June 30, 2018 marked a big day for the Ontology stakeholders as the project moved MainNet called Ontology 1.0. The company took the twitter to announce its launch. It also gave comprehensive packages of its tools and source codes on Github
— Ontology (@OntologyNetwork) June 30, 2018
With this launch, Ontology has become the 6th project to go on its MainNet in past two months. Others include Oyster Pearls, Tron , NULS, EOS, and VeChain
What does Ontology MainNet hold
The release of the mainnet is a part of Ontology’s Socrates era, a phase in which the Ontology team is building the foundation for its blockchain ecosystem. The Company had a Pre Launch Event in collaboration with its partners, which gave a fair idea of how things would be on the MainNet.
Ontology 1.0 would provide new high-performance public blockchains that include a series of complete distributed ledgers and smart contract systems, and at the same time supports public chain customization and chain network collaboration, while continuously providing common modules in various distributed applications. Public chain basic services, a high-performance customizable blockchain framework, and protocol groups are the three key components of Ontology’s infrastructure. Ontology 1.0 would include a decentralized identity authentication protocol, distributed data management protocol, and credit score protocol. At the application level, the integrated client product (ONTO), trust search engine, and distributed data exchange framework will provide strong technical support.
The event was also attended by Ontology partners who discussed blockchain technology solutions to real business scenarios. Partners who attended included: Contentos, who are committed to creating the world’s most extensive digital content public chain to reshape the content ecosystem; DAD (Decentralised Advertising), a blockchain digital advertisement platform; COT (Chains of Things), a smart hardware infrastructure solution platform; and CarBlock, the world’s first decentralised car market based on vehicle data.
Ontology’s Founder Jun Li said at the event:
“Ontology has always adhered to a ‘real economy’ strategy, through the effective combination of Ontology and various industry partners, to bring more real business application scenarios and create more innovative solutions. Ontology 1.0 could not have been created without the high degree of cooperation and support of all technical teams, partners, co-builders, and industry experts. We look forward to joining hands with more industry partners to create a brilliant future together!”
Token swap details
On June 11, Ontology had posted an article on its Medium Channel which stated MainNet token Swap. Ontology has provided two methods of ONT swapping. The first method is to automate the swapping by keeping the ONT tokens on the supporting exchanges. The respective exchange will readily complete the mapping process for the customer. Binance, Huobi, OKEx, Upbit, KuCoin, Gate.io, and CoinEgg have officially announced their support for the ONT MainNet token swap (As on June 13, when article was published).
The second method is the Manual Swap. This method involves sending the ONT tokens from NEO wallet to one’s MainNet mapping address. The funds will migrate to the ONTO [Ontology’s comprehensive decentralized client that includes a wallet] but will only appear in the wallet after its release in July.
A couple of things to consider – MainNet ONT is indivisible (the smallest unit is 1 ONT). If the holders NEP-5 ONT amount is not a whole number you can buy (or sell) some to round the number up (or down) before performing the ONT MainNet token swap. The deadline for the swap is October 1st, 2018. If ONT is not swapped before the token swap deadline it will remain on the NEO blockchain and not be able to be transferred to the Ontology MainNet.
The MainNet could be a game changer for Ontology and defiantly makes it a coin of the future. Do keep an on eye on it
Will Ontology fortune change with its move to MainNet? Will it be the best performing Coin of 2018? Do let us know your views on the same.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.