TON validators set to vote on suspending $2.5 billion in toncoin

On the proof-of-stake blockchain, the Trustees of the Open Network ( TON ) discuss the suspension of 195 inactive wallet addresses. This voting is supposed to start on February 21 (March 2). The total token coins held by these addresses is over 1 billion or 21.3% of the available supply, which at the time of writing is approximately 2. It is worth $2.5 billion dollars.

At least 75% of the creditors must participate in the voting to make a final decision about the suspension. If accepted, the proposed suspension would run for four years, during which no transactions would be allowed at the affected addresses. The public blockchain makes the “pending list” available.

If a wallet address participated in the initial token distribution phase between July 2020 and June 2022 but never completed an outgoing transaction, that wallet address is considered inactive. The TON community has asked owners of affected wallets to demonstrate their use by making a transaction on TON in December. Committing a transaction anytime before the end of the vote avoids the possible suspension of the remaining inactive wallets. Note that addresses not included in the initial distribution will not be affected.

It should be noted that 98.55% of the total supply of TonCoin was made available for the “initial proof of work” mechanism through distribution. The TON mining approach was created to decentralize the distribution process and maintain a proof-of-stake blockchain, as opposed to centralized distribution strategies often chosen by crypto market development teams.

According to a statement released by TON, a group of supporters and contributors to the blockchain, the move is “a testament to the value of transparency for the TON community .” This statement states:

The possible suspension of these wallets will shed light on how much Toncoin is currently in circulation and allow the active community contributing to the open-source project to continue to grow and flourish.

The open network was originally launched in 2018 by the creators of the Telegram messenger, who turned the project into the TON community to continue. Created.

Earlier this month, TON launched TON Storage as a decentralized alternative to Filecoin and Storj for file sharing and data storage.

Note: This news article is not an offer to buy, sell or invest, and it is presented only to familiarize you; FinanceRoom is not responsible for it.

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