Do I receive Ontology GAS if I have Ontology stored on my hosted wallet?
If you store Ontology on your hosted wallet you will receive Ontology GAS (ONG) on a monthly basis. This process is explained in more detail below:
- Every day at a fixed time we determine how much Ontology every user has in his wallet. All of these daily values are added up at the end of the month.
- At the end of the month we look at how much ONG has been produced by all the Ontology from the users at Bitvavo.
- Thereafter the produced ONG will be distributed evenly among the users that have Ontology in their hosted wallets.
For illustrative purposes, please note the example below:
- In a certain month user A had 50 Ontology for one day, 100 Ontology for two days and no Ontology in his hosted wallet at Bitvavo on the other days. In total, User A has had 250 Ontology during this month.
- The total of Ontology stored per day by all Bitvavo users is 500.000.
- The total produced ONG that will be distributed is 1.000.
- User A would get 250 / 500.000 * 1.000 = 0,5 ONG.
The distribution of ONG will be added to your hosted wallet on every first Tuesday of the month.