OntologyNetwork
Published in

OntologyNetwork

Ontology’s (ONT) Token Distribution and Lock Periods

Ontology’s (ONT) circulating supply amount of 85.9613544 % (859,613,544 ONT) refers to all ONT without lock periods (ONT that can be transferred, but not necessarily ONT that can be traded at the moment). For example, the community portion is unlocked ready for distribution in community events.

We will continue to update information in this same article.

Newly updated on May 27, 2021

We have updated all figures in alignment with the exact unlocked amount except for the Ontology Core team remains unchanged.

Below is ONT’s distribution proportions with the unlocked amounts in brackets:

Ontology Community: 12% (unlocked 9.7658410%)

Giving back to the community is important for Ontology. This portion will be given back to the community through various events for different scenarios within Ontology.

Around 2% of this portion has already been used in past airdrops at the beginning of the project to forego the popular initial coin offering (ICO) model. The remaining 10% has been and will be used for online and offline community events over time.

Co-Builders (institutional partners): 28% (unlocked 20.5075074%)

Ontology is a platform closely related to real-world institutions and businesses which will continue to be important supporters of the ecosystem throughout its growth.

The remaining unlocked amount will be unlocked over the next two years. A certain amount will be unlocked each half-year and all institutional co-builders will strictly follow two-year unlock rules without exception. Ontology will screen its co-builders and control the proportion strictly; even for the most important co-builders, the proportion is only 1–2%. For many co-builders, their allocation is less than 1%. Each co-builder has its own contract and signs an NDA.

Update history:

September 26th, 2018: The second round of the co-builder evaluation has been completed and 5% of this portion was unlocked and will be distributed within a month.

December 17th, 2018: According to proportional unlocking every six months, the unlocked amount was updated to 14%.

January 13th, 2020: We made an announcement on the Telegram announcement channel that based on the 2019 Ontology’s co-builder evaluation, the Ontology Foundation has decided to unlock a total of 9,770,000 ONT incentives for outstanding co-builders. The incentives will be distributed in March 2020.

September 25th, 2020: The recent Ontology’s co-builder evaluation by the Ontology Foundation has seen strong supports from our ecosystem partners: Accomplice, Fosun Group, Tembusu Partner, and Fenbushi Capital, the Ontology Foundation has decided to unlock a total of 13,888,888 ONT incentives for outstanding co-builders. The incentive will be distributed in batches before September 30, 2020. Again, we would like to express our sincere gratitude to all our ecosystem partners for their continuous support dedicatd towards the Ontology trust ecosystem and we look forward to working hand in hand to achieve a brighter future.

October 8th, 2020: Our recent co-builder evaluation by the Ontology Foundation has seen incredible support from our ecosystem partners including: Sequoia Capital, Matrix Partners, IDG Capital, Frees Fund and Milestone Venture Capital. As a result, they have decided to unlock a total of 14,791,663 ONT as incentives to be distributed in batches before October 30th, 2020 for all the outstanding co-builders.

November 8th, 2020: 2,777,777 ONT has been unlocked as incentives for our ecosystem partners’ great support.

December 3rd, 2020: 6,111,109 ONT has been unlocked as incentives for our ecosystem partners’ great support.

May 13th, 2021: 17,077,746 ONT in total has been unlocked by this date as incentives for our ecosystem partners’ great support.

NEO Council: 10% (unlocked 10%)

NEO is an important technology and ecosystem partner of Ontology, therefore Ontology will give a portion of the tokens to the NEO Council for relevant cooperation and support NEO community feedback. Around 2% of this portion has already been used in a two-part airdrop for NEO holders.

Update History:

By November 25th, 2020, Ontology has unlocked all tokens for the NEO Council.

Ontology Ecosystem Development: 25% (unlocked 22.8262993%)

Ontology will use this portion of the tokens to continue to build various application services, promote the ecosystem, and secure strategic cooperation for expanding Ontology’s coverage and adoption.

Ontology Technical Community Reward: 10% (unlocked 7.8617067%)

Technology is a core resource of Ontology, therefore 10% of tokens will be reserved to reward the technical community for their feedback and contributions.

Ontology Core Team: 15% (unlocked 15%)

Ontology is a huge ecosystem with a growing mature development team. This portion provides a long-term incentive for the team with yearly lock periods.

The remaining unlocked amount will be unlocked over the next four years. Ontology has one of the longest lock periods for its core team, showing the confidence the team has in the long-term development of the project. The majority of the unlocked team amount has not yet been distributed.

Update history:

June 3rd, 2019: The unlocked amount for the Ontology core team was updated to 7.5%.

July 24th, 2019: The Ontology core team announced the entire amount of unlocked ONT in 2019, or 37,500,000 ONT in total, is staked into the Triones consensus nodes, thus reducing the circulating supply.

April 17th, 2020: This May, Ontology will unlock another 3.75% of the Core Team tokens and allocate them all for staking activities. The unlocked amount will not be released to the market. The Ontology Foundation has a strong faith in the future development of Ontology and will continue its responsibility to maintain a sustainable, healthy and stable ecosystem development.

May 19th, 2020: As planned, Ontology has unlocked another 3.75% of the Core Team tokens and allocate them all for staking activities. The Ontology Foundation will not be receiving any staking rewards for the 3.75% of the Core Team tokens staked. This action will not affect the current staking returns for stakers. We will continue to maintain a sustainable, healthy and stable ecosystem development.

May 20th, 2021: As planned, Ontology has unlocked another 3.75% of the Core Team tokens.

About Ontology (ONT)

Ontology uses a dual token (ONT and ONG) model. ONT is a coin and can be used for staking in consensus, whereas ONG is a utility token used for on-chain services. ONT releases ONG periodically.

Ontology Token (also ONT) is a NEP-5 token that was used temporarily before the Ontology MainNet. Now the Ontology MainNet has been released, all NEP-5 ONT is currently undergoing token swap to the native ONT coin.

Why is there a discrepancy with Coin Market Cap?

Put simply, Coin Market Cap does not consider all unlocked tokens to be circulating supply. As they say on their website:

“Circulating Supply is the best approximation of the number of coins that are circulating in the market and in the general public’s hands.”

--

--

--

Ontology is a high performance, open source blockchain specializing in digital identity and data. ONTO: http://onto.app/downloadpage/TW Telegram: http://t.me/OntologyNetwork

Recommended from Medium

Ontology’s Global University Workshop: 20,000 Reasons to Attend

Problems of Decentralised Applications

Biased media in crypto

Ontology 2022 Roadmap

Blockchain, Smart Contracts and Mining

Use cases for blockchain in games: For gamers

DON’T LET $DOM OUT OF YOUR HANDS ☄️😍💌

InvArch weekly news 02/18/2022

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
The Ontology Team

The Ontology Team

Active project domain: https://ont.io/

More from Medium

Genesis Nodes: Refer A Friend

Hayek stablecoins (USDH/EURH/…), and a governance token, Hayek Shares (HAS).

Oasi Foundation X Terminet AMA- Staking +Privacy Computation — How infrastructure parties can…

Multi-phase Token Burn — 20% of Total Supply