Binance Supports Ontological Improvement, Stops NEP5 ONT Token Deposits

Binance supported the Ontology 2.0 upgrade and said it would not allow NEP5-based ONT deposits.

Binance, one of the largest crypto exchanges in the world, announced on July 5 that it will support the upcoming expansion of the Ontology 2.0 network. Ontology 2.0 will include the integration of a number of community-led improvements to its MainNet.

Binance says it will terminate ONT token support based on the Neo Enhancement Protocol, or NEP5. Any forthcoming NEP5 ONT deposits will not be credited to the user’s Binance account, this indicates.

Deposits and withdrawal of ONT will be stopped from July 6 at 9am UTC. Consumers will be notified when the Ontology network is stabilized and deposits and withdrawals are reopened, Binance said.

Things have not changed

Upgrading the Ontology network will not result in the creation of new tokens and the ONG rewards for ONT will not be affected.

Ontology uses dual token models (ONT and ONG). ONT can be used for mutual benefit, while ONG is a utility token used for online services. MainNet ONT began releasing ONG as soon as Ontology MainNet was published two years ago.

From June 9 to 12, 2020, it will give its people an opportunity to voice their development of governance models and ratings, especially for the Triones knot.

However, The Ontology Foundation’s first three-year bonus to the top 49 nodes and distribution methods remained unchanged.

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