Select Neo customers at the moment are receiving free crypto cash.
Beginning this weekend, those that held tokens on the Neo blockchain, the 11th largest on the planet, started to obtain 10 million ONT tokens (value $42,100,000 at press time) designed to energy a completely new crypto know-how platform referred to as Ontology. Recipients should have held Neo on March 1.
Part of the “ONT token distribution,” the transfer successfully rewards all customers of the Neo blockchain for offering the know-how mandatory for the undertaking’s fundraising.
If that sounds complicated, the transfer has been within the works for a while.
In February, the Neo Council, a physique arrange to oversee the Neo blockchain protocol, announced that it will freely distribute 20 million ONT tokens – the primary belongings on the Ontology blockchain community – to eligible NEO token holders via a two-stage “airdrop.” Ontology’s creators granted 100 million ONT, or 10 % of the utmost provide, to the Neo Council “for relevant cooperation and to support NEO community feedback,” the Ontology group wrote in March.
As nicely because the deadline for finishing the Neo Council airdrop, Monday marks the start of Ontology’s token migration, during which holders of Neo-based ONT should transfer their tokens over to Ontology’s “mainnet” – its personal, freestanding blockchain.
Ontology is one in every of several projects to embark on token migrations – also called token swaps – in current months. Some of probably the most outstanding embrace EOS and Tron, each of which moved from ERC-20 tokens to native tokens on their very own devoted blockchains. (Ontology, as famous above, is shifting from an NEP-5 token to its personal blockchain.)
For customers of sure exchanges, this course of will probably be automated, however others will want to manually full the switch. The Ontology workforce has posted an explainer, however the course of will probably be extra difficult for some customers than others. Ledger pockets customers will want to switch their NEP-5 tokens to one other pockets, for instance.
Adding a layer of complexity, ONT tokens on Ontology’s mainnet are indivisible. In different phrases, customers can’t migrate 1.2 NEP-5 tokens to mainnet – they’ve to prime up to 2 ONT, promote down to 1 ONT, or settle for that zero.2 ONT will merely disappear.
Fortunately, ONT buyers have till October 1 to full the migration.
Stepping again, Ontology, which launched on the finish of June, and Neo are public blockchain protocols with groups based out of China. Both emerged from Onchain, a Shanghai-based know-how agency.
While separate entities, Neo and Ontology are intently aligned and have interaction in “technical cooperation,” in accordance to Ontology founder Li Jun.
The Neo Council’s ONT token distribution was divided into two equal halves. Anyone who held NEO at a sure level on March 1 is entitled to obtain zero.2 ONT per NEO. The first half (zero.1 ONT per NEO) was distributed to Neo addresses as an NEP-5 token – a Neo-based token normal comparable to ethereum’s ERC-20.
The second half of the airdrop started over the weekend, besides that this time, ONT tokens have been distributed as native tokens on the newly launched Ontology blockchain, slightly than as NEP-5 tokens. As the Ontology group explained in an announcement, recipients’ Ontology addresses, WIFs (pockets import codecs), and personal keys can be similar to their counterparts on Neo.
Social media posts point out that no less than some customers have efficiently acquired their ONT on the time of writing. The Ontology workforce’s announcement gave Monday, July 9 as a deadline for finishing the airdrop.
The Ontology group has one other airdrop of ONT to look ahead to, in accordance to Jun, however particulars have but to be revealed.
The Ontology workforce previously gave away 1000 ONT to individuals who signed up for its publication and accomplished a know-your-customer (KYC) verify; it additionally gave 500 ONT to attendees of a Neo builders’ convention who gave their e mail.
Madeline Meng Shi contributed reporting.
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