$42 Million In Crypto Is Now Being Airdropped to NEO Investors

Beginning this weekend, those who held tokens on the Neo blockchain, the 11th largest in the world, began to receive 10 million ONT tokens (worth $42,100,000 at press time) designed to power an entirely new crypto technology platform called Ontology. Recipients must have held Neo on March 1.



Select Neo users are now receiving free crypto money.

Part of the “ONT token distribution,” the move effectively rewards all users of the Neo blockchain for providing the technology necessary for the project’s fundraising.

If that sounds confusing, the move has been in the works for some time.

In February, the Neo Council, a body set up to oversee the Neo blockchain protocol, announcedthat it would freely distribute 20 million ONT tokens – the main assets on the Ontology blockchain network – to eligible NEO token holders through a two-stage “airdrop.” Ontology’s creators granted100 million ONT, or 10 percent of the maximum supply, to the Neo Council “for relevant cooperation and to support NEO community feedback,” the Ontology team wrote in March.

As well as the deadline for completing the Neo Council airdrop, Monday marks the beginning of Ontology’s token migration, in which holders of Neo-based ONT must move their tokens over to Ontology’s “mainnet” – its own, freestanding blockchain.

Ontology is one of several projects to embark on token migrations – also known as token swaps – in recent months. Some of the most prominent include EOS and Tron, both of which moved from ERC-20 tokens to native tokens on their own dedicated blockchains. (Ontology, as noted above, is moving from an NEP-5 token to its own blockchain.)

For users of certain exchanges, this process will be automatic, but others will need to manually complete the transfer. The Ontology team has posted an explainer, but the process will be more complicated for some users than others. Ledger wallet users will need to transfer their NEP-5 tokens to another wallet, for example.

Adding a layer of complexity, ONT tokens on Ontology’s mainnet are indivisible. In other words, users cannot migrate 1.2 NEP-5 tokens to mainnet – they have to top up to 2 ONT, sell down to 1 ONT, or accept that 0.2 ONT will simply disappear.

Fortunately, ONT investors have until October 1 to complete the migration.

More details

Stepping back, Ontology, which launched at the end of June, and Neo are public blockchain protocols with teams primarily based out of China. Both emerged from Onchain, a Shanghai-based technology firm.

While separate entities, Neo and Ontology are closely aligned and engage in “technical cooperation,” according to Ontology founder Li Jun.

The Neo Council’s ONT token distribution was divided into two equal halves. Anyone who held NEO at a certain point on March 1 is entitled to receive 0.2 ONT per NEO. The first half (0.1 ONT per NEO) was distributed to Neo addresses as an NEP-5 token – a Neo-based token standard similar to ethereum’s ERC-20.

The second half of the airdrop began over the weekend, except that this time, ONT tokens were distributed as native tokens on the newly launched Ontology blockchain, rather than as NEP-5 tokens. As the Ontology team explained in an announcement, recipients’ Ontology addresses, WIFs (wallet import formats), and private keys will be identical to their counterparts on Neo.

Social media posts indicate that at least some users have successfully received their ONT at the time of writing. The Ontology team’s announcement gave Monday, July 9 as a deadline for completing the airdrop.

The Ontology community has another airdrop of ONT to look forward to, according to Jun, but details have yet to be revealed.

The Ontology team previously gave away 1000 ONT to people who signed up for its newsletter and completed a know-your-customer (KYC) check; it also gave 500 ONT to attendees of a Neo developers’ conference who gave their email.


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3 Cryptocurrencies and an ICO with Major Events in June (ETC, EOS, ONT)

The Upcoming Week

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Bitcoin and the cryptocurrency space has struggled after the recent Consensus event in NYC failed to boost the price, unlike the past few years. Nevertheless, there are still a few noteworthy events worth keeping an eye on, particularly for some altcoins.

This week has many exciting deadlines that are rapidly approaching. Two cryptocurrencies that have made exceptional noise while entering the scene have been EOS and ONT. They both have mainnet launches in the next seven days. Mainnet launches are telltale signs regarding the future of the cryptocurrency. Any delays could be absolutely detrimental while a strong showing of timeliness can lead to market support leading to a bull rally. Both ONT and EOS should be a major focus this week as their future could easily be dictated in the coming days.

Historically, many cryptocurrencies have timed the release of major news and events to coincide with Consensus, but with such an underwhelming market reaction to the blockchain summit this year, it should be expected that important events will continue to be announced this summer. EOS and ONT announced their mainnet launches months ago.

Normally, a cryptocurrency wants to announce news of this magnitude while the markets are strong and bullish, however, ONT and EOS decided to buck the trend and release the mainnet regardless of the condition of the market. A very bold move, and one that shows commitment to their set deadlines.

The markets may seem reluctant to trend north but OTC (over the counter transactions) pressure remains very high on the buy side with almost no price movement in BTC.
Hard forks are occurring with Ethereum Classic removing a difficulty bomb on May 29th that should lead to their ability to move forward as a well-respected crypto. There are major differences between different types of forks, with some changing the underlying code (such as this one), while other forks create a new cryptocurrency entirely such as the ANON fork of ZCL.

EOS has more than doubled its market cap over the past three months, having gone from a market cap of $5 billion to over $11 billion. This is likely caused by the market rebound from February lows coupled with individuals eagerly flocking to a highly publicized cryptocurrency with a mainnet launch. EOS takes horizontal and vertical scaling of blockchain solutions to the next level.

EOS promises to solve the issues plaguing the Ethereum blockchain each time a dApp becomes too popular. Their mainnet launch this week is the first real challenge in determining if, years from now, they will still be a relevant cryptocurrency. This is the week EOS converts from the ERC-20 platform to their own EOS blockchain.

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ONTOLOGY (ONT)

Ontology’s (ONT) first round of projects are live on GitHub while, like EOS, they have a mainnet launching soon – possibly as early as this week. Ontology is a high-performance blockchain project and a distributed trust collaboration platform. They are able to accomplish this by providing high-performance public blockchains that include a series of complete distributed ledgers and smart contract systems.

The ONT blockchain framework supports public blockchain systems and is able to customize different blockchains for different applications. ONT is able to customize blockchains based on the niche the individual is looking to target. ONT had a nice increase in value leading up to their mainnet release. From March 8th to May 26th ONT increased more than 350 percent in value.

The market remains bullish on cryptos that have upcoming mainnet and testnet releases with ONT and EOS having theirs in the next ten days.

DIFFUSING ETHEREUM CLASSIC’S DIFFICULTY BOMB

May 29th has been the date chosen to handle the difficulty bomb plaguing the ETC system. It is anticipated that the removal of the difficulty bomb via a hard fork will be successful since Ethereum Classic has some of the best development talent behind it. As such, a hard fork of this magnitude should be relatively easy to pull off.

ETC has a market cap of $1.5 billion with a current value of over $15.27. Their ability to handle the hard fork will be very telling regarding the future of ETC. Stay tuned to see how ETC handles their hard fork this week!

ICO OF THE WEEK: KEPLERTEK

Keplertek is an ICO worth taking a closer look at this week. They are built on the Ethereum, ERC-20 platform that provides an ecosystem of services through an easy-to-use interface that connects robotics and AI start-ups with interested investors and allows for full transparency and traceability of their investments.

The platform’s native cryptocurrency, the KEP token, will be used for investment on the platform, but also accessible via their platform is the conversion of fiat to KEP. A built-in wallet allows for easy investment into projects while also having access to an explorer to track the KEP once sent.

Keplertek sounds like an ERC-20 token focusing on the niche of AI and robotics. Their team is where Keplertek really stands out. MIT’s Global Partner, Tech Park Georgia and GITA (Georgian Innovations and Technology Agency), developed the Kepler for start-up incubation. Thus far the GITA team has worked with over 150 start-ups and created a vast network across the globe.

Keplertek is currently in their pre-sale, and updates can be followed on their Twitter and Telegram.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author JakeTheCryptoKing
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