Who created Aave and when?
The creator of Aave is a Finnish programmer and Master of Laws Stani Kulechov.
While studying at the University of Helsinki, Kulechov became interested in blockchain technology and ONG to AAVE exchange and wanted to create a decentralized crypto-credit platform.
On May 1, 2017, Kulechov founded the ETHLend company. In November 2017, ETHLend launched the ETHLend.io lending P2P platform and held an ICO for $ 16.2 million. The project sold 1 billion native LEND tokens. 300 million coins (23%) were received by the founder and the team.
Amid the bearish market, the protocol faced a lack of liquidity. In September 2018, ETHLend.io was rebranded to Aave. Translated from Finnish, Aave (pronounced “ave”) means “ghost”. The project team explains this name by the fact that “the brand continues to intrigue users with innovative technologies and is aimed at creating a transparent and open infrastructure.
In October 2019, the public test net Aave V1.
How does Aave’s lending/borrowing mechanism work?
The disadvantage of the scheme is that counterparties and liquidity are not always found for efficient operations. Therefore, the creators decided to move to the peer-to-contract (P2C) model that most DeFi protocols use.
On the P2C platform, funds are deposited through a special contract that allows you to instantly borrow crypto assets with payment of interest for the use of credit funds.
What does the company/project do?
Ontology was created as a secure blockchain project to support corporate needs, providing a way to protect their systems and data.
It is similar to NEO and will have a dual token system where ONT is equivalent to NEO and ONG is equivalent to GAS, providing power to the network.
Peculiarities
Onchain’s co-founders are Da Hongfei, the project’s CEO, and Eric Zhang, the project’s CTO.
They spent almost 2 years building the Antshares blockchain. In November 2017, the ontology was launched by Onchain.
Although NEO and Ontology were created by the same pair of people, there are clear differences between the two networks. It is also important to note that these are separate projects. NEO does not own the ontology, and even Onchain is a separate company. More info here: https://alligat0r.com/coin-pairs
ONG tokens
Ontology’s second cryptographic token is ONG. ONG is designed to be utilized solely on the ontology network, where it serves as a virtual crypto-fuel for certain ontology network operations. ONG has a total supply of 1,000,000,000 units.
On June 30, 2018, the Ontology Mainnet was launched and the existing ONT tokens, which were NEP-5 tokens on the NEO blockchain, were replaced with new native ONT tokens.
After the main net launch, it became a dual-token blockchain, with ONT as a publicly traded token, and ONG acts just like the GAS for NEO, powering the blockchain. ONT owners can now receive ONGs to participate in network solutions.
Like NEO, ONT is not divisible, but ONG is divisible by multiple decimal places to make it easier to use when powering on the network. ONG will be generated over 22 years: 16 percent in the first year, 52 percent in the fourth year, and 80 percent in the 12th year. The spent ONGs are redistributed among the ONT program members.
