Select Neo users are now receiving free crypto money.
Beginning this weekend, those who held tokens on the Neo blockchain, the 11th largest in the world, began to receive 10 million ONT tokens (worth $42,100,000 at press time) designed to power an entirely new crypto technology platform called Ontology. Recipients must have held Neo on March 1.
Part of the "ONT token distribution," the move effectively rewards all users of the Neo blockchain for providing the technology necessary for the project's fundraising.
If that sounds confusing, the move has been in the works for some time.
In February, the Neo Council, a body set up to oversee the Neo blockchain protocol, announced that it would freely distribute 20 million ONT tokens – the main assets on the Ontology blockchain network – to eligible NEO token holders through a two-stage "airdrop." Ontology's creators granted 100 million ONT, or 10 percent of the maximum supply, to the Neo Council "for relevant cooperation and to support NEO community feedback," the Ontology team wrote in March.
As well as the deadline for completing the Neo Council airdrop, Monday marks the beginning of Ontology's token migration, in which holders of Neo-based ONT must move their tokens over to Ontology's "mainnet" – its own, freestanding blockchain.
Ontology is one of several projects to embark on token migrations – also known as token swaps – in recent months. Some of the most prominent include EOS and Tron, both of which moved from ERC-20 tokens to native tokens on their own dedicated blockchains. (Ontology, as noted above, is moving from an NEP-5 token to its own blockchain.)
For users of certain exchanges, this process will be automatic, but others will need to manually complete the transfer. The Ontology team has posted an explainer, but the process will be more complicated for some users than others. Ledger wallet users will need to transfer their NEP-5 tokens to anoth...