Even though its market price has been falling and currently stands at half its peak price, Ontology (ONT) has scheduled to launch its mainnet on June 30. The decreasing prices will definitely be a big test for the project.
The project has since faced a rise in scam threats through emails which claim to be from Ontology developers. However, ONT owners have been advised to only focus on the updates posted on Ontology’s official social media sites.
Ontology is responsible for managing a double token system. The tokens can be used for trading, sending, storing network, as well as accomplishing digital contracts. This is enabled by the fact that one token (ONT) is specifically designed for governance while the other one (ONG) is a utility token. Users can also use (ONT) for voting on the crypto exchange platform in case a situation arises.
On June 28, 03 Labs announced its willingness to support ONT’S mainnet on the iOS system as well on the Android system. Via Twitter, 03 Labs stated that users can keep both their ONT and ONG coins in the respective wallets. This becomes the first wallet to support the product.
Converting the digital coin
Currently, those owning ONT have more time to change their digital coins. Initially, the Ontology platform will launch the mainnet then enable several methods to change the NEP-5 assets later on. The 03 wallet is only one of the methods.
Mapping the NEO based assets by making use of the ONTO tool is the second method of doing it. The last method is keeping ONT on the platform. since the platform has a two-token system, eventually, having ONT coins will generate ONG rewards following a token swap. The double-token model resembles NEO and GAS.
The pre-launch of Ontology’s mainnet was held on June 26, where Ontology and their partners explained how investors can use the ONT asset practically in real life situations.
Binance has chosen ONT as one of its main coins and has since paired it with tether (USDT). This is a plus for the asset since not all newly listed assets are paired on Binance. This has caused the ONT coin to strengthen against Bitcoin.