💡ONO Token

ONO is the token of the onocoy system.

What is ONO?

Miners (reference station operators) and validators earn ONO tokens. ONO is a cryptocurrency built on top of the Solana blockchain. As long as onocoy is still in its beta release, miners and validators will earn BONO (beta ONO) tokens, which may be exchanged for ONOs as soon as the ONO token is deployed. This will happen after the introduction of the demand side (clients) and an audit of the overall system.

ONO Token Usage

The ONO token is designed to serve the needs of all stakeholders in the onocoy system:

• Miners & Validators who provide validated RTK correction data earn ONO for providing the core service to the onocoy system

• Enterprises, developers and end-user consuming RTK correction data from the onocoy system. ONO is swapped and burned as data from the onocoy system is consumed.

• Strategic investors, miners and users wanting to influence positioning and development of the overall system. ONO tokens give access to the governance of the onocoy association/DAO.

ONO Token Economic Concepts

onocoy uses a deflationary burn-and-mint token model: The ONO token is continuously swapped in exchange for data credits that users need to access RTK correction data. The swap is made in such a way that the data credit price will remain constant in USD terms, regardless of fluctuations in the ONO token price. Part of the swapped ONOs are burned, another part goes as a fee to the treasury and another part goes as rewards to the miners and other contributors to the system.

810 Million Tokens

There is a fixed maximum supply of 810 million ONO tokens. Tokens are allocated in the following manner:

• 30% to the reward pool for miners and other contributors.

• 20% to the onocoy association/ DAO which is governed by ONO token holders

• 20% to investors in two funding rounds (10%+10%) for providing the startup capital required to launch the onocoy system

• 15% to the funding team that initiated the onocoy system

• 15% to Services AG for employee salaries, consultant fees, and third-party and subcontractor costs for setting up the technical and operational systems required to run the onocoy system

At system launch, the onocoy system pre-mines all ONO tokens. Those going to the team, founders and investors are locked and vested. Whereas those going to the DAO treasury and Reward pool are locked in a smart contract and are only released over time by following a four years halving schedule.

Beta phase

The system currently operates in a beta phase. As such instead of the long-term ONO token, we currently use a BONO token for "beta ONO". The BONO token address is CzYSquESBM4qVQiFas6pSMgeFRG4JLiYyNYHQUcNxudc.

When the system is finalized, time tested by a few months of continuous activity, approved by the Swiss financial authority and the smart-contracts are audited, we'll move to the ONO token.

BONO earned during the beta phase by miners will be taken into account and their owners will receive ONOs. We currently aim at a 1:1 conversion between BONO and ONO. Absent of major problems in the system, we'll go for a 1:1 conversion. Announcements detailing the target date and terms will be made before the conversion happens.