The highly anticipated Ontology (ONT) mainnet is now live. “Welcome to the new world”.
Holders of the NEO-based ONT tokens can now look forward to the token swap and the upcoming airdrop.
The Shanghai-based project has finally released its own proprietary blockchain. The team had revealed a few days ago that indeed the launch would go ahead on June 30, 2018.
It marks a new chapter in the exciting journey of one of the top cryptocurrency projects. Announcing the launch on Medium, the Ontology team said:
The mainnet launch comes on the same day as Ontology holds its Tokyo meet up, an event that will help ramp up support in the cryptocurrency mad region.
Ontology is currently ranked 19th on CoinMarketCap and has a market cap of over $821 million.
Its price is seeing a nice upsurge and could likely hit a new recent high. It is trading at $5.45 against the USD.
What next for Ontology?
Ontology has a strong team behind it and a stream of partnerships that will see it challenge for a place in the top ten of the market.
The crypto aims at offering enterprises and businesses a platform that allows for interoperability and identity.
Its core plan is to allow businesses the flexibility to create blockchain assets without being restricted to staying on the main chain.
It’ll seek to leverage its fast and cheap transactions to carve space for itself in a field that includes other platforms like VeChain and Tron.
Ontology 1.0, the Mainnet that just went live features a verifiable Byzantine Fault Tolerance (VBFT) consensus algorithm.
It’s a new algorithm that integrates Proof of Stake (PoS), Verifiable Random Function (VRF), and Byzantine Fault Tolerance (BFT).
There is also a smart contract tool called SmartX. It’s an “integrated development environment (IDE)” which is intended to provide a wide range of smart contract templates for ease of use.
The SmartX tool will also act as an online editor that will allow users to compile, execute, and invoke smart contracts.
Finally, it features the Triones Consensus Nodes which forms the governance system on the Ontology’s public chain.
For one to qualify as a Triones node, they’ll need the following:
- Own at least 100,000 ONT;
- Meet software and hardware network environment requirements;
- Complete the application questionnaire; and
- Pledge to complete the ONT ID trust certification
The ONT tokens will now be swapped with ONT coins as the platform migrates to its own blockchain.
Exchanges including Binance and Huobi have pledged to support the swap and will do it automatically on behalf of its users.
However, for most other users, the process of mapping their tokens will be a manual process, outlined to be complete before an October deadline.
Users have been made aware that only whole number tokens will be accepted during the token migration.
It means that those with fractions of ONT tokens will have to ensure they are in whole numbers before completing the mapping process.
Use of ONT
Once the swap is completed, users can stake ONT on the Ontology Mainnet to participate in the governance mechanism.
It’s also an exciting time for ONT holders as they will begin to receive ONG, a token similar to NEO’s GAS.
The ONG tokens will be useful in the ecosystem, helping to run and execute smart contracts. It is expected that each ONT token will be able to release ONG for at least 18 years.
Current holders of ONT may have received the token after Ontology airdropped them to NEO holders earlier this March.
The team had planned to airdrop 20 million tokens to all users who held NEO tokens then.
It was carried out at the ratio of 0.1 ONT per every NEO token. At the time, 10 million ONT tokens were issued in the airdrop.
The remaining half has now been scheduled for an airdrop that will take place on July 9th, just days after the Mainnet launch. The second batch of ONT tokens will be sent to holders of the ONT token on the Mainnet, at their address.
Those worried about missing out should just ensure they have their tokens on the mainnet.
The Ontology team has reassured the community that the “MainNet ONT address will have the same public address, private key, and WIF” that was used on the NEO address.
The mainnet launch is just the first step for much is expected of the team. It is welcome to the world for Ontology.