What is oNG?
oNG is a decentralised social media and business platform aiming to incorporate all the best features of exisiting social media platforms. Their website states that ‘ONG is all about community, privacy, encryption, andrewarding your content through the blockchain’
The goal of the oNG project is to create a decentralized social hub offering cryptocurrency rewards for sharing the ‘truth’. The ONG platform is still barely developed – at the moment it looks like an unfinished version of Steemit but with a few additional features waiting to be added – but – the team have some active plans to develop and rebrand ONG and are aiming to turn ONG into a decentralized social media and business platform containing all the best features of Linkedin, Facebook, Twitter and Steem.
Whilst ONG is barely known – yet – there is a lot of work going on behind the scenes and this could become big when it is ready. There are a growing number of crypto youtubers and investors looking heavily into oNG and who believe this could be one of the next biggest cryptos to invest in. The price of oNG has absolutely smashed down since its highs of January 2018 and as of June 2018 is significantly below ICO price. oNG could work out well if the team are able to pull through on all of their goals.
How the ONG platform works
The social platform of ONG is already active – anyone can register at https://ong.social. At present, the platform is still little used, and still has several teething issues. It is in beta stage and according to the official site, it had 234,796 users in April 2017, but has more people signing on and member groups forming every day. The problem with oNG is that the platform, and the workings of the tokens, is rather complicated.
As a social media platform, ONG is a bit like a mix between Facebook and Steemit.
Users can create a profile and share posts on their own pages, but unlike with Facebook, users can also vote on the content. There are two types of votes: Positive (upvote) and negative (downvote). By casting an upvote, you are also giving a special token (G-Fuel) to the poster. 20 G-Fuel is equal to 50 USD. So the content creator can convert their tokens to .Bitcoin, or then fiat via exchanges, and monetize their contributions.
The oNG platform can also be used to publish news and has plans to ensure that any news posted is not ‘fake news’ – ‘Fighting with the fake news’ is even a slogan of the project. Every member can verify any article so the community knows that it is not ‘fake’. For verification, you also need to use the G-Fuel token. oNG calls this system ‘Gravity’. Each member has a Gravity score based on his background and reputation. The higher your score is, the more effective your verification. In time, users with the highest scores will become ‘Gravity Specialists’ and, for example, can delete a post or move it to the front page. Basically, they will become moderators.
oNG is one of the few cryptos that is built on a dual blockchain – it is built on both Waves and Ethereum which they claim ‘gives us the benefits of redundancy, stability, and security. The ERC20 standards set a precedent for creating a token with a tested rule set, which allows onG to analyze and modify the algorithm that distributes its token while not compromising the security layer of the token itself.’
Tokens of the onG platform
oNG has three different tokens. These are:
1) oNG: oNG is main token of the network. It has a finite limit and a service life: 20 years. After 20 years only the other two coins will be used for rewards. oNG is an ERC-20 token that works on both the Ethereum and Waves blockchains.
2) G-Bucks: This is the ‘advertising’ token. It will only be created when an advertiser purchases advertising space. You can also purchase G-Fuel with G-Bucks and convert G-Bucks to oNG Coin. It will be created and sold at a fixed rate – 1 G-Bucks: 1 $USD.
3) G-Fuel: This is the main ‘user’ token. Only G-Fuel owners have the right to cast a vote.. 20 G-Fuel is equal to 50 USD. There are 3 ways to get G-Fuel:
- You can buy oNG Coin and/or G-Bucks and convert them into G-Fuel
- You can make a payment of 50 USD at the oNG platform and get 20 G-Fuel
- You can be awarded G-Fuel for creating content on the platform and being upvoted
G-Fuel cannot be sold directly at exchange sites. Once you acquire it (whether for voting or as a reward) you can only convert it back to G-Bucks. However, to do this, you must wait 6 months after getting the G-Fuel. So the system works like this:
- You created a content and some other user awarded you G-Fuel
- You must wait 6 months to convert it to G-Bucks
- Since G-Bucks is only for buying advertising space, you must convert it to oNG Coin
- Only after that you can convert it to Fiat currency, or into Bitcoin via exchange sites
As with Steemit, there is a problem inherent to the 3 coin system. It is complicated, which might put off casual and non-crypto users.
Advertisers and ‘buying trust’ on oNG
One of the ways the oNG platform could be abused, is by advertisers paying for a lot of upvotes, to make it look as if their content look popular and as if it has been naturally upvoted, which makes them look better than paying for a sponsored ad.
Advertisers can just buy G-Fuel, the main token for voting, in bulk. If an advertising agency wants to promote a product, they can just buy G-Bucks and convert them to G-Fuel, or even buy G- Fuel direct in exchange for fiat on the ONG exchange – to be able to create a large number of upvotes, instead of buying advertising space. It is clear that how this system can be abused by advertising agencies, as it will be easy to buy ‘trust’. Early adopters of ONG who hold large percentages of the coin will also be able to have a big influence by upvoting their chosen content.
The differences between oNG and Steem
- Steem is centralized, oNG is decentralized. So it is more censorship resistant.
- Both projects use a complex monetization system with three different tokens.
- Steem does not support DApps, while oNG does.
- Abusing the voting system is a little harder in Steem. For example, you can’t buy Steem Dollars with Fiat currency. But G-Fuel can be bought in bulk and used to exploit the voting system.
The team behind the oNG project have an interesting background. Mr. Rosenbuch is an MMA (mixed martial arts) fighter. Mr. Kramer is a telecommunication specialist and according to his LinkedIn page, he has also been serving as blockchain strategist for CeekVR since 2017. In other words, 3 months after the oNG project launched, he also started to work for another company. He is also the recipient of the IBM's Global Entrepreneurs Award for blockchain based social media applications.
They only have a Telegram channel and rarely post on BitcoinTalk or other platforms.
However, the fact that there is strong support for the platform from various crypto youtubers – several of whom invested in the ICO- means that there should continue to be strong and public support for oNG when announcements and progress are made.
|Creator||Christopher Kramer, Adrian Rosenbusch (OneName Global, Inc)|
|Creation Date||Q2 2017|
|ICO Date / ICO Price||August 11, 2017 / 1 ONG = 0.5 USD|
|Is The Coin/Token Live?||Yes|
|Current Value (Total)||$ 4.048.082|
|Available In||Can be used on its own platform only / can be traded into other crypto-currencies and Fiat currencies via exchanges|
|Can Be Traded In||Qryptos|
|Can You Buy It With Fiat Money?||Yes|
The roadmap of the project is:
- Q1 2018: Adding three tokens to the platform, Steemit and Instagram integration
- Q2 – Q3 2018: Storj.io integration, IPFS file system, reputation & Gravity system becomes active
- Q4 2018: DApps Ecosystem