Ontology (ONT) airdrop sees NEO price jump
NEO's price might be rising in anticipation of the Ontology (ONT) airdrop to NEO owners.
- An airdrop is a delivery of free tokens to certain users. In this case, it's a delivery of ONT tokens to NEO holders.
- The NEO snapshot, which is used to determine who holds NEO tokens, will take place at block height 1974823, which is estimated to be on 1 March 2018, around 21:00 UTC. (11pm Sydney time).
- For each NEO an individual holds, they will receive 0.2 ONT.
- 50% of the amount received in the airdrop will be freely tradeable right away, and the other half will be automatically locked until the release of Ontology MainNet in Q2 2018.
- Users will generally need to be holding NEO in their own personal wallets to receive their ONT. If NEO is held on an exchange at the time of the snapshot, it will be delivered to the exchange instead. Some exchanges will pass it along to users, others won't. Binance is one of the exchanges that has agreed to support the ONT airdrop and pass it onto users appropriately.
- All wallets that can hold NEO should also be able to hold ONT. However, not all will be able to display it. Even if your wallet does not display the ONT received, it's still there.
The proportion of ONT returns for NEO holders is fairly small relative to the total. If someone is more interested in ONT than NEO, it might be much more cost-effective to simply wait for it to start trading on exchanges rather than buying NEO for relatively small ONT gains.
What is the Ontology network?
Ontology aims to create a trust network that can be operated across multiple blockchains, encompassing identity and reputation management systems. It intends to give users control of their own identity data and other assets, such as intellectual property, whose ownership can be accurately attributed to individuals.
It also allows physical objects to be registered, given their own identity and managed with APIs.
The end result might be a system that offers an extremely detailed look at who a person is, their finances, what they own, what they do and believe and everything else about them. This valuable data will be put entirely in the user's control and can be revealed as desired.
It closely resembles many other blockchain-based identity management systems, but Ontology might have an advantage in certain areas with its intended ability to track physical assets and tie them to individuals and to manage intellectual property.
It might also be an exceptionally effective tie-in to China's social credit system, letting authorities more reliably and accurately grade and track individuals and their digital footprints.
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, SALT and BTC.