While the battle of dApp between Ethereum, Tron, and EOS are at its peak, another prominent entrant has joined the race. According to the latest announcement Ontology has confirmed its dApp incentive model and it will be providing 60% dApp transaction fee rebate to developers.
Ontology releases four new incentive models to lure dApp developers
According to the recent development put forward by Ontology on its official medium channel, the project has decided and confirmed its unique four new incentive models for the developers who use the Ontology dApp ecosystem to launch their dApp. The official states
“We would now like to announce that during the first three months (April 1st to June 30th) we will be giving an early bird offer of 60% dApp transaction fee rebate to developers”
The models that have been confirmed by the project are same as the once that were suggested in last week of December, where the project had stated that the Ontology Foundation will trial the models for one year — from April 1st, 2019 to April 1st, 2020 — during which time the rules will not change. The period before April 2019 will be used for technology development and preparation.
The four models suggested were
- Model A: Transaction fee rebate: 50% of all transaction fees (ONG) generated by a dApp will be returned to the dApp developer. By this model, Ontology wants to encourage intuitive and effective dApps developers
- Model B: Active dApp incentives: The second suggested model is based on rewarding dApps which rank in the top 50 in activity. Under this model, The Ontology Foundation will award a total of 100,000,000 ONT and 100,000,000 ONG to the developers with the most active dApps in regular quotas. The incentive ranking is determined by the project based on dApp’s active users and transaction volume. This model comes up with a caution note which says After one year of trial operation, the Foundation will determine whether to adjust the model based on community feedback and if dApp activity is found to be manipulated, a penalty will be issued. This model is not applicable for Gambling dApps
- Model C: dApp development loan program: This model has been introduced by the foundation to help developers jumpstart building their dApps on Ontology. For developers who start developing without funding, the loan program will provide financial support right from the beginning. Developers can use the loan borrowed from the Ontology Foundation for their initial phase of dApp development, testing, and operation until it is up and running smoothly. The repayment of this loan will be paid in two equal installments- first when 70% of the of the development process is complete. The second installment will be issued when the dApp goes live.
- Model D: Technical and marketing support: By this model, the project wants to improve development efficiency and operational effectiveness through technical and marketing support. Under this model, Ontology will assign a project owner to help develop and market the dApp throughout its life cycle. This model is also applicable to developers with financial support for development and operation in Incentive Model A and B. Under the support program, the project would provide the following services
- Providing protocols to help dApps achieve the scan-to-play feature (ONTO is the first mobile app that supports such function).
- Guidance on the use of the TS-SDK.
- Coding instructions and auditing of smart contracts.
- Global community sharing: The news shared covered over 200,000 users over 36 channels on 11 social media platforms.
- Global marketing operations: event planning, poster design, news releases, local advertising, real-time community maintenance, and feedback.
The model provided by Ontology are definitely enviable and would be really enticing for the developer to miss on them and Ontology may soon be challenging its competitors in the dApp ecosystem race.
Will Ontology come out as a top performing dApp ecosystem provider? DO let us know your views on the same.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.