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KuCoin completes mainnet swap of Ontology [ONT]
KuCoin, the cryptocurrency exchange platform, has announced that its mainnet swap of ONT is now complete. "KuCoin has completed the MainNet swap of ONT, and the deposit and withdrawal functions are now open. The original deposit address of ONT will remain unchanged," according to their official announcement.KuCoin is a cryptocurrency exchange platform which focusses on security. The platform uses a technology which helps them to trade infinite number of trading pairs. It currently has trading markets ETH, NEO, USDT and BTC. The exchange in their announcement mentioned that they will continue to accept ONT token deposits till the 30th of September. If the customers fail to deposit their tokens before the deadline their tokens will be automatically swapped into the Mainnet ONT coin. The official announcement also stated that ONT holders will receive corresponding ONG every month. However, only users owning more than 0.1 ONT will be taken into consideration in the daily ONG calculations. ONG generations will be determined daily and the users will get their ONG allocations at the end of every month. The company plans to give away the ONG allocations by the 20th of every month to all the ONT holders. ONG is the the exchange's utility/GAS token used for on-chain transactions and it also helps to execute smart contracts. The company method of calculating the ONG allocations will depend on the ONG generated by KuCoin. "Daily ONG generated by each user = Daily total ONG generated by KuCoin * User ONG holdings ratio; User ONG holdings ratio = User ONT holdings, based on snapshots taken at 00:00 (UTC+8) daily / Total ONT held on KuCoin," according to their official announcement.KuCoin MainNet Swap of ONT Complete
See the official announcement here:https://t.co/OW3bBgzV6W@OntologyNetwork pic.twitter.com/zRQpPCpwgD — KUCOIN (@kucoincom) August 30, 2018