Sesameseed x Ontology AMA Recap
On July 3rd Sesameseed held an AMA on the Ontology Telegram to familiarize the community with the organization and its transition to Ontology with the intention of becoming a consensus node.
We asked the community to share their questions with us using #AskSesameseed on Telegram, social media and during the event. Below is a summary of the questions and answers. Note: Some questions and answers were re-written for clarity. Keep an eye on the Sesameseed social media for another AMA later this month.
Will Sesameseed “compete” with the current top 7 nodes owned by Ontology foundation, in terms of staking value?
Sesameseed will be campaigning to become a consensus node, and will need to compete with the top 7 Nodes owned by Ontology. Since these top 7 currently have significant stakes for them, we need the community to stake authorize for Sesameseed.
As a candidate or consensus node, Sesameseed will share 80% of its node rewards to the community.
How do I stake for Sesameseed? Is there a minimum amount of ONT required?
You will be able to stake through any of the supported Ontology wallets, such as Huobi Wallet or OWallet. Currently, there is a 500 ONT minimum for stake authorizing.
How often will Sesameseed distribute rewards?
Sesameseed will be distributing node rewards in the form of SEED. Rather than waiting until the end of the month, they’ll be distributed directly to users accounts daily.
What makes the SEED token unique from others?
SEED, the token Sesameseed rewards to Ontology stakers, is unique in that it is backed by the node rewards produced by the blockchain. SEED can be redeemed for these node rewards at any time (e.g. ONG and ONT).
Do we need both an Ontology and TRON wallet to receive SEED rewards?
SEED will be distributed across both blockchains and will be visible on wallets that support the token SEED (TRC-10) and SEED (OEP-4). Although a wallet that supports both TRON and Ontology SEED doesn’t currently exist, with the exception of Seedit, SEED rewards will still be distributed to SEED holders on any blockchain without the need to have wallets on both..
Through partnerships like the one recently announced with Huobi Wallet, and through its own technological developments, SEED on TRON and Ontology will be available in the same wallet. More details on how this will work will be announced in the coming weeks.
Will SEED holders earn Ontology tokens by simply holding it?
Holding SEED will generate SEED rewards just as it does on TRON today.
SEED automatically participates in voting or staking across all represented blockchains. Each additional SEED earned and held compounds daily through SEED’s automatic participation.
Will SEED token on TRON be the same value as SEED token on Ontology?
All SEED will be treated exactly the same, regardless of the blockchain on which it exists with regards to its pegged value, utility and functionality.
How does SEED maintain its ONG:SEED ratio?
SEED is issued based on the pegged value. For example, if 1,000 SEED are in circulation across the entire SEED ecosystem, and Sesameseed has 100 ONG, the peg is 0.1:1.
The issuance of SEED has been designed so that the pegged quantity of tokens will continue to increase over time.
What is pegged value?
SEED can only be created when Sesameseed earns node rewards. Those node rewards back each SEED token in existence. This is referred to as the “pegged value.” In other words, it’s the amount of rewards for which SEED can be exchanged at any time. The issuance of SEED has been designed so that this pegged quantity of tokens will continue to increase over time. Currently, SEED is pegged to an amount of TRX, ONG and ONT.
How will SEED enable technological advancements on Ontology?
Sesameseed supports developers through its blockchain accelerator, SEEDGerminator. 10% of node rewards are reserved for this purpose. These funds are then used to provide developers funding to jump start their projects.
Can developers from any represented blockchain apply for support from Sesameseed to develop on Ontology, TRON, etc.?
The short answer is yes; that is exactly what Sesameseed is seeking to do with SEEDGerminator.
Will SEED holders receive dividends from future Ontology projects?
Just as SEED can now be contributed to developer projects on TRON, it will also be contributable to projects on Ontology. Dividends paid out by projects to SEED holders will be distributed across all blockchains.
Will the two blockchain communities (Ontology and TRON) work together or separately?
Both communities can and should interact in our Telegram group to support each other through SEED and SEEDGerminator. Together we will reach developers across different blockchains, and provide a platform for building and funding projects. SEED specifically is built to connect new and existing communities to easily participate with Sesameseed.
What problem is Sesameseed solving and why is the problem important to solve?
Sesameseed believes a blockchain’s success is derived from its community participation. If users don’t hold the tokens, transact them, and interact with the blockchain through games, DApps, etc. then the chain doesn’t have the support it needs to grow and be successful.
This kind of participation is key to the blockchains underlying success, which is why Ontology offers rewards for staking and is why Sesameseed is campaigning to be a consensus node on Ontology. Sesameseed has built proven solutions to increase participation on the blockchain and is excited to collaborate with the Ontology community.
