ONT and ONG: What You need to know
Ontology’s mainnet meant their public blockchain project and distributed trust collaboration platform went live. ONG is ontology’s utility/GAS token for on-chain transactions.
ONT is the token or digital asset name for the ontology cryptocurrency. The Ontology MainNet token swap would mean a new migration and mapping method for Ontology users.
All transactions within MainNet ONT and ONG, as well as the claiming of ONG tokens, will cost users a total of 0.01 ONG. If users attempted their MainNet ONT token swap on ONTO they will automatically receive ONG for the ONT that was generated since the Ontology MainNet went live.
After users receive the amount they should as a result of the token swap, they will have to pay 0.01 ONG to claim their ONG. Users can then redeem their ONG tokens by going to their wallets on their ONT application and clicking on the redeem link. Ontology, on their official medium blog, said:
The amount of ONG that users can claim for a 0.01 ONG fee is the claimable ONG. Every time a transaction is made, the balance will be updated on a user’s wallet address. An ONG amount that has not yet been added to a user’s ONG balance is known as an unbound ONG. When a user makes a transaction in their address, the claimable balance will be automatically updated.
Nouvive: Home of Crypto Beginners, Traders & Investors. Nouvive provides Cryptocurrency trading news, Analysis and indicators for beginners, traders and investors.
Information on these pages contain speculative statements that involves risks and uncertainties. Crypto-Assets profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell. Nouvive does not in any way guarantee that this information is free from mistakes, errors or material misstatements. It does also not guarantee that this information is of a timely nature. Crypto-Assets involve risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing or trading are your responsibility alone. For more information, please view the Risk Warning Below.