding your unbound ONG amount to your claimable ONG amount).
ONG unbinding model
The max supply of ONT is 1,000,000,000 and each ONT is indivisible. The max supply of the corresponding bound ONG is 1,000,000,000 and is divisible to nine decimal points.
The number of unbound ONG is determined by the time interval and the number of ONT held. The unbinding rule is as follows: 1 ONG is unbound every second when a block is generated, all ONG will be unbound in around 18 years, and once unbinding has finished no new ONG will be generated.
According to this unbinding curve, around 16% of ONG will be unbound in the first year, around 47% in the first four years, and around 82% in the first 12 years. This unbound ONG will be given to ONT holders based on the ONT holding ratio. ONT holders can extract ONG to their address at any time.
ONG unbinding list
ONG unbinding curve
Assuming that the user holds 10,000 ONT, according to the Ontology ONG unbinding curve equation above, the number of ONG generated is approximately 4.32 per day, 129.6 per month, and 1,576.8 per year. For specific details, please see the figure below:
When a transaction occurs in a wallet holding MainNet ONT, the claimable ONG amount will update and the user will be able to manually extract their ONG for a cost of 0.01 ONG, the same price as MainNet ONT and ONG transactions.
Developers can request for free TestNet ONG in the #testnet-ong-requests channel in our Discord.