This weekend, the NEO Global Development (NGD) Council began the second stage of the airdrop of Ontology (ONT), distributed among NEO (NEO) token holders. The delivery corresponds to 10 million ONT, equivalent to about $37.6 million, and is aimed at selected users who received the first half in March of this year.
In February, it became known that the NEO Council received control of 10% of the ONT tokens as part of Ontology’s redistribution during the launch of its blockchain network. This portion corresponds to 100 million ONT tokens, of which 20 million would be distributed as a gift to NEO investors, as announced in the official NGD blog.
At that time, they announced that 0.2 ONT would be delivered for each NEO (NEO), of which each incumbent would receive 0.1 ONT (50%) of free trade, in a first stage. This process took place at 5:00 a.m. (Pacific Time) on March 1st, 2018. The remaining 50% (0.1 ONT) was blocked until the launch of the new main Ontology blockchain network, which took place on June 30th.
NEO (NEO) holders to receive about 10 million Ontology (ONT) as the second part of the airdrop started in March
The first portion of ONT corresponded to NEP-5 tokens, and therefore the benefited users must make the symbolic exchange for the native tokens of the new Ontology blockchain, before October 1st. However, the second stage of the airdrop, corresponding to the blocked tokens, which started on July 7th, will be carried out directly on the new primary network.
In this regard, the NEO website explained to users that the remaining Ontology (ONT) tokens would not be sent to their NEO (NEO) address, but to one on the Ontology network, which will have the same public address, private key, and WIF as the one they use for NEO.
Additionally, Ontology reported that, unlike the NEP-5 Ontology (ONT), the new native tokens are indivisible, which will limit both the redemption and the second part of the NEO Council’s reward to whole numbers. That is, if the user received 5.5 ONT for the first portion of the airdrop, he would receive only 5 ONT for the second portion.
Ontology and NEO are blockchain’s public infrastructure protocols, which emerged from Onchain, a Shanghai-based technology company. Ontology noted in its blog that it decided to hand over a portion of its tokens to the NEO Council to achieve relevant cooperation since it is a necessary technology and cryptocurrency universe partner.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.