Binance supports the Ontology update and stops the NEP5 ONT token deposits


Binance, one of the world’s largest cryptomoney exchanges, announced on July 5th that it will support the upcoming Ontology 2.0 network update. Ontology 2.0 will include in its Main Network the integration of a series of community-led updates.

Binance said it will end support for ONT token repositories based on Neo Enhancement Protocol 5, or NEP5. He indicated that any future NEP5 ONT deposits will not be credited to the users‘ Binance account.

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ONT deposits and withdrawals will be stopped from July 6 at 9 a.m. UTC. Users will be notified when the updated Ontology network stabilizes and deposits and withdrawals are reopened, Binance said.

Everything remains unchanged
Updating the Ontology network will not result in the creation of a new token and the NGO rewards from ONT will not be affected.

250 million pieces of digital content will be registered on the Ontology blockchain

Ontology uses a double token model (ONT and NGO). ONT is the currency and can be used for consensus staking, while NGO is the utility token used for chain services. ONT MainNet started issuing NGOs as soon as Ontology MainNet was launched two years ago.

According to Ontology, from June 9th to 12th, 2020, it will give its community the opportunity to have a say in the development of its economic model of governance and staking, especially for the results of the Triones node.

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However, the first three-year bond from the Ontology Foundation for the 49 major nodes and the method of distribution remains unchanged.

As Cointelegraph reported earlier, Bitcoin System recently issued ONT-33D, a 1:1 bond backed by ONT coins and hosted in the exchange blockchain.