How to run an Ontology full node

How to run an Ontology full node

Ontology blockchain is essentially a high-performance, public blockchain with multi-chain protocols and distributed collaboration platform that was specifically created as a means of aiding businesses in using blockchain technology through offering tools including identity verification alongside data exchange. Ontology brings cross-chain interoperability via a  Multi-Virtual Machine approach, which includes the recently launched Ethereum virtual machine.

How to run an Ontology full node

Today, we are going to go over everything you need to know about running your own Ontology full node.

Key Points

  • Ontology has a unique infrastructure that supports cross-chain collaboration and layer-2 scalability, which offers businesses the ability to design enterprise blockchains that suit their needs.
  • Ontology’s features include ONT ID, which is a mobile digital ID application, as well as Distributed Data Exchange Framework (DDXF), which is a decentralized data exchange and collaboration framework. 
  • The Ontology Token(ONT) is one of two tokens that Ontology issues in its dual token model, which also includes Ontology Gas (ONG). Whilst they  originated as  NEP-5 tokens on the NEO platform, in 2018 they transitioned to the Ontology mainnet.
  • Through NOWNodes, you can easily connect to an Ontology full node. However, you can also create one for yourself manually.

What is a full node?

The full node is responsible for securing the blockchain and providing users access to specific data which otherwise might be inaccessible to them. This includes data surrounding hashrate, difficulty, block height, wallet addresses, balance history, transaction data, or anything else that the blockchain has publicly available.

The full node is a program that can validate the transactions and the blocks, and almost all of the full nodes can support the network by accepting transactions and blocks from other full nodes, where they can validate them and relay them to other nodes within the broader system.

You can view a full node as a computer within a peer-to-peer (P2P) network that hosts and synchronizes a copy of the entire blockchain and is essential for keeping the network running.

Benefits of Ontology nodes

  • Ontology nodes benefit the entire blockchain ecosystem, which brings blockchain technology a lot closer to enterprise use-cases.
  • Ontology is backed by major companies and is well funded, which incentivizes node operation.
  • The benefits of the Ontology Triones node model and the relatively high APY.
  • Transactions on Ontology blockchain cost 0.05 ONG each. The consumed ONG will be allocated to Triones nodes and stakers.
  • ONT holders gain ONG rewards by staking. 
  • Stakers (node operations and individual stakers) receive the released ONG periodically released by the blockchain and ONG network fees (transaction fees).
  • The node staking model will also help make the ecosystem more sustainable and healthier and effectively stimulating the fast development of the Ontology ecosystem.

How to set up Ontology nodes

Ontology node staking has been running stably for more than four years. The Triones Node incentive model at Ontology was introduced in June, 2018.

Today, we are going to take a step-by-step approach toward teaching you everything you need to know in order to run your very own Ontology node.

  • Step 1: Downloading the OWallet

You will need to download the Ontology OWallet in order to begin the overall process; note that this wallet is supported on operating systems such as Windows, Mac, and Linux.

  • Step 2: Adding a staking wallet and operation wallet

After you have successfully downloaded the wallet, you will need to select the “Wallets” tab, after which you can add a staking wallet and an operation wallet as required by the node.

Keep in mind that the staking wallet stores the ONT cryptocurrency required by the node to stake, while the operation wallet is used to start the node. The node wallet itself, however, does not require an ONT to operate.

In order for you to be able to create a personal wallet, you will need to enter your name and password.

OWallet as an application supports new and existing wallets, and you can import your existing wallet through private keys and mnemonics.

You can even connect through the Ledger Wallet.

  • Step 3: Registering the Node

Here, you can select the “Node Staking” tab on the left side of the wallet, where you can click on the “New Node Apply” option to carry on.

Make sure to select the node staking wallet and the node operation wallet, where you can fill the amount of the ONT cryptocurrency you would like to stake.

The node operation wallet can be the public key obtained from the community node operation service. ,Based on the current configuration of Ontology, the minimum amount required for a staking node is 10,000 ONT.

Make sure to have an additional amount of ONG, which is 500 ONG tokens, as well as a small amount of gas fee-reserved ONG, as this will be charged for starting a candidate node.

  • Step 4: Understanding Node Types

When a registered node’s stake amount is in the top 343 nodes, it becomes a candidate node, and when it reaches the top 15, it becomes a consensus node. Make sure to confirm your details, and the staking wallet can then be used to sign a transaction. 

Once you have successfully managed to transmit to the blockchain, your node registration will be completed, and you can proceed with filling in any further details about the node. 

If you do not want to go through the hassle of manually setting up a full Ontology node, you can also utilize a pre-made and pre-configured node offered by the blockchain-as-a-service provider known as NOWNodes

Node Staking FAQ: https://medium.com/ontologynetwork/faq-ontology-new-governance-and-staking-economic-model-b6de857a60ff

Ontology Triones Node Software, Hardware, and Network Requirements: https://medium.com/ontologynetwork/ontology-triones-node-software-hardware-and-network-requirements-3c3d2a6dd4a0

Final words 

Ontology offers a reliable and useful set of solutions for the development of corporate projects, and it has fair distribution as well as decentralization, alongside a consensus model that combines speed with a high level of security.

Hopefully, now you know what Ontology (ONT) is, how you can create your own full node manually on top of it, as well as how you can connect to a pre-existing node on offer by NOWNodes.