The NEO Council recently announced its upcoming airdrop of 20 million Ontology (ONT) tokens to NEO holders. We explain how to get some of these “free” coins via the airdrop below, but first, let’s take a quick look at why blockchain enthusiasts are excited about Ontology.
What is Ontology (ONT)?
Ontology, launched by Onchain, is a public platform for building decentralized trust systems. Onchain is a blockchain company led by NEO founders Da Hongfei and Erik Zhang. The project is revolutionary in that it will allow businesses of any size, and without previous knowledge of distributed networks, to effortlessly use blockchain technology in their systems.
Last November, a crowd of blockchain enthusiasts and investors assembled in New York City to hear Onchain announce the launch of the groundbreaking platform. “Not only did we bring the best industry minds together, but the Ontology launch brought our project to the world stage” Da Hongfei said at the event. “Ontology and NEO will build a broad ecosystem using blockchain and other new technologies to serve the real economy. ”
Current trust networks face a variety of issues including poor privacy protection, untapped data value, data management monopolization, ineffective identity authentication, and more. Ontology seeks to resolve all these issues with a diverse distributed trust network to build a solid trust ecosystem.
Unlike many other blockchain projects, the Onchain team isn’t just targeting the financial industry. They’re focusing on insurance, government, medicine, IoT, and other industries during its growth, making it a wide-scale project with a lot of potential.
How to Receive ONT Through the Airdrop
KuCoin and Binance will both support the airdrop, which begins on March 1st after the snapshot of NEO addresses at block height 1974823 is taken (estimated around 5:00 am Pacific Time). To guarantee you receive your ONT airdrop tokens, please hold NEO in either of these exchanges by February 28th, 2018.
You can also receive ONT by holding NEO in any non-exchange wallet. Some of these wallets may not display ONT after the drop, but you “will nevertheless be able to retrieve ONT in a wallet that does not display ONT from a wallet which does display ONT”, for example, the Neon Wallet.
Here’s how the airdrop will function:
- For each NEO coin you own, you’ll get 0.2 ONT in two phases (50% are immediately tradable, the other 50% are locked).
- The first batch of ONT tokens will be airdropped in the weeks following March 1st (0.1 ONT per NEO).
- Using the original snapshot taken on March 1st, the other locked half (0.1 ONT per NEO) will be airdropped in Q2, 2018 following the release of the Ontology MainNet.
Click on the links below to learn more about the project and keep up to date with the Ontology project:
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