Those who never neglected their Neo blockchain, which is presently the11th largest in the world, started receiving 10 million ONT tokens (equivalent to $42,100,000) geared towards fueling a whole new crypto body known as Ontology. It is quite obvious that the recipients must have held on to Neo until March 1.
As a fraction of the "ONT token distribution," the step taken efficaciously recompense all users of the Neo blockchain for providing the salient technology needed for the project's fundraising.
If that’s hard to comprehend, then how about telling you that the move has been in progress for some time now?
In February this year (2018), the Neo Council, a body made to chair the Neo blockchain protocol, brought to the notice of the public that it would benevolently give out 20 million ONT tokens, the primary assets in the Ontology blockchain network – to qualified NEO token users using a two-phase "Airdrop". Thereafter, Ontology's makers released 100 million ONT, to the Neo Council "for sacrosanct relationships and to make supportive measures towards the NEO community feedback," the Ontology team opined in March.
Also in respect to the deadline for rounding off the Neo Council airdrop, Monday is going to mark as the commencement of Ontology's token switch, in which users of Neo-based ONT will have to mandatorily move their tokens over to Ontology's "mainnet" – its personal, independent blockchain.
Furthermore, Ontology is one of the plethora of projects to plung into token switches, which is often regarded as token swaps in contemporary months. Some of the most noted ones include EOS and Tron, where the two switched from ERC-20 tokens to innate tokens on their personal devoted blockchains.
And for holders of particular exchanges, this course of action becomes inevitable, while others will need to physically finish the switch. As such, the Ontology team has made a describer, even though the process will still be more complicated for some users than the rest.