The developers of Ontology (ONT), a “distributed trust” network for building decentralized applications (dApps), had announced earlier that they would oversee the launch of Atlas’ initial exchange offering (IEO) on crypto trading platform, Coinsuper.
As part of the token launch process, “10% of ATLS,” the native digital asset for the Atlas platform, will be ”open for an ONT subscription session” which is scheduled to start on April 22nd, 2019.
“Distributing Economic Benefits Out Of The Hands Of Mega Corporations”
To “celebrate and thank ONT holders,” the Ontology team has announced “a 1,300,000 ATLS airdrop for all ONT holders (no minimum or maximum hold amount).” As mentioned in a blog post published on April 17th, 2019 by Ontology’s management, the Atlas protocol is a “decentralized, tokenized platform.”
The Atlas platform has been designed to “distribute the economic benefits out of the hands of mega corporations.” Instead of only a few large private companies benefitting from the massive revenue generated by the world’s travel industry, proceeds can be shared more equally and fairly among Atlas platform users. At present, anyone can open an account on Atlas – including content creators, consumers, and suppliers, Ontology team’s blog noted.
The Atlas platform users will “fairly compensate content creators” by “removing the commission burden and inefficiency that is plaguing the current travel ecosystem,” the announcement stated. This type of incentivization model will “allow travel businesses to retain profits” which can then be used to develop additional products and services, Ontology’s management suggested.
Atlas Established By Founders Of Zanadu
According to the announcement, Atlas has been established by “the founding team behind Zanadu,” a luxury travel platform. Zanadu has reportedly received investments from Tencent, Matrix, and Prometheus capital. The travel platform for high-profile clients currently has more than two million active users.
OGC, NGC, and Ledger Capital were some of the main investors in Atlas’ private funding round and the company recently partnered with blockchain firm, GroundX, a subsidiary of Kakao, one of South Korea’s largest internet firms.
As noted in Ontology’s blog, the developers of the Atlas platform intend to “leverage all of Zanadu’s existing user base,” in addition to its partnerships with more than “20 major hospitality service providers.” These companies include Peninsula Hotels, Shangri-La, Cathay Pacific, Singapore Airlines, and Finnair.
ERC-20 Address And Compatible Wallet Required To Participate In Airdrop Event
The management backing the Atlas project has also established “strategic partnerships” which specifically target retail users. These clients are mainly users of some of China’s largest social media and news media networks including WeChat, Jinri Toutiao, and Weibo.
In order to participate in the airdrop, users are required to submit an ERC-20 address “before the deadline.” This will entitle users to receive an “ATLS amount in proportion to the amount of ONT” tokens they hold in their wallets. This amount will reportedly take into account ONT tokens staked and users need not “cancel [their] stake for it to be included.”
As mentioned in Ontology’s announcement, “submissions” opened on April 17th and will continue until “10:00 April 23rd (UTC).”