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) every week. 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 week.
- At the end of the week we look at how much ONG has been produced by all the Ontology from the users at Bitvavo.
- The produced ONG will be distributed evenly among the users that have Ontology in their hosted wallets.
You can find other digital currencies for which this is possible here.
For illustrative purposes, please note the example below:
- In a certain week 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 week.
- 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 the first day of the week.