Regulated
Austria based and European regulated crypto & securities broker platform
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ESG (Environmental, Social, and Governance) regulations for crypto assets aim to address their environmental impact (e.g., energy-intensive mining), promote transparency, and ensure ethical governance practices to align the crypto industry with broader sustainability and societal goals. These regulations encourage compliance with standards that mitigate risks and foster trust in digital assets.
Name | Bitpanda Asset Management GmbH, Bitpanda GmbH |
Relevant legal entity identifier | 9845005X9B7N610K0093, 5493007WZ7IFULIL8G21 |
Name of the crypto-asset | Ontology |
Consensus Mechanism | Ontology operates on a Verifiable Byzantine Fault Tolerance (VBFT) consensus mechanism, which combines Proof of Stake (PoS), Verifiable Random Function (VRF), and Byzantine Fault Tolerance (BFT) to deliver a secure and efficient consensus process. Core Components: VBFT Hybrid Consensus: Combines PoS for staking, VRF for randomness in node selection, and BFT for transaction finality, ensuring both security and efficiency in the network. Node Selection via VRF: A Verifiable Random Function ensures randomness in selecting consensus nodes, making it difficult for adversaries to predict or manipulate the selection process. Stake-Based Voting: Nodes with higher stakes have greater voting power in the consensus process, aligning their incentives with the network's security and stability. |
Incentive Mechanisms and Applicable Fees | Ontology employs a dual-token system and a comprehensive fee-sharing model to incentivize participation and ensure the network’s sustainability. Incentive Mechanisms: Staking Rewards: ONT holders can stake their tokens to earn ONG rewards. This incentivizes long-term commitment and active participation in governance and network stability. Governance Participation: ONT holders have voting rights in network governance decisions, enabling them to influence protocol upgrades and other critical parameters. Applicable Fees: Transaction Fees: Users pay transaction fees in ONG for transactions and smart contract executions. Fees are relatively low, making Ontology suitable for microtransactions and complex applications. Fee-Sharing Model: A portion of transaction fees is distributed to stakers and node operators, aligning the interests of all network participants and supporting the ecosystem's sustainability. |
Beginning of the period | 2024-09-14 |
End of the period | 2025-09-14 |
Energy consumption | 69852.24000 (kWh/a) |