What is Ontology’s (ONT) ONG Cryptocurrency (Utility GAS Token) All About?

Ontology (ONT). Keep Yourself Up to Date with the ONG Token

Ontology’s MainNet, a distributed trust collaboration platform and a high performance public blockchain project just went live a few days ago. According to Ontology, Mainnet ONT has already began releasing ONG periodically. ONG is this platform’s utility/GAS token that will be use for on-chain transactions as well as enforcing smart contracts.

The token or digital asset name for the Ontology cryptocurrency is ONT. Swapping Ontology MainNet (Ontology 1.0) will lead to a new mapping method and migration for Ontology users.

Users are expected to part with ONG for all transactions within MainNet ONT and ONG and when claiming ONG tokens. Any time users attempt a token MainNet ONT swap on ONTO, they will automatically get ONG for all the ONT generated since Ontology MainNet went live. Ontology’s official application is already available on Android devices and is set to be released for Apple devices soon.

Once the users receive the amount owed to them following the token swap, they will be required to pay ONG to get their ONG. The process will involve users going to their wallets on their ONT apps and redeeming their ONG tokens upon clicking the redeem link.

According to Ontology’s official medium blog, users who already had ONT on an exchange and want to withdraw MainNet ONT to ONTO will be required to wait until that exchange distributes the user’s ONG. You also have an option of waiting for the ONG to get listed on that exchange then buy some tokens from it.

The statement further said that an update of ONTO will be released this coming Friday, August 3rd, and will have a temporary free claim of ONG. They also thanked the platform’s community for their positive feedback during the token swap process.

What’s The Difference Between Claimable ONG And Unbound ONG?

Claimable ONG is the amount of ONG that users cab claim for a fee of ONG while an unbound ONG is any ONG amount that is yet to be added to a user’s ONG balance. In case of claimable ONG, a balance will update itself on the users’ wallet for every transaction carried out. Every time a user carries out a transaction in their address, there will be an automatic update on the claimable balance.

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