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Ontology News #1: Team Report, Foundation Bonus, DEX, RoundlyX, Staking Guide

Jan 27, 2020 | Cryptocurrency

When looking across the different cryptocurrency ecosystems, most of them hardly ever get mentioned. In the case of Ontology, that lack of attention isn’t warranted at all. 

In fact, there are a lot of things going on in early 2020. Some projects prefer to work and build, rather than generate hype on social media. 

Weekly Team Report

One of the best ways to remain up-to-date on Ontology news is to follow the official team on Medium. The first weekly report of 2020 introduces a lot of information. The development of the backend is still ongoing, as is the development of various products.

ONTO is one of the ventures most community members will look forward to. A test of the new version has been completed, and should be online soon. There is also a lot of ONT being staked by community members now. Last but not least, the blockchain has seen the launch of several dozen dApps, which is always prominent. 

Foundation Bonus Rules

Different cryptocurrency ecosystems have unique rules in terms of rewards, bonuses, and whatnot.  The Ontology Foundation will become subject to new bonus rules in February of 2020. Node bonuses will be more balanced. Moreover, nodes with a better ratio will receive more staking from users.

Furthermore, the rules include sharing the ONG bonus evenly among each staked ONT on the network. The bonus will also be distributed to the top 49 nodes. Those nodes will then share the bonus with their stakers according to configured ratios.  It is an intriguing change to the system. 

DEX on ONTO

Decentralized exchanges are a hot topic in the cryptocurrency space. A lot of people want to see these options replace centralized trading platforms sooner rather than later. Before that can happen, DEX offerings will need to be beefed up and competition will have to emerge. 

One DEX being built on Ontology is known as SEED Exchange. It offers on-chain trading of ONT, ONG, and SEED. The core functionality of this dApp is now integrated into the ONTO mobile wallet. A welcome addition to the ecosystem, as it highlights there is plenty of room for future growth.

RoundlyX Support

It appears that RoundlyX is slowly adding all accessible currencies to its platform. Being able to convert spare change into ONT is an interesting option. A lot of Ontology members may see the benefit in this option. It can also help attract more members to this ecosystem in the future. 

The Future of Staking

Unlike blockchains relying on proof-of-work, Ontology’s approach focuses on Proof-of-stake. As such, users are incentivized to keep their ONT in a wallet and stake their coins. A guide has been put together on how this system works exactly. After all, stakers rely on nodes to receive their rewards accordingly.

The detailed guide on how the staking of Ontology works exactly is very valuable. Many people panic when no rewards come in after an hour or so. It is evident that this process takes some time. Moreover, Ontology’s consensus mechanism is also a bit different from other cryptocurrencies that support staking. 

Images courtesy of their respective sources.

Fintoism is not providing financial or investment advice. All content published on this platform is for entertainment and educational purposes only.

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<a href="https://fintoism.com/author/oglock/" target="_self">JP Buntinx</a>

JP Buntinx

JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.

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