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Free TON Open Network Evolves as the Next Generation of Blockchain

WikiCoin
Thu, 03/11/2021 - 15:11
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Heewon Jang
A community-driven iteration of Telegram's blockchain project offers unrivaled scalability and adaptability
Free TON Open Network Evolves as the Next Generation of Blockchain
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The future of blockchain is already here, with the launch of a brand new platform and native currency that aims to address some of the biggest challenges in applying digital cryptocurrency to real world scenarios. Prioritising user-friendliness, TON – the next generation of blockchain – will offer high speed transactions thanks to dynamic sharding.

Transactions using the TON Crystal eradicate many of the problems of using cryptocurrency for everyday payments, such as extended transaction times and hefty fees. Currently, Bitcoin and Ethereum can process around 7 and 15 transactions per second (TPS) respectively, while TON is capable of processing millions of TPS, making it faster than VISA and MasterCard. TON users will be able to make transactions for less than $0.01 in fees, and pay less than $0.05 per coin exchange transaction (swaps).

Initially created by the Durov Brothers – Nickolay and Pavel – back in 2017, the original Telegram Open Network (TON) faced challenges last year when the US Securities and Exchange Commission made it impossible for the brothers to continue the development of the platform; a move that affected more than 400 million users. However, in May 2020, an online community of developers from across the digital currency industry came together to create a new, decentralised version – Free TON – to bring the innovative TON blockchain to life.

Now supported and powered exclusively by the Free TON community, all TON Crystal cryptocurrencies on the TON blockchain are owned by the community itself, without an ICO or token pre-sales. TON Crystals are distributed via  contests as rewards for the useful actions of community members, and perhaps most importantly, the Free TON platform will continue to be supported by fully decentralised autonomous organisations.

Many experts believe that decentralisation is key to creating a strong blockchain future, shifting control away from a single decision maker and towards a distributed network; in this case, the Free TON community. Decentralisation stands to bring numerous advantages to the blockchain, including improved reliability of the entire network and reduced risks of centralized control over the blockchain. For users, it means that cryptocurrency coins can be transferred directly from person to person, without the need for a ‘middleman’. It becomes as easy as sending an email.

DeFi market is attracting a lot of attention in crypto world and is still booming in 2021, with Ethereum, Polkadot, Fantom, Cardano and Solana being the major and well-known ecosystems supporting it, even though some of them face technical challenges to bring true mass adoption to the market. Free TON ecosystem, on the other hand, is the most promising in this regard due to its extreme scalability and adaptability.

Active community of the ecosystem has big plans for ongoing growth and development this year. It has been announced that Decentralised Finances (DeFi) products will be introduced during this month. One of the developers, Radiance Team, in collaboration with Extraton Wallet is preparing the Decentralised Exchange (DEX) to beta launch in Quarter 2, 2021.

As a fully decentralized self-governed blockchain Free TON is focused on giving power back to the community through freedom of speech, information and software. It is a free, open-source network whose goal is to make an accessible ecosystem with Turing-complete smart contracts, governed by the principle of a decentralized autonomous organization (DAO). TON Crystal is the Cryptocurrency unit of the network with over 5,021,484,334 in total supply.

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About the author

Heewon Jang is a freelance journalist and the editor of CryptoGags section.
She is responsible for entertaining crypto content and bitcoin humour