Binance Issues A New Token “ONT-33D” Backed By Ontology
Binance Issues A New Token “ONT-33D” Backed By Ontology
April 21, 2020
Binance Issues A New Token “ONT-33D” Backed By Ontology
Binance Issues A New Token “ONT-33D” Backed By Ontology
April 21, 2020

Binance, the major cryptocurrency exchange, has issued ONT-33D, a new token backed by Ontology (ONT), the crypto asset, and hosted on its own blockchain.

It has been reported that the new token is governed by a series of parameters known as BEP2.

However, a Binance spokesperson said that each ONT-33D token holds a backing of one ONT coin.

In theory, this should keep the token’s price the same as the ONT tokens traded on the open crypto market. 

By nature, ONT coins travel on Ontology’s own main blockchain by making them incompatible with Binance’s decentralized exchange (DEX), as the two operate on different blockchains. 

The spokesperson said:

“It will allow ONT holders to have decentralized exchange service.”

Likewise, under the same parameters, Binance announced Bitcoin BEP2 (BTCB) in June 2017, with each token backed by Bitcoin (BTC). 

ALSO READ :  RBI Asks Central Bank To Defreeze Koinex’s Bank Account Holding Little Over 12 Crore INR

The spokesperson said:

“Many more DEX services will launch in the future. For example, Ontology will add a node staking feature soon, expecting to integrate it with the Binance DEX and enabling ONT holders to have full control over their assets while participating in ecosystem governance.”

Thus, the concept appears similar to wrapped Bitcoin (WBTC), a token issued on Ethereum’s blockchain, backed by Bitcoin, which allows BTC trading on ERC-20-based decentralized exchanges. 

Source: Cointelegraph | Image: CoinCodex


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!