In light of the article about Ontology Network I wanted to ask the team a few general questions and some questions about their token model. They were so kind to answer me so in this post I would like to share my questions and the answers from the Ontology Network team with you all. Now on to the questions 😉
Token Model Questions:
About the reward events (12%, 120.000.000 ONT)
– What made you decide not to do a public sale, but a series of reward events for the community instead?
Ontology links to real world and this includes traditional businesses, large corporations, and governments. Because of crypto regulations (or lack of them) we did not want participation in token sales to affect future cooperation opportunities.
– Ontology’s model is based on businesses and institutions that will be using the network and creating private blockchains for them, what value does the public community have to you?
The public community are also centre to our model. Ontology is a public platform, so we look forward to building up our community which will consist of developers, investors (as in ONT holders), Ontology dApp users, etc.
– How many reward events are you planning to do over what span of time?
The reward events will be over several years and marketing activities – the details of which are still undecided.
– Is there any chance you can give us a sneak peak/any hints as to what the second reward round will be about?
The next community reward opportunity will be for active participation in Ontology after the release of MainNet in Q2 2018. It won’t be for anything like a newsletter subscription, but no further details for now.
Tokens for institutional partners (28%, 280.000.000 ONT)
– Are these 280.000.000 tokens all being sold at once in the beginning to partners that already have shown interest or bit by bit as you gain new partners?
– Are there agreements made with your partners as to when they will have access to their tokens? Of course by using the platform they are incentivised to keep their tokens, but will there be something like a lock-up period?
6%, so 60.000.000 tokens are unlocked from the start. The rest of the tokens, 220.000.000 are locked. Those tokens will be unlocked within the next two years in four batches.
Ontology Ecosystem Development (25%, 250.000.000 ONT)
– Is there a lock-up period for this part or is it fully available for the Ontology team to promote the ecosystem from the start?
This ecosystem development part will be used gradually over time.
Ontology Core Team (15%, 150.000.000 ONT)
– Can you tell us more about the yearly lock periods for the team? Roughly when will the first part of these tokens be unlocked for the team?
There is a four year lock up period for the team – every year 25% will be released.
Non-token related questions:
– Are you already working on developing private chains for certain customers or will this only be done after TestNet/MainNet launch?
We have already started!
– Can you say anything about the demand for your services at this moment? Do you get a lot of requests from businesses?
We have been receiving interest. We hope to announce some of our partnerships this quarter.
– Is TheKEY or a similar identity verification service necessary for Ontology or will these identity services only add to the security an optional for Ontology ID to work?
Ontology is not an identity service provider, it is a connector/mapping for different identity services like THEKEY. Your ONT ID will map these identity services.
– What is the thing you look most forward to in 2018 for Ontology Network?
We look forward to building a strong and diverse community and seeing the first community dApps being built!
That’s all! I would like to thank Ontology for their time and I am convinced that their project will be a huge success!!