$37 Million In Ontology (ONT) Airdropped To NEO Token Holders

Omar Faridi

A number of NEO platform users will reportedly be getting “free money” pretty soon. Starting this coming weekend, holders of tokens generated on NEO’s blockchain, the 12th largest cryptocurrency platform in terms of market capitalization, will get a share of 10 million ONT tokens. These tokens are a part of the relatively new Ontology network and their total worth is currently around $37,000,000 according to data from CryptoCompare.

In order to qualify for the giveaway, the recipients should have acquired NEO tokens on March 1st. Moreover, the purpose of the “ONT token distribution” is to reward those who invested in the NEO network because Ontology’s developers say that their contributions played a key role in the successful deployment of their platform.

Two-Stage Airdrop For Select NEO Token Holders

Back in February, the NEO Council, a group tasked with managing developments related to the NEO blockchain, stated that they would start the distribution of 20 million ONT tokens to certain NEO token holders via a series of airdrops. Ontology’s development team announced in March that they had given 10 percent of their platform’s maximum token supply, or 100 million ONT, to the NEO Council “for relevant cooperation and to support NEO community feedback.”

This past Monday, the NEO Council airdrop had been scheduled to be completed. The Ontology network’s token migration process also reportedly began the same day. During the token migration, NEO-based ONT token holders were instructed to shift their tokens onto the newly launched Ontology mainnet.

Several Recent Token Migrations

Notably, Ontology’s token migrations (or token swaps) are now among one of a number of other crypto projects that also recently performed token migrations after the launch of their mainnets. The highly anticipated deployment of the EOS and TRON mainnets required that all their ERC-20 based tokens be swapped for tokens native to their respective blockchain platforms. Similarly, the Ontology network’s token migration process requires swapping its NEP-5 tokens for those native to its newly launched blockchain.

NEP-5 tokens currently held on cryptocurrency exchanges will be automatically swapped for Ontology network’s native tokens. However, users holding tokens elsewhere will have to manually migrate their tokens, as outlined by the Ontology platform’s recent post. Depending on where the tokens are held, the migration process can be a bit complex. For instance, Nano ledger wallet users will reportedly have to send their NEP-5 tokens to a different crypto wallet in order to successfully complete the swap.

Notably, ONT tokens residing on Ontology’s mainnet are not divisible, which means that NEP-5 token holders must migrate whole-number tokens. For example, 2.45 NEP-5 tokens cannot be moved over to Ontology’s newly launched blockchain. Therefore, a user will have to either accept losing 0.45 NEP-5 tokens or try to acquire a non-decimal amount of the tokens before migrating.

The deadline for Ontology network’s token migration is October 1st, 2018.

Leading Bitcoin Cash Developer Quits Bitcoin Unlimited

  • Prominent Bitcoin Cash developer Amaury Séchet has renounced his membership and previous role at Bitcoin Unlimited.
  • The Bitcoin Unlimited group is a team of Bitcoin Cash developers that has developed code for Bitcoin "Satoshi Vision" (BSV) and Bitcoin Cash (BCH).

Amaury Séchet, a prominent Bitcoin Cash (BCH) developer, has reportedly decided to “renounce” his membership and now previous role as one of Bitcoin Unlimited’s main contributors.

Although Séchet clarified that he will continue to focus his efforts on further developing the Bitcoin Cash blockchain, and that he will also continue to stay involved with the “Bitcoin ABC” implementation of BCH, he expressed dissatisfaction with the direction Bitcoin Unlimited’s developers have taken.

Bitcoin Unlimited Nodes Crash Due To Software Bugs

The BCH developer explained that Bitcoin Unlimited, a major codebase modification of the original Bitcoin protocol that influenced the introduction significantly larger block sizes from BTC’s current 1 MB, has various software bugs that reportedly led to many Bitcoin Unlimited-powered nodes crashing.

Séchet has also argued, in statements recently shared with CoinDesk, that Bitcoin Unlimited’s code review and implementation process has actually become worse over time - instead of improving. He remarked: 

The BUIP process has turned into a sad joke, with proposals more and more absurd being voted on. BU leaders are complacent and, while saying that the attitude of the [Bitcoin Satoshi’s Vision (BSV)] community will cost them developer support, they continue to enable the toxic behavior by supporting BSV.

Although Bitcoin Unlimited recently appears to have taken on a more active role in furthering the ongoing development of the hard forked  Bitcoin Cash protocol, the developers affiliated with Bitcoin ABC had initially proposed and implemented larger block sizes on the network. However, Craig Steven Wright, the self-proclaimed inventor of Bitcoin, has been accused of creating tension and dividing the fragile Bitcoin Cash community.

According to Séchet, Wright has engaged in various heated arguments with him and several Bitcoin Cash developers. These intense debates reportedly took place throughout 2018 and seem to have continued into this present year. Mainly due to the strained relations between two opposing sides that gradually formed in the relatively small Bitcoin Cash community, the BCH chain went through a contentious hard fork on November 15, 2018.

As a result of the fork, there are now two separate blockchains. These are Bitcoin “Satoshi's Vision” SV, backed by Craig Wright and CoinGeek, and the Bitcoin.com and Bitmain-backed chain which managed to receive the official Bitcoin Cash name (and the BCH ticker) on most platforms.

Bitcoin Unlimited Supported Both BSV and BCH

In order to support both chains, BSV and BCH, the Bitcoin Unlimited team reportedly released software for both cryptocurrencies. However, there have now been arguments taking place between the developers associated with Bitcoin Unlimited. In the BU community, there are reportedly some coders who heavily favor BSV, while others are either more neutral or are more supportive of BCH.

Recently, Antony Zegers, a well-known Bitcoin Cash developer, also left the Bitcoin Unlimited group. Apparently, this also led (by his own admission) to Séchet leaving BU.

"Life Is Too Short" & We All Need "Sound Money"

Commenting further on the matter, Séchet said:

The Bitcoin Cash project seeks to bring more freedom to the world by engaging in voluntary cooperation to build a better form of money. It is important that the Bitcoin Cash community protect itself from people and groups attempting to take advantage of its cooperative nature and undermine the project.

He added: “My goal is to make Bitcoin Cash successful. Life is too short, and convenient sound money is a goal too important to be distracted from.”

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