Ontology’s New Network Consensus ‘Triones Membership System’ Explained by the ONT Team
Ontology’s (ONT) New Network Consensus ‘Triones Membership System’ Explained by the Team
Ontology (ONT) recently made a significant milestone in their crypto & blockchain oriented project. According to the team’s announcement on September 18th, a new consensus for the platform is out and users are set to start testing this feature to authorize transactions.
The Triones Consensus Membership System developed by Ontology has since been explained via a blog post. Ontology’s team in the post ‘Ontology Consensus Cartoon: How you’ll be able to participate in Ontology consensus’ gave a detailed explanation of how participants can make contributions to the new protocol.
According to the blog, Ontology provides two node types which are candidate & consensus nodes. The candidate nodes are 42 in number while the consensus ones tally to a total of 7. It is also noteworthy that they Ontology’s (ONT) networks admins.
However, the post further stated that the node status has conditions to be met. Two main requirements were outlined in the post, both of significant importance to the platform’s operation. The first one is pledging 100,000 ONT to the council running Ontology & to submit their documents for KYC verification.
ONT holders have been granted rights to make authorizations regarding stake features in the network. 1 stake will be represented with 500 ONT coins according to the blog post. In addition, the ONT team will settle for winners whom will make it to top 49 in the process.
Luckily, users of the ONT token do not have to own many coins for their voices to be heard. They can simply come into groups to increase their voting power. Ontology also indicated that voting will take place for 120,000 blocks on a monthly basis.
Thereafter, rewards will be given to the participants as a motivation token ‘literally’. The proceedings are set to be equally distributed amongst the candidate & consensus nodes. To make it better, this rewarding system is set for the 3 beginner years of the network with an estimated 10,000,000 ONG for distribution.
At the moment, the team has indicated an intention to have the approval process accessible to them via Owallet. They also said that nodes will be increased within the network in the near future.
When the year began, Ontology had already pioneered its new consensus ‘Triones’ to be its platform guide in matters involving on-chain governance. In a statement back then, the company said
“This is an innovative governance model with a considered balance of decentralization, high-performance expansion, and incentives.”
Finally, the coins prospects were highlighted with Clay Wallet support being a major milestone. The CoinManager app will help ONT scale its portfolio outlook within crypto markets!