Last month I installed Atomic wallet and since then I have been playing around with all the staking options it has on offer. Some of the coins have a very user friendly interface and are easy to stake and see the rewards. Unfortunately ONT does not belong to that group and if you are a hardcore ONT fan then I would request you stop reading this article here and look for some other posts that might interest you, if you continue here what you might read may really hurt or upset you.
In this post I will be covering what exactly is Ontology (ONT), it’s fuel Ontology Gas (ONG), how is the staking functionality on Atomic and what’s my recommendation on it.
What Exactly is Ontology?
Ontology was founded by Li Jun and the team behind ONT is the same group that created NEO blockchain. There is not much information available about ONT on the internet and not most of the available information is easy to digest. After a bit of digging around what I have understood is that their main business case is to provide a blockchain that can perform secret transactions. They say many large firms are hesitant to adopt blockchain is technically open source and all decentralized data on blockchain can be accessed by the general public. Many corporations have proprietary and sensitive data which they fear might be stolen, copied or misused. So in a nutshell a Chinese company has created a product to safeguard products from being victims of illegal counterfeiting and plagiarism.
I will take a pause here and make a mental note to use this example when somebody asks me what does “Mother of all Ironies” means.
Moving on, they decided to run it on NEO blockchain which is called the Chinese Ethereum and soon realized it might not be sustainable in the long run as the main business cases of both these projects were not exactly aligned. So they decided to create a new mainnet specially for ONT and moved it there about 2 years back. Around this time they also thought staking will be a fun idea to go together with saving the world from counterfeiting so they added the staking feature as well with a expected reward rate of about .. well they never clearly mentioned what will be the reward rate. In some obscure initial releases they claimed it can be upto 20% then they said inflation might reduce it. Anyways Atomic mentions on their site that it would be around 5 to 5.6%. StakingRewards site says it will be much lesser at 4-4.5%, and after adjusting the inflation in their model it will be 0%. Stakingrewards.com is usually accurate with their estimates.
What are ONT and ONG?
ONT is is the main monetary currency and ONG is used to power all transactions in the ONT mainnet. This structure is similar to NEO and GAS. It is also comparable to when we transact a ERC20 token we need to burn ETH for the transactions.
ONT has a supply cap of 1 billion tokens and ONG is also claimed to have a cap of 1 billion tokens which is a bit strange as normally the gas tokens don’t have a maximum limit cap as then once the cap is reached how will you run the system.
Why is ONT price not rallying like other popular Altcoins?
You would have seen that during the last couple of weeks most the Altcoins pumped hard including Cardano, Synthetix, Cosmos, Vechain. If you notice these are all staking coins and people are very bullish about theie future prospects. Ontology on the other hand is vary close to it’s all time low values which clearly shows there are no buyers. People would rather go to other staking projects.
How do I stake it on Atomic Wallet?
Staking process for ONT was always a bit buggy in Atomic and the claim ONG button was not working for me. Since the last couple of days the Staking option for ONT has disappeared and when you go to ONT wallet you see the error message that ONT master node is down for maintenance.
What’s my final Verdict?
Looking all the factors I am not able to convince myself to trust Ontology at least not as of now. I don’t trust ONT to invest my savings when there are so many better and more reliable options to invest and stake like Vechain, Tezos, Cosmos, Komodo and Algorand.
Check the video-
If you like crypto staking then in my opinion Vechain, Komodo and Algorand are much better options than Ontology. Please check out the previous article I wrote about staking Vechain, Komodo and Algorand on Atomic wallet
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Cryptocurrency & Blockchain
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