Binance, one of the largest crypto exchanges in the world, announced yesterday, Sunday, that it will support the upcoming upgrade to the ontology network (2.0).

According to Queen Telegraph, Ontology (2.0) will ensure that a number of community-led promotions are integrated into its main network.

Binance said it would end support for token deposit operations based on the old protocol, the New 5 Enhancement Protocol (NEP5).

She indicated that any future deposits of these ontology tokens will not be added to the user's Binance account.

Deposits and withdrawals to an ontology will also be stopped from Monday at 9 am UTC.

users will be notified when the upgraded ontology network becomes stable and deposits and withdrawals re-open, Painance says.

Things haven't changed

Ontology network upgrade will not create a new token and ONG stack rewards for ontology will not be affected, as the network uses a dual token model (ontology and ONG).

Where ontology is the currency and can be used to stack by consensus, whereas ONG is the token of service used for services on the chain.

The main network of Ontology started the release of ONG once the main Ontology Network was launched two years ago.

According to Ontology, from 9 to 12 June 2020, it gave its community the opportunity to have a say in the development of its economic model system of accumulation and management, especially in relation to the results of the Triones complex. .

However, the first three-year reward for an ontology foundation for the top 49 knots and the distribution method remains unchanged.