Ontology Changes the Blockchain’s Rewards Structure
On July 7th 2020, the Ontology Blockchain enacted a new Governance and Staking Economy Model. This new model changed the way ONT holders, ONT stakers, and node operators are rewarded by the blockchain.
Some of the notable changes include:
- The minimum stake requirement to any node has been lowered from 500 ONT to 1 ONT. (Up until this change, Sesameseed was the only node to offer this option.)
- The ONG fee per transaction increased from 0.01 ONG to 0.05 ONG (five-fold), which gives stakers a much higher chance to earn more from network fees.
- ONT holders no longer automatically receive ONG just for holding ONT. ONT must be staked in order to earn any rewards. Sesameseed will continue to reward its stakers with SEED daily.
How this will Impact The Sesameseed Community
As of August 1, 2020 it will no longer be required to use the Sesameseed staking contract (DApp) to stake ONT and earn SEED. ONT stakers will be able to stake for Sesameseed through any wallet or application that allows staking of ONT. Sesameseed will continue to reward its stakers with SEED daily. To ensure the simplest and easiest staking experience, Sesameseed recommends using Sprout, Sesameseed’s staking wallet and SEED utility.
Sesameseed has designed the SEED Minting and Distribution System to be adaptable so it can provide competitive rewards on all represented blockchains, as well as providing Sesameseed the Opex funding needed to expand the SEED Rewards Economy. A change in the native token split can also allow Sesameseed to take advantage of opportunities to increase stake that might not otherwise be available. Any increase in the total amount of native tokens staked to all Sesameseed nodes, across all represented blockchains, provides benefits that ultimately results in better rewards to all SEED holders.
Beginning August 1 2020, Sesameseed will be enacting a policy change to the Ontology portion of the SEED Minting and Distribution System by changing the native token split on that blockchain. The native token split may change again in the coming weeks or months as the ONT staking environment takes shape. As a reminder, the native token split is a completely customizable solution on each blockchain.
Sesameseed has announced the Sesameseed Knowledgebase will be the best resource for the most current rewards data for individual blockchains. Information on the current native token split on each blockchain and other policies related to the SEED Minting and Distribution System can be found in this Knowledgebase post.
