Ontology [ONT]: explains the authorization stake feature of the Ontology consensus

On 18th September, Ontology [ONT], a decentralized blockchain platform, announced that users will be able to participate in their Ontology consensus with its new authorization stake feature.

In a blog post titled “Ontology Consensus Cartoon: How you’ll be able to participate in Ontology consensus,” the company has explained that participants will be able to contribute to the Triones Consensus Membership System.

The blog stated that they offer two types of nodes, namely consensus nodes and the candidate nodes. They said that there are a total of 7 consensus nodes and 42 candidate nodes and that these nodes are also the administrators.

Furthermore, the blog stated that in order to become a node, two primary prerequisites have to be fulfilled.  First, the users will be required to pledge 100,000 ONT to the Ontology council and second, they will have to submit their KYC documents.

Users who own ONT have the right to authorize for stake feature. They added that 500 ONT equals 1 stake and that the Ontology team will be choosing the top 49 as winners.

The Ontology foundation mentioned that users can form groups to enhance their power. The authorization rounds will be conducted for 120,000 blocks every month. The company also stated that the winners will be rewarded in ONG.

From a total of 100%, 50% of the reward will be distributed among the 7 consensus nodes and the other 50% will be distributed among the 42 candidate nodes. Moreover, the blog stated that the foundation will reward the nodes with 10,000,000 ONG in the first three years of participation.

The team said that the authorization procedure will be made available to them through the Owallet. The company said that the number of nodes will be increased in the future.

Earlier this year, Ontology introduced the “Triones Consensus Membership System”, which is its first-generation governance model of the Ontology public chain. They had stated:

“This is an innovative governance model with a considered balance of decentralization, high-performance expansion, and incentives.”

The Ontology team also announced that ONT and ONG will be supported by Clay wallet, developed by CoinManager, an application for cryptocurrency investing.