#CPIWatch Sir, since you are asking about the ONG currency, the topic is simple and can be summarized colloquially like this:
🪙 What is the ONG currency?
The ONG currency stands for Ontology Gas. To understand it, we need to know that it is an integral part of a larger system called Ontology.
Imagine that the Ontology network is like a big city with many services.
* The city (base currency): This is the ONT currency (Ontology), and this is the currency that gives you ownership rights and voting rights in this city.
* Gas (fuel/fees): This is the ONG currency. It’s like the gasoline you put in your car to drive in the city.
The role of ONG currency (gasoline):
The function of ONG is simple and very important at the same time:
* Paying fees: Any operation or transaction you make on the Ontology network (like sending coins to someone, or using an application built on the network) requires you to pay a small fee, and this fee is paid in ONG currency.
* Running smart contracts: If a developer is running a complex application (smart contract), they need to pay ONG for the network to execute their code.
⛽ How to get ONG? (the accompanying gift)
Here comes the unique point in this system:
* If you bought ONT currency (the base currency), the network considers you an investor and owner in the city.
* Therefore, the base currency ONT continuously generates ONG as a "reward" or "benefit" for holding the base currency.
* It means as if you have placed a deposit (ONT) and you receive returns (ONG) that you can use to pay transaction fees, or you can sell them if you don’t need them.
🌟 Summary:
ONG is the fuel of the Ontology network. It is the currency you use to pay transaction fees on the network. Its value comes from the demand for using the Ontology network to conduct operations. The more the network is used, the more the value and demand for ONG increases so that people can use these services.
Would you like me to look up the current price of ONG or the accompanying prices of ONT?