Share this:

Last updated on December 31st, 2019 at 07:02 am

Thank you for reading this post, don't forget to subscribe!

Join Telegram Group

Ontology Mainnet Updte:

The Ontology team has announced there will be two methods to map and migrate tokens to the Ontology MainNet, which is planned to launch at the end of June. ONT can be migrated either through an exchange, or through private wallets.

Mapping and migrating ONT tokens of the NEP-5 based ONT tokens will be a permanent measure once the MainNet is launched. Users will need to migrate their ONT to the the Ontology network. If users fail to migrate their tokens, they will also not unlock ONT GAS (ONG), much like NEOholders unlock GAS by holding their tokens.

Exchanges supporting $ONT Migration includes;

The three currently has announced support for the Token Migration.

Private wallet users will need to use a NEO wallet, as well as an ONTO wallet (scheduled release July of 2018) to map their swap. The NEO and ONTO wallets will both use the same address, private key, and wallet import format (WIF) for the migration.

ONT will not be divisible once it is on the Ontology MainNet, therefore only ONT tokens rounded to whole numbers will be able to properly migrate.

Once the NEP-5 ONT tokens have been exchanged for ONT MainNet tokens, the NEP-5 tokens will burn automatically. After the migration has been initiated, users will be able to check on the status through the Ontology block explorer once the Mainnet Launches.

Manual method for Swapping Tokens

Using a NEO wallet and ONTO (Ontology’s comprehensive decentralized client that includes a wallet, which will be released in July) to complete the mapping swap. Your NEO wallet and ONTO wallet will use the same address, private key, and WIF.
For the manual method please note:

Make sure you send ONT from your wallet, if you send another asset to the mapping address you will have no way to recover it.

Since Mainnet ONT is indivisible (smallest unit 1 ONT), only whole numbers of NEP-5 ONT can be mapped. If you have smaller units of NEP-5 we recommend you make your ONT a whole number before mapping.

Please be careful not to send your ONT to an address other than the MainNet mapping address, which will be provided at a later date.

We recommend you first try mapping with a small amount of ONT before mapping a larger amount of ONT to make sure you do not experience any issues.

Since ONTO and NEO use the same public and private key system, your NEO wallet address, private key, and WIF are your ONTO wallet, private key, and WIF. Please keep your NEO and ONTO wallet private key and WIF secure; do not pass on your private key information over the internet, for example via social media, email, and so on.

If your private key is leaked, you could lose your ONT. We recommend you keep your private key and WIF information in offline storage or write it on paper.

About The Author

By Tony Chimdiuto

Content Developer | Blogger | SEO Manager | Web Administrator | Web Designer | Copyrighter | Journalist|

Leave a Reply

Your email address will not be published. Required fields are marked *

Discover more from DiutoCoinNews

Subscribe now to keep reading and get access to the full archive.

Continue reading