As the calendars show the date May 7, 2020, this “truly decentralized” blockchain was launched and did not sell even a token.
TON Labs CTO Mitja Goroshevsky, who participated in the Cointelegraph AMA publication on May 3, announced that even after a year, Free TON still does not sell and will not sell one.
This move is unique for Proof of Stake blockchain structures, which usually consist of validators who take a fair amount of stake in the project’s tokens as a sign of goodwill.
Born from the ashes of the Telegram messaging service’s Telegram Open Network blockchain project, Free TON is full of extraordinary features.
A vivid example is Telegram selling $ 1.7 billion worth of tokens to investors. As it is known, the US Securities and Exchange Commission stepped in and described the sale as illegal security supply. Telegram had to return $ 1.2 billion to investors and shelve the project.
According to Alexander Filatov, CEO of Free TON developer TON Labs, while there were so many obstacles to overcome, 17 different TON developers decided to continue the blockchain project. Thus it became “one of the greatest social experiments in the world in terms of truly decentralized governance”. “Nobody runs or owns this project. No foundation. No legal entity. It’s a completely community-driven project. We haven’t sold any ICOs or tokens in any form or form.”
Rather, the five billion TON Crystal (TON) tokens do not work as centrally controlled grants. Goroshevsky emphasizes that these are distributed in competitions developed and evaluated by the community. Those who help develop the network are rewarded for their contribution.
Filatov said that so far 450 million TON of Crystal has been given “use cases, users and validators, developers and partners that increase the penetration of the network”. He said that the no-sell policy is particularly beneficial to keep regulators like the SEC out of the environment.
During the development process, Free TON increased the pool of validators from 17 to over 450. Filatov stated that with this number infected, no organization will have the power to control most of the nodes. Even the core developer team TON Labs only controls 5 percent of TON Crystal tokens. Non-routed tokens are held in multiple data wallets that are beyond the control of any particular group.
The only real centralized feature is working with a company that manages the Swiss-based Know Your Customer (KYC) process that doesn’t even tell TON developers who the validators are. This firm checks whether the participants are of legal age and in the country.
Year of spread
Speaking about the details of the project’s roadmap, Filatov said that the first year will be spent making sure the blockchain and management system is working.
“The second year should really be the year of expansion. When you have hundreds of use cases (we’re talking about real use cases and millions of users), you can see a significant breakthrough in expansion.”
However, many new projects are planned by more than 30 sub-management DAO communities composed of national groups interested in areas such as DeFi and NFT.
Filatov pointed out that bridges were built to the Ethereum, Polkadot and Tezos blockchain networks, with an emphasis on interoperability as an important issue. Goroshevsky said he believes Free TON, along with Ethereum-compliant Wrapped TON tokens, can attract decentralized exchanges and the liquidity in them.
“We can create decentralized exchanges that have one of the fastest networks around and run at the speeds of the central ones,” Free TON said, adding that his team aims to handle hundreds of thousands of transactions per second.
Goroshevsky added that this tremendous scalability is achieved without the need for second layer solutions that place less centralized blockchain structures on top of decentralized but congested structures like Ethereum.
DeBots is the way to do this… That is, secondary smart contracts linked to the main contract. When interfacing contracts on the blockchain, it is allowed to execute locally in the user’s browser.
“I think this kind of technology is a cornerstone in creating a new user experience for decentralized applications.”
Learn more about Free TON
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