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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.

 

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