📢 Huobi Pro to support upcoming mainnet launches of Ontology and Tron. Users will go through an effortless token swap.
Digital asset exchange Huobi Pro has announced its support to the upcoming mainnet launches of Ontology Network and the Tron Foundation. Huobi Pro is a leading global digital asset exchange that is expanding at a rapid pace. If you don’t have a trading account on Huobi Pro yet, you can register using this link.
✅ In the past, Huobi Pro has supported many mainnet launches. They just recently supported the EOS mainnet launch and their consecutive token swap from EOS ERC-20 to EOS mainnet tokens.
When a Blockchain platform first launches it will be useful to have the resources of a (temporary) Blockchain platform, to implement a smart contract and execute transactions. The added value of this temporary solution is enabling the trading of the asset and subsequently adding value to the token and thus to the project.
Launching a mainnet means transitioning from using the temporary initial, already established Blockchain (like Ethereum or NEO) to their own native Blockchain they developed from scratch.
The entire transitioning process can take a lot of time and effort once completed.
✅ When we take Ontology (ONT) as an example: Ontology launched its ONT token, a NEP-5 standard token which is currently using the NEO Blockchain.
The Ontology Team has released some very clear instructions on how to manually swap your ONT tokens. However, this is a time-consuming process and needs meticulous handling.
➡️ You will need to obtain a mainnet mapping address (these will be given at a later date).
➡️ Log in to your NEO wallet and send the desired amount of ONT to the mapping address (make a test transaction first with a small amount of ONT to swap so that you don’t lose all your ONT, when executing this the wrong way).
➡️ Check the swap status on http://swap.ont.io or by going to the neo explorer on http://explorer.ont.io and enter your Ontology public address to check your mapping status.
➡️ You can register for a new Ontology mainnet wallet or you can use your keys to your NEO wallet to obtain a new Ontology wallet.
Ontology Network originally released Neo Enhanced Protocol (NEP-5) tokens, that function on the NEO Blockchain. To swap tokens from NEO to the Ontology mainnet manually takes a lot of effort and preciseness. As you can read in the Ontology Team’s Medium post about the token swap process. An added inconvenience with swapping ONT is the fact that the token is indivisible.
You can only swap a whole number of Ontology tokens.
You can have a divisible amount of ONT in your ONT exchange wallet, but always transfer whole amounts of ONT, or else the assets in excess or less then a whole number are lost forever (for instance transferring 0.6 ONT = 0 ONT and 1.6 = 1 ONT).
✅ The Tron Foundation (TRX) has Ethereum based ERC-20 standard tokens and uses the Ethereum Blockchain. TRX is dividable (you can own a fraction of a TRX token) so that eases the manual swapping process, but it is still time-consuming and needs to be executed meticulously. The Tron team has published a detailed Tron mainnet timeline and FAQ article on Medium. The Tron token swap will be ongoing for however long it will take before all TRX tokens will be swapped. No ERC-20 TRX tokens will even be frozen or burned.
✅ If you like your assets to be swapped hassle-free, after the mainnet launch, then you should consider depositing your tokens on an exchange (that supports the token swap), like Huobi Pro. Manually swapping your ERC-20 / NEP-5 tokens for native tokens can be a bit of a hassle, like stated in the paragraph above. Huobi Pro will swap TRX ERC-20 tokens for TRX native tokens and it will swap ONT NEP-5 tokens for ONT native tokens. If you want to deposit your tokens into your Huobi Pro exchange account you should transfer your assets before the deadline. The Ontology deadline will be announced soon and TRX’s deadline for depositing ERC-20 TRX into your exchange wallet on Huobi Pro is the 26th of June 2018 (UTC +8).
✅ The release of a projects mainnet and its consecutive token swap can take up a lot more time then originally anticipated. When your tokens are in the native project wallet, they are stuck and cannot be moved, making the tokens temporarily illiquid. During that time, when a news article impacts heavily on the price you don’t have the option to trade your tokens. Having your tokens in your Huobi Pro exchange wallet allows you to trade the asset as it does not interfere with the token swap and will keep your tokens liquid (if there is enough trading volume on the exchange).
✅ Ontology recently announced more specifics of the Delegated Proof of Stake (DPoS) feature it will implement after the mainnet launch. Ontology, just like NEO (NEO and GAS), has a Dual Token model (ONT and ONG). Keeping ONT tokens in your Ontology wallet will generate ONG tokens from time-to-time. There is an unofficial ONT — ONG calculator that calculates your ONG earnings based on the amount of ONT tokens you own. For instance: If you were gifted 1000 ONT for subscribing to the Ontology Network newsletter in the past and you held on to those tokens, you will ‘stake’ 13.4 ONG tokens in your wallet each month. ONG tokens should be dividable as they are considered the GAS to the network (like GAS to NEO).
✅ Recently the news was released that Justin Sun, Founder and CEO of Tron has acquired distributed network technology company, BitTorrent, that allows for peer-to-peer sharing of documents, files, pictures and video’s. The acquisition process was long and hard according to Justin Sun. Justin Sun, the driving force behind Tron, keeps on expanding and partnering up with fellow Blockchain projects. At this time, it’s still unclear if and when there will be a collaboration between the two projects, Tron and BitTorrent, but considering the amount of effort that went into acquiring the file-sharing company, its likely there will be some sort of co-operation in the future.
📝 Sign up for an account at Huobi Pro. Currently there is a competition in which new, verified users can receive an airdrop of 5 different tokens tradable on Huobi Pro.
You will need to have a verified account and it has to be your first deposit into your account with a minimum amount of 300 USDT or the equivalent amount in other tokens.