HomeCoinsOntology (ONT)Starting Now: Cyberspace 4 Philosophers NFT Staking | by The Ontology Team...

Starting Now: Cyberspace 4 Philosophers NFT Staking | by The Ontology Team | OntologyNetwork | Dec, 2021

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NFT staking is now live!

The Ontology Team
Starting Now: Cyberspace 4 Philosophers NFT Staking | by The Ontology Team | OntologyNetwork | Dec, 2021

To celebrate Ontology’s 4th anniversary, we have made 10,000 limited edition Cyberspace 4 Philosophers NFT’s available for minting which were all sold out. Not only do they look great, but they will also be used to establish a special NFT Ontology Node where NFT holders benefit from the staking rewards.

We are delighted to inform all NFT holders and our community members that the node is now all set, and ready for you to stake your NFTs to start earning rewards. NFT holders will also start receiving ONG staking rewards from the next consensus round.

Rewards will start generating at the beginning of the next Ontology consensus round (168). At the end of each consensus round, 90% ONG rewards for the node owner are distributed among NFTs that have been staked during this round.

The amount of ONG distributed as rewards to an NFT is calculated from (X*t)/T. Where X is the total ONG reward available in the consensus round. t is the length of time an NFT has been staked during the round. T is the total time of all the NFTs staked in the current round.

Therefore, it’s suggested that NFT holders start staking NFTs anytime before the end of the current consensus round.

Each Ontology consensus round contains 60,000 blocks. Ontology blocks, which contain data of transactions, are generated one by one at time intervals of 1–30 seconds. Therefore, the length of time of each consensus round varies from about 17 hours to about 21 days.

View estimated end time of the current round (167): https://node.ont.io/stake

The node’s own initial stake is 100,000 ONT, which is the total amount of ONT spent to mint NFTs.

The node is available for other users to stake with and the maximum amount of other users’ stake is 1,000,000 ONT, which is 10 times the node’s own initial stake.

Total stake = node’s own initial stake + other users’ stake

The fee sharing ratio of the node is 10%/95%, which is from the other users’ perspective. The first ratio refers to the sharing percentage of the ONG rewards from the node’s own initial stake, and the second ratio refers to the sharing percentage of the ONG rewards from the other users’ stake.

The table below shows how the ONG rewards for the node owner vary according to the amount of other users’ stake.

Under current circumstances, the amount of A, B, and C would be almost the same. Therefore, the higher the other users’ stake, the higher the rewards for the node owner. This also means higher rewards for NFT stakers.

In summary, for NFT owners:

  1. Welcome other users’ stake
  2. Don’t forget to stake NFTs

Stake NFT and Claim ONG Reward

Tap on the “Stake/Redeem” button at the bottom right of the homepage to open the “Stake/Redeem” page, then tap on the “Stake” button to stake ONT or the “Unstake” button to unstake ONT.

ONG rewards are distributed at the end of each consensus round. Tap on the “Claim” button to claim the ONG reward.

View or Send NFT

Navigate to “Assets” page and tap on “Collectibles”.

Tap on “+” button at the bottom right.

Tap on “ONT” to view the list of NFTs on Ontology blockchain.

Tap on the check mark on the right of the NFT name to add it to the “Collectibles” page.

Tap on the picture of the NFT to open the details page.

Tap on the “···” button on the right to open a pop-up window.

Tap on “Send” to open “Send NFT” page, enter address and amount, then click the process button at the bottom, and then confirm the transaction in the pop-up window to finish the process.

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