Ontology (ONT)

What is Ontology

Ontology is a blockchain platform for companies developed by OnChain. The platform will allow the public blockchain to be customized to the needs of each company. The company is also involved in the development of the public blockchain NEO.

Proof of Stake

If you stake to top 71 validators, you will receive rewards from the blockchain as ONG (not ONT). ONG is the utility token used for on-chain services. The ONG rewards will be assigned to each user the blockchain (it is automatic by the mechanism of PoS). Also, of the top 71 pools, the top 11 are called Consensus Nodes, and the 12th to 71st are Candidate Nodes and there are some differences in rewards.

Staking

You can choose the amount you stake in your wallet. The staked coin remains in your wallet but it will be locked and cannot be sent. Also, the wallet balance shows the number of coins that are not staked. If you want to send the staked coins, you will need to unstake them (Refer to Unstaking section). Only integers can be staked (decimals are not allowed).

Rewards

Staking is managed in terms of rounds, which are 60,000 blocks each and rewards will be distributed in rounds (You will see that the reward in the wallet will increase). Each block can range from 1 second to 30 seconds, which means each round can range from 16 hours to 20 days. To receive the reward, you must claim the reward from the blockchain because it is not distributed automatically. Please note that you will have to pay a transaction fee to receive this reward. Also, if you additionally stake more ONT or unstake ONT, you will automatically claim reward in the same transaction and accumulated reward will return to 0.

Unstaking

If you want to send an asset that is currently staked, you will need to unstake it first. The unstaking of your tokens will take one round (16 hours to 20 days) before they become available, therefore you will not be able to send the tokens immediately. The period during which the tokens cannot be transferred is called the "lock period." You can select the amount you wish to unstake. However, if you stake and unstake within the same round, you will be able to send immediately without a lock period. Please check the ONT website for more information on the current round.