The Power of NEO-Airdrop announcement!!!

Neo News today announced another airdrop, this time for NEP5 token holders. (link to tweet https://twitter.com/NEOnewstoday/status/994363553346924544)

If you held any NEP5 token in your wallet, prior to May 8, 2018, you are eligible to receive Master Contract Tokens (MCT), you are not eligible if you only held NEO. You will receive 1000 MCT's for each NEP5 token you held, for example, if you had RPX and ONT then you will receive 2000 MCT. Please keep in mind that if you held your NEP5 tokens on an exchange, there is no guarantee you will receive the airdrop. You will need to contact the exchange that your NEP5 tokens are held to inquire if they intend to distribute MCT to their customers.

A common question that arises each time there is an airdrop announcement is, "If my coins are on an exchange will I get the airdrop?" What many do not understand is, the exchange will get the airdropped coins, but they choose whether or not to distribute to their customers. If they do decide to honor the airdrop it will most likely take a while, that is why it is always better to have your own wallet that you hold the keys to.

The Master Contract Token was developed by Splyse, the same development team as Hashpuppy. MCT was developed to solve a limitation in the smart contract functionality of NEO.

The following explanation taken from NEO News,

(Whilst NEO smart contracts can receive funds, it has not yet been possible to programatically trigger a send action on-chain. Send transactions require triggering by an external piece of code that exists off-chain, such as a wallet.

MCT solves this issue by first modifying the existing NEP-5 “transfer” implementation, adding the “GetContract(scripthash)” NEO API call. Upon transferring MCT tokens to a smart contract, the MCT smart contract will check the receiving scripthash against all the deployed smart contracts on the network. If a match is found, it will then invoke the “OnTokenTransfer” operation in the receiving contract.

The “OnTokenTransfer” operation can be written to perform any function, including the automatic execution of a send transaction.

If either a matching scripthash is not found, or the receiving smart contract does not support “OnTokenTransfer”, the transfer will fail. This protects users from sending tokens to a smart contract that doesn’t exist, or does not support the receiving of tokens.)

There were some issues previously when users thought they could purchase Ontology tokens with NEO. Using their Neon wallet, NEO was sent to the Ontology smart contract. Since the code was left out that would allow the contract owner the option to spend assets, the NEO could not be refunded and essentially burned. When this happened several people took to telegram asking Ontology to credit them tokens to replace the NEO they lost, I am not sure how this was rectified or if it was. I would like to clarify that this was an error in judgement by the NEO holders as there was no crowd sale for ONT. Granted, in hind sight, ONT should have included the code but in their defense the NEO holders did not do their due diligence.

Going forward hopefully MCT can prevent something like this from happening and all will remain happy in NEO land. This is just another benefit to the NEO blockchain and I see great things ahead for the NEO community.

Use the following link to read the full article from NEO News https://neonewstoday.com/development/splyse-airdrop-master-contract-tokens-to-nep-5-users/

Join MCT on discord https://discord.gg/EneedC8

MCT github https://github.com/Splyse/MCT

Please read more about The Power of Neo on my blog https://steemit.com/@mistib

The script hash to add MCT to your Neon wallet is a87cc2a513f5d8b4a42432343687c2127c60bc3f

Other NEO wallets
Morpheus https://www.morpheuswallet.com
O3 labs (mobile) https://o3.network