By Ermos K
I’d firstly like to start off by thanking Michael K. Spencer for listing me as a Top Crypto Writer on Medium in 2018 (#28/100) — it means a lot to see my content and sharing of knowledge resonating with readers.
As mentioned in one of my previous posts, despite the bear market, not everything is doom and gloom. The technology that will revolutionize our lives still exists and is thriving. Alongside it, there are coins that you can earn passive income with, regardless if the market is green or red.
In Part 3 of my series, I will highlight another 3 Cryptocurrencies that allow you to earn a passive income. If you haven’t got the chance to read my previous ones, here are some convenient links: Part 1 | Part 2
“If you don’t find a way to make money while you sleep, you will work until you die” — Warren Buffett
Ontology is a diverse, integrated, distributed trust network and the infrastructure for building a trust ecosystem. Ontology encourages trust cooperation and allows projects of all shapes, sizes, and technologies with different business scenarios and compliance requirements to pass through Ontology’s chain networks and take advantage of the distributed trust network how they see fit.
Unlike all other coins I have discussed in the past (with the exception of VeChain Thor), Ontology is still very much a work in progress but one with huge potential and this can be seen by how well it’s performing even in this bear market. Just to give you an idea, it was launched on Binance at ~1.30$ and at the time of writing stands at ~7.42$ (a ~570% increase) as a time where the total cryptocurrency market cap has dropped by more than 13%.
Ontology will use a consensus mechanism called Verified Byzantine Fault Tolerance (VBFT).
VBFT is a new consensus algorithm that combines PoS, VRF (Verifiable Random Function), and BFT. With VBFT, Ontology nodes first apply for participation in network consensus through placing stake. Then, by using a verifiable random number, several nodes are selected from among all the consensus nodes. The selected nodes take the responsibility to propose, verify, and vote for new block(s).
The consensus mechanism is central to the passive income “piece” of Ontology. You can find more information about VBFT, here.
The Ontology network will feature a dual token mechanism that are bound together — ONT (the cryptocurrency coin of main chain services) & ONG (the utility token of main chain operations). By owning and holding ONT; you will passively earn ONG.
The Ontology Governance Model, which allows the ‘passive income’, is compromised by the “Triones Economic Model which uses ONT/ONG and combines the VBFT consensus algorithm and a consensus management smart contract”. You can find more information about the “Triones Consensus System Economic Model”, here.
In order to earn ONG, you will simply need to hold ONT in your wallet and ONG will accumulate over time. There is very little effort involved on your part. To get an idea on how much ONG you will generate, you can check this calculator.