NEO Holders Obtain Hundreds of thousands of Ontology Tokens in Airdrop

Anybody that was holding NEO tokens on the first of March this 12 months will start receiving a portion of $42 million in ONT tokens this weekend.

What are ONT tokens?

These are the cash of the Ontology blockchain, a undertaking with a market capitalisation of round $608 million in accordance with coinmarketcap.com.

Time to buy the dip?

In accordance with its web site, Ontology is “a new high-performance public blockchain project & a distributed trust collaboration platform.” The whitepaper describes it as a blockchain that may help a whole enterprise world, from supporting different blockchains and conventional IT programs to connecting and verifying person identification.

The selection of identify is puzzling; ontology is outlined within the Oxford English Dictionary because the metaphysical examination of the summary self. Its whitepaper focuses loads on the idea of belief (“Trusting those close to us can be the most natural form of trust. Sociologists put the number of people we trust at less than one hundred…”), so maybe that is related.

The mainnet system went reside on the 30th of June and holders of related tokens should migrate there, utilizing one in every of two strategies defined by Ontology on associated web sites.

The airdrop was introduced in March. Recipients embrace NEO customers “for relevant cooperation and to support NEO community feedback”.

What's NEO?

NEO is a platform that permits individuals to put in writing their very own good contracts on it, like Ethereum. It has a market capitalisation of $2.2 billion.

It runs on a consensus system referred to as Delegated Byzantine Fault Tolerance. Which means elected nodes validate the system however should attain a 66 % consensus earlier than any determination may be reached.

This method is quicker than proof-of-work, and since the ‘bookkeeper’ nodes have their identification verified, they've an incentive to be energetic and play by the foundations. One drawback is that energy is very concentrated, and there'll all the time be the chance that nodes might collaborate to sport the system.

The said goal of NEO is to create a sensible financial system, that's, one which runs on good contracts.

They don't seem to be related

The Ontology Community is operated by an organization referred to as Onchain, the CEO of which can also be one of many founders of NEO.

Da Hongfei, as he's referred to as, defined as soon as in an interview that neither of the 2 corporations is owned by the opposite, however they're very related and will someday be linked:

“First, I need to clarify that NEO and OnChain are separate entities, so OnChain doesn’t own NEO, or NEO, OnChain. They are separately funded – NEO is funded by the community, and OnChain is funded by a very famous financial group in China, Fosun. They bought a lot of insurance companies and banks in Europe. So they are separate. Second, OnChain benefits from the NEO ecosystem. The product, called DNA, is very similar to NEO, but it is written in the Go language. OnChain is helping other blockchains and financial institutions to build their blockchains with DNA. It’s basically very similar to NEO, and in the future, with NEOx (the crosschain protocol) everything can be linked together.”

The NEO Council will obtain 20 million ONT tokens in whole.