On February 12th, 2018, NEO council announced that it will airdrop Ontology tokens (ONT) to the community. The NEO council was given a total of 10% of the ONT tokens available, for it to manage them. Out of the total amount in NEO council’s trust, 20,000,000 ONT tokens will be distributed to NEO holders. The flow of the airdrop was pre-determined according to certain parameters.
ONT Airdrop Parameters
The parameters of the airdrop are quite simple. NEO will get 0.2 ONT for each NEO they hold. 50% of the ONT they will receive will be tradeable. The remaining 50% will be locked until Ontology’s MainNet release during Q2 2018. To enforce the lock, the NEO council has decided to start distributing 50% of the ONT tokens it will airdrop, on March 1st. On that date at 5.00 am (Pacific Time), NEO will capture the snapshot of NEO address it will use for the airdrop. Snap shot block height will be 1974823. The remaining 50% which is locked, will be delivered using the same snap shot, once the Ontology MainNet is live. All the non-exchange wallets will be eligible for the airdrop.
Ontology: The Origin
Ontology is a project that belongs to Onchain, a blockchain technology company in China. NEO’s new multi-chain public infrastructure platform will support a decentralized trust ecosystem, which makes this release compatible with it. Announced in November 2017, the Ontology project is a public blockchain infrastructure. With technology like data mapping and smart contracts, the platform enables cross-system, cross-industry, cross-application, cross-chain and cross terminal transaction which further help connect the real and a digital world.
Ontology probably chose NEO for its credentials in the space and its flexibility. NEO has been in cryptocurrency industry since 2014, operating as a non-profit community based blockchain project. It aims to digitize assets, automate digital asset management using smart contracts and realize a “smart economy” with a distributed network. NEO was originally launched as AntShares, and since it re-branded it has been gaining notoriety. Partnerships with innovative projects like Ontology, will allow NEO to continue building on the momentum it has created so far. It will also allow this platform to show its use cases to the market.
As with any other airdrop, recipients can exchange it for their cryptocurrency of choice and treat it as a dividend.