NEO holders are in for a free airdrop after the NEO Council announced that it would be distributing 20 million Ontology (ONT) tokens to the community as a gesture of appreciation.
For those who don’t know, Ontology network is a public blockchain infrastructure platform which allows developers to take advantage of a decentralized trust ecosystem and create dApps. The platform is backed by Onchain, a Chinese blockchain technology company.
The NEO Council is in fact distributing ONT tokens received as a donation from the Ontology team, and for each NEO a person holds, they will receive 0.2 ONT, 0.1 of which will be available immediately while the other half will be locked until the Ontology MainNet goes live.
ONT is a divisible NEP-5 token for now, but after the Ontology MainNet releases in the second quarter this year, NEP-5 tokens will be exchangeable for MainNet ONT. For the NEO ONT airdrop, a snapshot will be taken at block height 1974823, which is expected around March 1, 2018.
As long as you are holding your NEO in a non-exchange wallet, you should be able to collect your free ONT tokens as soon as they become available. As always, exchanges will have to share their own policies regarding the airdrop – for now KuCoin has announced support for the ONT airdrop.
NEO has been doing quite well recently, breaking into the $100 range early January and peaking at over $160 before settling into the $100 - $120 range. Currently, despite the Bitcoin correction, the token is holding strong above $100, and the ONT airdrop news is expected to help it stay the course.