Exchange Ontology Gas (ONG)

Ontology Gas is a public layer-2 blockchain platform that aims to bring data solutions and decentralized identity to the Web3 world. According to the official website, Ontology offers high-speed and low-cost transactions along with improved privacy, transparency, and trust. It is created to give an opportunity to the enterprisers to build their own blockchain-based solutions for any business needs while complying with the existing regulations. 

Ontology Gas also uses an Ethereum Virtual Machine that provides compatibility with Ethereum. It is also the first stage of the Ontology Multi-Virtual Machine and the future interoperability. Thanks to the ONT ID users' data (identity and personal information) are protected with no need for constant maintenance or oversight. 

The project also offers a native ONTO wallet, equipped with the ONT ID, so the users get full control over their digital footprints. Moreover, it provides the first blockchain reputation scoring system, dubbed OScore. It allows access to under-collateralized loans through Wing.Finance DeFi platform based on reputation. 

Another product of Ontology Gas is SAGA — a decentralized data protocol that helps to buy and monetize data in a fair, secure, and compliant way. 

The platform adopts a dual-token model and has two utility tokens: ONG and ONT. The coins are separated to decrease the risk of the native asset price volatility. ONT token is used for staking with the staking and operating costs considered as inputs.

ONG coin plays the role of a value anchor for on-chain applications and is also necessary for the transactions on the Ontology blockchain. It has a total supply of 1 billion coins and the circulating supply of 273 million.