Ontology x OKEx AMA Recap

Ontology Gas | 05.26| 117

On May 22nd, Ontology and OKEx hosted an AMA in Ontology’s English Telegram to answer questions from the community following the recent support of ONT/USD and ONT/USDT perpetual swap on OKEx.

Segment 1: Collected Questions from Twitter

Q1. What are the benefits of ONT Swap Trading? Why is ONT Swap Trading better than other trades? (@M123Aleksey)

Alysa: I can say a lot!

First, leverage. In contract transactions, users can amplify their income by adjusting leverage. For example, when the ONT price is $1, user A gets a contract worth 10 ONT with a $1 margin and x10 leverage. If the ONT price rises by 10%(from $1 to $1.1 ), the profit of this contract will be 10*1*10%=$1. So user A earns $1 by x10 leverage when the ONT price rises by 10%. It should be noted that when the revenue gets doubled with leverage, the risk also gets doubled. So please use leverage rationally.

Second, hedging. Users who hold digital assets can use the futures to achieve hedging, especially when the market is going down. Hedging refers to hedge the fluctuations of the target cryptocurrency price of the contract so as to avoid the risks caused by the fluctuations during this period. That is the customer establishes a reverse contract position, so that the profit and loss generated by the cryptocurrency itself are just opposite to the profit and loss generated by the contract when there is price fluctuation, and the overall profit and loss of the cryptocurrency and contract stays the same.

Put it into a scenario. Let’s say the current ONT price is $1, user A holds 10 ONT and expects that the future ONT price will fall, so in order to avoid the loss caused by the decline of ONT, user A sells a contract worth 10 ONT; Supposed that after 1 month, the actual price of ONT drops to $0.8, then the contract revenue will 2.5 ONT, equivalent to $2. The original ONT will lose $2, and user A will breakeven. By establishing the reverse contract position in advance, you can lock your final USD revenue.

Q2. What is the competitive advantage of ONT at OKEx? And are there any trading events to welcome the arrival of Ontology? (@TraThoa)

Alysa: As you’re willing to attend this AMA, I can ensure you’re one of ONT evangelists OR at least curious about this quality project

ONT is a unique top project run by professional specialists in different domains, like Andy — that consider a decentralized network environment that solves key issues of identity security and data integrity as its ultimate goal for users

Regarding ONT’s popularity, technical development and adoption, we have been maintaining a very great and long relationship since we met

We OKEx have rolled out a variety of ONT trading products and pairs, like spot and perpetual swap, etc.

And there will be an ONT swap trading promotion activity on our platform from today to next Thursday, users can share up to 20,000USDT by trading ONT perpetual swap contracts. First come first Served. Please join the activity via here.

Q3. “Most of the investors just focus on the price of the token in the short term instead of the real value of the project. Can you tell us the motivation and benefits for investors to long term?” (@memenci6)

Andy: We wanted to ensure our community was utility-driven instead of being money-driven. By airdropping ONT instead of any type of fundraising, we put our token in the hands of proven cryptocurrency users or real investors, not just the hands of speculators.

Our dual-token design ensures the development of the infrastructure and provides more services to justify the value of the infrastructure. Staking is both a fundamental governance model and can also develop a range of value-based businesses. We plan to release a big improvement of the staking model to increase the long-term interests of our HODLs. We will continue to monitor and enhance the network’s value in the long run.

In addition, Ontology has been progressing steadily according to our roadmap. We are a public chain with one of the most comprehensive and hardcore underlying infrastructure. This is crucial to the project’s long-term development and is also used to support the application of the later stage to ensure the interests of investors to the greatest extent.

We hold enough funds to support our long-term “Idealized experiment”. Why not join our data sharing revolution and become the champion of the marathon? It’s your choice.

Q4. Spot trading is usually my favorite on ONT, but not so familiar with derivative products like contracts. What is a contract? (@TraThoa)

Alysa: For crypto beginners, we usually trade spots but we should realize what’s going in derivative markets as well. Futures, perpetual swaps, options. Well, go back to contracts, which are futures

The contract is a digital currency derivative product. Users can earn revenue for the price rise or fall by buying a long contract or selling a short contract. Buying long means that investors expect the market to rise in the future and buy a certain amount of digital asset long contracts

Take the ONT contract transaction as an example. If the ONT price is $1, we buy a contract worth 1 ONT. If the price of ONT rises to $1.1, we can get a profit of US$0.1 by selling an ONT contract. Selling short refers to investors who expect that the market will fall in the future and sell a certain amount of digital asset short contracts. Taking the ONT contract transaction as an example, when the ONT price is $1.1, we sell a contract worth 1 ONT. If the ONT price drops to $0.9 each, we can get a profit of $0.2 by buying a contract worth 1 ONT.

Investing in spot transactions means that profits can only be made when the spot price rises. But profits can be made in contract transactions regardless of the rise and fall of the price by buying long or selling short.

Q5. What is your project’s main target of $ONT in this year 2020? and what your VISION and MISSION is in #ONT Marketing? (@enesdre)

Andy: Ontology is an enterprise-friendly public chain, devoted to providing solutions to large-scale enterprise application scenarios. We are proud to have always followed our roadmap since the first day of the project. In 2020, we will be focusing more on the business side, such as the automotive industry, stablecoin, and digital currency, and data sharing. These two or three scenarios are providing cash flow, strategic value, and high throughput.

We had discussed with Libra, Celo, Bitcoin Suisse, Paxos, Circle, and Transfer to integrate an inclusive payment tool. Meanwhile, we released a FinTech platform — Rail.One to provide debit card, prepaid VISA card, and virtual credit card solution to business partners. It means you can store, pay, and invest through an ONT based card. I suggest Alysa try our new goods.

DATA is everyone’s own privacy that can’t be dominated by anyone else and can be transferred into assets with blockchain technology, even exchange, and gain profits if they are willing to. Ontology is providing the solution for them no matter 2B or 2C with our technology strength, especially ONT ID, and the products say ONTO and SAGA.

In terms of global trends, we will keep communicating with global regulators. We find that the institutions may be leading this round crypto revolution. So we are talking to more institutional friendly infrastructure like custody vendor — Anchorage, Coinbase Custody, BitGo, FireBlocks, and Bakkt warehouse; ETF vendor — Bitwise and VanEck; Regulated exchange — Coinbase, Bitstamp, Gemini; Trust invests — Grayscale. Let’s see more partnerships to come.

Q6. What are the benefits of users trading ONT Perpetual swap on OKEx better than other Derivatives exchanges? (@ShinoTohkaNC)

Alysa: OKEx is a world-leading cryptocurrency exchange, providing advanced and reliable financial services to traders globally based on blockchain technology. You would definitely trade ONT perpetual swap here instead of other platforms since we have the highest level of security in the industry — Users of our exchange can trade without worrying about the assets being stolen. In addition, we have top-level risk control measures in the trading process, such as defending extreme market conditions with the market price, achieving zero allocation of users with tiered margins and high-performance close-out mechanism, and avoiding the risk of liquidation with sufficient risk reserve.

We have diverse order types — multiple advanced order types to help users trade more conveniently. Users can place take profit and stop-loss order to control risks and lock profits.

We have diverse product tools — various trading tools to help users conduct transactions more quickly and conveniently.

Contract calculator: Users can use the calculator to quickly calculate the profit, closing price, and liquidation price according to their positions without complex calculation operations.

Multi-dimensional transaction data: Ten major market data can help traders to analyze the market situation in a comprehensive way and adjust their trading plans accordingly.

We have top liquidity, spreads and product performance — OKEx has won the recognition of users with excellent products with world-leading contract trading volume, accounting for more than 30% of the entire market trading volume. The average spread of OKEx futures/perpetual swap is much smaller than other exchanges. And, we listen to your suggestions all the time:)

Q7. “The total supply is 1 Billion ONT. So, are there any repurchase plans to burn or block tokens to increase the ONT value?” (@Johaneri01)

Andy: We have made 3 million USD returns through our ecosystem investment. It will be used to buy back our token. You can find our buy-back updates monthly on our Twitter and Telegram announcements. We have also released our Financial report just recently.

In order to further expand our global influences and build a better ecosystem, we are inviting more community members to work with us as our Global Community Contributors and GCC nodes. Venezuela Blockchain, CryptoMondays Madrid, and CryptoDiffer are amongst the first three GCC nodes in order to accelerate the process of applying blockchain technology to tangible business use-cases in European, Latin American and Russian markets.

Ontology values community feedback greatly. 10,000 ONG is available until May 31st to improve Ontology’s governance and staking economic model. Vote and let us know your new suggestions here.

Q8. Currently, OKEx has opened a Swap contract only for the ONT/USDT pair. Is it expected that in the future more pairs will be launched for the ONT token? (@cryptoboy237)

Alysa: I think we will. However, before launching any service or trading pair, our team has to take a deep examination of the products’ risk management, sustainability, and user-friendliness.

It’ll take a lot of time to listen to the voice from all of you, which is that we’re doing every day. If we have any new announcements, we will post it on all our channels to let you know soon:)

Q9. I heard about a new product SAGA will be brought by Team ONT. How it will help to bring adoption across the ONT ecosystem in the future, please provide a brief idea to the community? (@Johaneri01)

Andy: The SAGA data marketplace is powered by a complete data interaction protocol based on the Ontology public chain. The process of data valuation, profit sharing, data security, and privacy protection is fully decentralized through the Ontology blockchain. Individuals and companies using the SAGA data marketplace can benefit from raw data and data processing services and insights while maintaining full control over their data by leveraging the unique features of the Ontology public blockchain.

Ontology’s unique digital identity and data collaboration products assist the SAGA marketplace in its important goal of ensuring high security and compliance. Through Ontology’s Distributed Data Exchange Network and the ONT ID, the SAGA data marketplace achieves:

  • Data ownership and authenticity verification
  • Data security and privacy protection
  • Peer to peer cross-platform data trading technology

Q10. I saw OKEx supports 2 types of contracts — Coin-margined futures/swap and USDT-margin futures/swap. What is the difference between them? (@M123Aleksey)

Alysa: OKEx supports 2 types of contracts: Coin-margined futures/swap and USDT-margin futures/swap.

A coin-margined (reverse) futures/swap is settled in the underlying cryptocurrency, that is, the currency of opening and settlement is a certain currency. For example, investors want to conduct BTC contract transactions and open positions with BTC as margin, the final profit, and loss settlement will also be in BTC; if investors want to conduct ONT contract transactions and open positions with ONT as margin, the final profit and loss settlement will also be in ONT.

The advantages of coin-margined futures/swap: The coin-margined futures/swap t is suitable for users who need to hold a certain currency for a long time on the purpose of hedging, and they can enjoy the profits from the price rise and holding long positions of coin-margined contracts

On the other hand, the USDT-margined contract is called a forward contract. The margin and settlement of the USDT-margined contract are both in USDT, that is: using USDT as a margin to open a position, the revenue will also be in USDT. The value of USDT margin is stable and it can reduce the risk of the user’s position margin shrinking in the plunging market; you can conduct multi-currency contract transactions just by holding USDT, which also reduces the trading cost of changing positions; the USDT margin contract is easy to switch and calculate the profit and loss, which is suitable for beginners. If you are a new user who has never had contract transactions, the USDT-margined contract is recommended to get started with.

For more information, feel free to visit our Academy to learn more.

Segment 2: Live Q&As

Q1: With the appearing of many blockchain projects, especially payment project which has the newest technology, scalability, efficiency, even no fee on the transaction. Does Ontology feel pressure from this on the race of global payment solutions? (@Ramananaa)

Andy: We do not feel pressured. Our Layer 2 solution is recently live and you can experience a swift and cheap payment based on the Ontology blockchain. According to our test, it’s faster than the majority of new payment blockchain projects. In the meantime, Ontology is happy to cooperate with these projects in terms of interoperability and provide services to developed and developing countries.

Q2: Can you briefly say how the OKEx system is designed to be stable and reliable for Swap/Futures traders, even in volatile times? (@Ferlee)

Alysa: We have top-level risk control measures in the trading process, such as defending extreme market conditions with the market price, price limit rules, achieving zero allocation of users with tiered margins, and high-performance close-out mechanism, and avoiding the risk of liquidation with sufficient risk reserve. and we have optimized our system this year, the matching speed is much more faster and stable.

Q3: OKEx is currently going well and is receiving positive attention. What will you do to get more exposure and adoption? What is the Okex message for the Community today? (@IkyNulil)

Alysa: I am happy to hear that, since we work very hard every day!

What about OKEx? We’ve been thinking of ways to better serve our existing users, but where are the limits of the market? How do we create a new market space? At our executive conference at the beginning of the year, we proposed a full-cycle global strategy that spans across all directions of our businesses.

On the other hand, we continue to expand globally. “True globalization” means localizing your product in each country to serve local users. It is a new challenge for us to take root in emerging markets as we have to get closer to the local culture, user habits, and understand the local market competitors.

As always, with an entrepreneurial mindset and being humble to learn, we never stop exploring new products and trends in the market. At the same time, we put our risk management system in the priority. In the balance between long-term development and short-term benefits, we will always choose the former.

Q4: One of the biggest problems with DApps is the inactive and useless state. People only create DApps but it has no use case or contribution to the blockchain ecosystem. To prevent and solve this problem that may occur on the Ontology platform, what will your team do? (@MRYUSSO)

Andy: That is true. After one-year development on dApp, we have launched 80+ dApp in the field of gaming, content, DeFi, and freelancer platform. To be honest, the current dApps are not as active and cannot support large-scale use yet. However, we discovered some vertical dApps with great potentials, like stablecoin and data exchange, etc. We will launch more high-quality dApps on the Ontology blockchain platform soon, such as OGQ and high-quality Japanese games.

Q5: The market in the upcoming dynamic season will be quite volatile, most investors will be less active in the last days of this year, so Okex plans to organize any upcoming events to make it more exciting than the market. Year-end or not? (@kimhungkhungquazz)

Alysa: My colleagues are planning several events now! OKEx has specific trading events for ONT traders. Users can trade ONT swaps to share a USDT prize pool. you can join the event here.

And there is another elite trading team contest hosted by OKEx coming soon, you can join a team and win the rewards. the total prize pool for this elite team contest is up to 150.000 USDT. please check this link for more details.

Q6: Why did you decide to choose the OKEx exchange rather than the other exchanges? What are the benefits that OKEx brings to Ontology and vice versa? (@mikurana)

Alysa: OKEx is a world-leading cryptocurrency exchange, providing advanced and reliable financial services to traders globally based on blockchain technology. You would definitely trade ONT perpetual swap here instead of other platforms.

We have the highest level of security in the industry — Users of our exchange can trade without worrying about the assets being stolen.

We have top liquidity, spreads and product performance — OKEx has won the recognition of users with excellent products with world-leading contract trading volume, accounting for more than 30% of the entire market trading volume. The average spread of OKEx futures/perpetual swap is much smaller than other exchanges.

Q7: I see the terminology of #Ontology is very philosophical(i.e. Socrates, Plato, Aristotle) why is this so? Is there any future plan for expanding to the US markets? Thanks. (@vacotk)

Andy: Ontology is a term favored by philosophers, computer geeks, and poets. We hope to find the true value of blockchain via exploring Ontology. In 2020, we will be focusing on entering the US regulation market. We joined the Digital Chamber to expand the application scenarios in the US market, working with Bison Trails and Kingdom Trust to enter the institution's field. I hope we can see the name of ONT on Coinbase.

Q8: How much is the ONT Swap trading fee on OKEx?. Does OKEx have feature trading fees with OKB token? (@Term1nal1)

Alysa: The taker fee of ONT Swap contract users at all levels is 0%, and the order rebate can be up to 0.035%. we have a discounted fee rate for OKB holders. Find more from our website here.

Q9: What plan do you have to promote the adoption of ONT in South America, to take advantage of the fact that lately the crypto boom has been increasing and take advantage of these potential investors, which would be very useful for ONT’s future? it’s my question I hope you like it. (@chido97)

Andy: We will launch a freelance worker platform with Mircroworkers for Latin-American users, in order to help more users in Latin America to find job opportunities and pay easily, more cost-effectively and provide stablecoin without inflation with the services. We work with Venezuela Blockchain and Settle Network from Argentina, several Brazilian corporates to further explore the exchange and swap between ONT and local fiat possibilities. We will also launch ONTO in Spanish to provide better user experience and improve the standard of daily lives for people in Latin America. I hope you like our services.

Q10: Having your every question answered can make your trading experience delightful. It has become a standard for sizable exchange platforms to provide 24/7 customer support with knowledge people solving technical problems in real-time. Can you tell us about Okex Customer Support? (@ditmemay0000)

Alysa: We have an international and professional customer support team to handle the cases of every user, and what I think most wonderful is that our support is extended to our Telegram channel! You can just private message our client relationship officers in Telegram DM. FAQs, request form, Beginners’ Guide, API documentation, Issue description, and a great and clear FAQ database!

Find Ontology elsewhere

Ontology website / Ontology GitHub / ONTO website / OWallet (GitHub)

Telegram (English)Discord

Twitter / Reddit / FacebookLinkedIn

Ontology x OKEx AMA Recap was originally published in OntologyNetwork on Medium, where people are continuing the conversation by highlighting and responding to this story.

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