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Learn about Ontology Staking
How do I stake Ontology?
To get started, you’ll need an Ontology staking wallet.
If you only use ONT, ONG, and other Ontology-based assets, Ontology’s official desktop wallet, OWallet works well. If you prefer a mobile wallet, Ontology has a mobile wallet called ONTO.
Ontology uses the VBFT consensus mechanism to secure its network. At any given time, there will be 15 nodes who have been voted in by the community to participate in consensus every block. Users vote for nodes by staking ONT tokens in multiples of 1 ONT per stake (previously 500 ONT). Users are free to stake ONT in any node, change their stake, or withdraw their stake back.
Staking is managed in terms of rounds, which are comprised of 60,000 blocks each (previously 120,000). Each block can range from 1 second to 30 seconds, which means each round can range from 16 hours to 20 days.
For a detailed Guide on Staking please visit this Tutorial.
Are there any lockup requirements for staking ONT?
Yes, when staking ONT you must consider that your ONT will be locked up for a minimum of one Round. If you un-stake in the middle of a Round your ONT will be available to withdraw after that Round is finished.
What are the types of Rewards I get for Staking ONT?
There are three types of rewards you can get through staking:
Regular ONG generation. The unreleased ONG rewards are now only shared amongst stakers, instead of both stakers and non-stakers.
ONG network fees. Earn a share of all fee payments, including network transactions, storage fees, smart contract fees, etc.
ONG Ontology Foundation Bonus. Based on the total effective ONT amounts, the ONG bonus will be shared evenly amongst each staked ONT. The bonus will be distributed to the top 49 nodes, and nodes will share the bonuses with their stakers according to the ratio they set.10 million ONG is distributed annually for three years to the top 49 nodes.
Note: the 7 nodes that Ontology has put initial stake and user stake in currently distribute the Foundation bonus. The other node owners in the top 49 nodes can choose to distribute this bonus at their discretion.
What is the difference between Candidate Nodes and Consensus Nodes?
Both Consensus Nodes and Candidate Nodes help secure the Ontology Network.
Consensus Nodes represent the top 15 Nodes in the Network with a current required minimum of 3,010,000 ONT. These nodes are eligible for all three types of ONG rewards.
Candidate Nodes are the remaining nodes in the network, candidate nodes 16 – 49 are also eligible for the ONG Ontology Foundation Bonus.
What is Ontology and what is the ONT?
Ontology is an enterprise-grade blockchain project that provides secure and unique client chains, designed to protect data and systems. The platform is considered a ‘private room’ in a public blockchain, with the aim of bringing the distributed ledger to big business in usable form.
ONT (Ontology Cryptocurrency) gives holders governance rights (e.g. a vote on Ontology network decisions like upgrades or changes) as well as the opportunity to earn ONG passive income.
What is Ontology Gas (ONG)?
Ontology Gas (ONG) is the utility token on the Ontology network. ONG is mainly used for on-chain services like doing transactions or paying for the deployment of smart contracts. Simply put, Ontology Gas fuels the Ontology network. ONG can be earned as a dividend by staking ONT coins.
How was Ontology launched?
The Ontology platform was created back in 2017 by a Chinese company called OnChain. The platform was founded by the OnChain team with experts Erik Zhang, Jun Li and Da HongFei heading the project. The company OnChain is also known as the founder of the NEO blockchain.
The platform was built with the intention to allow businesses to install their blockchain technology withoug making drastic changes to their internal systems. The founders wanted to simplify the process of integrating blockchain technologies and make the use of blockchain possible for everyone.
An ICO or ICOs are the most common method of collecting funds for new blockchain projects such as Ontology. However, no ICO was held for this platform. Instead, the developers gave ONT coins for free (which is called “airdropping” in the crypto community) to anyone who subscribed to their email newsletter list.
Since the same company that founded Ontology also founded the NEO blockchain, they decided it would be smart to connect the two. They did so by using the NEO community to help boost Ontology and raise its popularity. Thus, they gave away free ONT coins to all NEO holders at the time of release.
From the Staking Rewards Journal