It’s Now Easier Than Ever To Run An Ontology Node And Earn Staking Rewards!

Published in

OntologyNetwork

3 min readJul 7, 2020

New Upgrades To Applying for and Running Nodes Bring More Benefits

Interested in contributing to Ontology’s governance model by running a node on the Ontology network? We have been working hard to make it easier to run Ontology nodes and contribute to the growth and development of the ecosystem while earning g rewards through our new governance and staking economic model.

On Tuesday, July 7th, community-voted updates to the Ontology governance and staking economic model are set to go live. In this blog post, you can find information about the upcoming changes, the benefits of running an Ontology node, and how you can apply to run your own node.

Through an online vote, Ontology community members were given the chance to have their say on the future of the development of Ontology. Below, we have outlined the planned upgrades to the node application process and node operational procedures, aimed at simplifying the process of applying for and running an Ontology node.

Thanks to new changes to our governance model, it’s now easier than ever to run an Ontology node!

Changes To Minimum Staking Requirements

These changes will allow more stakers to participate and earn ONG rewards.

The minimum stake requirement has been lowered from 500 ONT to 1 ONT. As a result, nearly 200K addresses that hold between 1 ONT and 500 ONT will now be able to participate in staking.
The minimum stake requirement to become a candidate node has been lowered from 100,000 ONT to 10,000 ONT.

KYC Requirement for Candidate Nodes

There will no longer be KYC requirements for operating candidate nodes.

Why should I run an Ontology node? New changes to our staking model mean that the opportunity to earn rewards is bigger than ever before.

ONG Releasing

Released ONG rewards will now only be split amongst stakers. Previously, any ONT holder received ONG from the unbound ONG pool.

Increase in ONG Network Fees

ONG network fees will be increased five-fold, giving stakers a much higher chance of earning more from network fees.

Get involved in the Ontology network governance with Triones Nodes

Both consensus and candidate nodes on the Ontology network are authorized to participate in the Ontology network governance. They are able to submit proposals to build up a healthy network environment together. Each node has a chance of earning rewards if their proposals are accepted and implemented following a governance vote by all the Triones nodes.

New Releasing Curve Gives Users More Opportunities To Earn Rewards

Thanks to the removal of the current ONG unbinding model, users will now be able to earn more ONG rewards via staking. The annual ONG releasing speed per block will follow a new releasing curve and witness a significant decline from Year 3 onwards. Currently, 4 ONG are released per block. After the change, 1 ONG will be released per block. The network staking rate is expected to increase to 60%, in what will be similar to the Bitcoin halving.

In other good news, the Ontology Foundation ONG Bonus is staying in place, giving the top performing 49 nodes a chance to earn extra staking rewards!

(Update: The last batch of Foundation bonus has been distributed on August 2021)

Please note that 500 ONG fee will be charged for starting a candidate node.

For a visual representation of where our hundreds of nodes are currently based around the world, click here.

Interested in running an Ontology node? Check out our latest guide here!