Ontology EVM — I Don’t Get It!

Ontology EVM — I Don’t Get It!

We’ve been gathering the most frequently asked questions about the Ontology EVM. This article will continue to be updated, as more questions arise. If you can’t find the answer to your question here, then please come over to t.me/OntologyNetwork and ask one of the friendly admins or Harbingers.

General

1. What is a Virtual Machine? What is EVM?

A virtual machine is a computer that runs on the blockchain and allows smart contracts from multiple sources to interact. Ontology already supports Wasm and NeoVM. This summer, we announced that we had completed the development of our Ethereum Virtual Machine (EVM). The EVM is the most popular and widely used VM, supporting a huge variety of dApps.

Read more in our Ontology EVM 101 blog.

2. OEP-4 tokens are on the Ontology blockchain. What do they become when bridged to the EVM?

They will become ORC-20 tokens after being bridged.

3. How many blockchains will Ontology have after the EVM launch?

Still 1 blockchain. Ontology’s multi-virtual machines make it the most VM-supported blockchain, including NeoVM, WasmVM, and now Ontology EVM.

4. How many decimals will ONT and ONG have after the recent MainNet Upgrade?

9 for ONT and 18 for ONG.

5. How will the decimals change affect node staking? Do we still need to put ONT in integer form when staking?

The decimals change won’t affect ONT staking rules. You need at least 1 ONT to stake and your total staking amount needs to be an integer.

6. Which popular wallet will support the new EVM tokens?

ONTO Wallet, ONTO Web Wallet and Metamask.

7. What’s the RPC URL for Ontology MainNet that supports Ontology EVM?

https://dappnode1.ont.io:10339

https://dappnode2.ont.io:10339

https://dappnode3.ont.io:10339

https://dappnode4.ont.io:10339

Reference: https://docs.ont.io/guides-and-tutorials/development-guides/smart-contract-dev/evm-contract/development-environment-and-tools#network-info

8. What does it consume when transacting on the EVM?

When making transactions on Ontology EVM, you consume the native gas token ONG for any transactions on the Ontology EVM. Each transaction on the Ontology EVM costs at least 0.0525 ONG (0x- address) depending on the complexity of the smart contracts.

If you start the transaction from an address that starts with an A, it will cost ONG from an address that starts with an A.

If you start the transaction from addresses that start with 0x, it will cost ONG from an address that starts with 0x.

For instance, ONG (0x- address) ⇔WONG (0x- address) performing wrapping or unwrapping transactions will cost ONG (0x- address).

If you transfer ONG from an address that starts with an A to an address that starts with 0x, it will cost you 0.05 ONG from the A addresses. If the transaction is the other way around, it will cost you 0.0525 ONG for 0x addresses. The gas fee is determined by underlying gas fee requirements in smart contracts.

9. What is the purpose of WONG? Why would you wrap ONG?
ONG is actually the native gas token of the Ontology network. However, some contracts may require ORC-20 (Similar to ERC-20 on Ethereum) standard tokens. Just like ETH isn’t ERC-20 compatible, hence wETH exists, so we need WONG for those types of contracts.

A wrapped token is a token that represents a cryptocurrency from another blockchain or token standard and is worth the same as the original cryptocurrency.

You can wrap ONG via Ontology Bridge. Full guide: https://medium.com/ontologynetwork/how-to-use-the-ontology-bridge-4b90603d45ce

10. How to apply for the 10m Ontology EVM Fund?

You can simply submit your application to join us on our journey by proposing on the Ontology Community Forum. Our team will check and respond to your applications soon.

11. What to do if my exchange has suspended deposits or withdrawals of Ontology tokens?

It is a common action for exchanges to suspend deposit or withdrawal transactions during network upgrades. This is to make sure users are protected. Please stay tuned with your exchange’s news channel and normal transactions should be resumed soon after the upgrade is complete.

Learn more about our decentralized data and identity solutions on our website and official Twitter account. You can also chat with us on Telegram and keep up-to-date with the latest news via our Telegram Announcement account.

Ontology EVM — I Don’t Get It! was originally published in OntologyNetwork on Medium, where people are continuing the conversation by highlighting and responding to this story.