TON, new-gen smart contracts platform for decentralized applications (dApps), announces crucial integration for its cross-chain progress. The platform scores a long-term strategic partnership with leading Korean decentralized ventures.
TON blockchain gets connected to Ozys’ Orbit Bridge
According to the official announcement shared by the team and community of The Open Network (TON), it has entered into a strategic technical collaboration with Ozys, a Tier 1 South Korean fintech ecosystem. As a first step in the partnership, TON’s mechanisms will be connected to Orbit Bridge, a noncustodial cross-network value transfer mechanism by Ozys.
As Ozys and its major product Orbit Bridge are focused on seamless and decentralized integrations between both EVM-compatible and non-EVM blockchains, this integration unlocks amazing opportunities for TON as a technical platform and for the liquidity ecosystem of its core native cryptocurrency, Toncoin (TON).
It should be noted that since its launch in early 2020, the Orbit Bridge by Ozys has never been hacked or compromised by malefactors. Over almost three years of operations, it processed $12.3 billion in users assets. Before any technical updates, the bridge system undergoes a security audit by a third-party cybersec vendor. It helps to prioritize the security of the bridge without sacrificing speed and decentralization.
Commenting on this much-anticipated integration, Justin Hyun, head of incubation at TON Foundation, stated that the partnership with Ozys and its flagship product will contribute to the value proposition of TON blockchain:
With the introduction of TON as the latest mainnet on the Orbit Bridge, a host of new users will be introduced to the TON ecosystem. By entering into closer proximity with other layer one blockchains through the connection enabled by Orbit Bridge, users will experience the advantages that TON holds over its competitors.
Also, the research initiatives by Ozys engineers and community will speed up the process of The Open Network’s massive adoption.
TON joins Ozys infrastructure as network validator
Jinhan Choi, CEO of Ozys, is excited about the vision of the TON team and community and the progress achieved by this Layer 1 so far:
The Orbit Bridge is the first multi-chain bridge connected to TON, a blockchain which has the potential for almost infinite expansion. We will establish a cross-chain network between the large number of Telegram users that use the TON platform and other blockchains that are connected to the Orbit Bridge. This will help to scale the flow of users, promoting the mutual growth of the TON and Ozys ecosystems.
To advance and deepen the integration between the two ecosystems, The Open Network also joins the process of validating the Orbit Bridge transactions. As a new member of the Orbit Bridge Validator Group, it will collaborate with FS Labs, TEB, Cosmostation, Neoply, DSRV, M-block, Despread, Move Labs, B-harvest and Ozys, as well as with other top-tier infrastructure teams.
Ozys is going to accelerate the development of its key decentralized cryptocurrency exchange with automated market making mechanism (AMM-powered DEX) Megaton Finance. Megaton Finance team is building on TON, and the public release of its first iteration is expected to take place as soon as this year.
TON ecosystem development accelerates in Q4, 2022
The integrations with Ozys and Orbit Bridge will advance the utility of Toncoin (TON), the only cryptocurrency that can be transferred seamlessly through a messenger. Thanks to a community-driven initiative, Telegram users can send TON to each other as an addition to messages via the @wallet mechanism.
The Open Network, or TON, is a third-generation programmatic blockchain designed to supercharge decentralized applications of all types, including wallets, DeFis, NFT marketplaces, trading bots, GameFis and so on. TON was initially designed in 2018 by the Durov brothers, the founders of Telegram Messenger.
In 2022, an independent nonprofit, The TON Foundation, oversees the development, marketing and partnerships strategy of TON.
Earlier this month, TON ecosystem appointed Orbs’ Tal Kol and Tonkeeper’s Oleg Andreev as new brand ambassadors. Also, Mr. Manuel Stotz of Kingsway Capital became a TON Foundation board member.
In Q4, 2022, The Open Network (TON) advanced its design of cross-chain integrations by connecting to its first non-EVM blockchain, Orbs Network (ORBS).