- The final TON was mined on June 28 marking the transition of ton coin to the proof-of-stake(PoS) model from proof-of-work (PoW).
- The TON blockchain was powered by the TON blockchain. However, the initial distribution was enabled through the mining instead of a coin offering that PoS usually uses.
- In April, the TON announced the integration of Telegram using the app’s “@wallet” bot.
On June 28, the final TON was mined, marking the transition of ton coin to the proof-of-stake(PoS) model from proof-of-work (PoW).
Toncoins will now only enter circulation by PoS validation. This has resulted in a decrease of new TON entering the network to 200,000 daily.
PoS technology already powers the TON blockchain through its initial distribution was enabled through the mining rather than a coin offering that PoS usually uses. The mining element stopped only a few participants from collecting a large number of coins.
On Tuesday, the TON Foundation stated that anyone with the right equipment can become a miner and also create an honest and even distribution of tokens amongst participants in a network, in the PoW consensus mechanism.
The TON Foundation, which looks after toncoin and the ecosystem surrounding it, called this combination an “initial proof-of-work” (IPoW mechanism) claiming that it has devised a perfect amalgamation of both worlds’ approaches between PoW and PoS.
PoW mechanism, which is used by the world’s leading cryptocurrency, also has some drawbacks such as it’s slow and energy-intensive thus making it time-consuming when it comes to validating transactions and also expensive. Meanwhile, the top altcoin Ethereum too is transitioning to a PoS model.
The transition is the continuation of the TON Foundation’s development of the blockchain project that was left abandoned by chat app giant Telegram in 2020 after the U.S. Securities and Exchange Commission (SEC) lawsuit against it
However, members of the TON community have created a TON Foundation and resumed blockchain development, rebranding the project Toncoin from the original TON.
TON also announced the integration of Telegram in April using the app’s “@wallet” bot in April, enabling its millions of users to send and receive toncoin within the messaging app.
At the time of writing, the Toncoin was trading at $1.29 USD, up 1.25% in the last 24 hours.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.