Ontology Release Guideline For Mainnet ONT Token Swap; Announce Advisory Committee

The Ontology MainNet is set to be launched later this month (June 30, 2018), and plans are already underway. When the launch happens, users will have to migrate tokens to the Mainnet for them to be usable. The development team has outlined two methods to map and migrate tokens; the automatic mapping (through exchanges) or manually (using a wallet).

Firstly, tokens can be migrated through an exchange. For this method, coin owners will have to make use of a supported exchange. The team is expected to notify participants of the exchanges which will conduct the migration. KuCoin, has already announced that it will support the MainNet swap. Users will have to deposit their tokens with the exchange to be able to swap it.

Alternatively, participants can use private wallets to map and migrate manually. Users must use an NEO wallet as well as an ONTO wallet. ONTO wallet is part of Ontology’s comprehensive decentralized client that will be released in July. To swap, both the NEO wallet and ONTO wallet will use the same address, private key, and WIF. A comprehensive guideline was given in their blog post here.

Ontology ONT MainNet Launch

The current NEP-5 based ONT tokens were issued as temporarily until the MainNet is launched. According to Ontology Whitepaper, holders of the temporary tokens would have to swap them after the MainNet launch to be usable on the network. NEP-5 tokens will automatically be burned immediately they are swapped for the ONT MainNet tokens.

Furthermore, only tokens rounded to whole numbers can be migrated since ONT will not be divisible once on the MainNet. When users migrate, they also receive the ONG token. However, if users do not migrate, they will not redeem the ONG. Users can check the status of the token through the Ontology explorer or the status check page which will be available after the launch.

Big Announcements from Ontology ONT

As the Launch Ontology MainNet launch approaches, great news has been coming from the project. After it launched its ecosystem accelerator program, Ontology announced the first members of Ontology Advisors Group (OAG). The group will be led by Professor Shoucheng Zhang, a professor of Physics at Stanford University now working on blockchain technology. Along with Dr. Zhang on the committee are Bin Zhang, Xiangyang Yang, Andy Lim, Feng Li and Junjun Sun.

The Ontology team also announced the launch of Ontology Global Capital [OGC]. OGC will support blockchain innovation and blockchain industry ecosystems globally. Miss Selina Xu of Danhua Capital was announced as the Founding Venture Partner.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.


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