Initially developed by Nickolay Durov and Pavel Durov in 2017, and during its Initial Coin Offer (ICO), the developers raised over 1.7 billion US dollars from their ICO.
Sadly, as TON prepared to distribute its then Gram tokens to investors, on October 11, 2019, SEC filed a suit in court against the two brothers in regards to the sales of their unauthorized tokens, which SEC named an unlawful securities offering. The Durov brothers were ordered to forget about TON, compelled to returns more than 1.2 billion US dollars back to their investors and paid the sum of 18.5 million US dollars fines.
Shortly after the court judgment and settlements, some group of developers and validators took over the project, proceed with the development without ICO and renamed the project Free TON. Finally on May 7, 2020, Free TON was launched.
ABOUT FREE TON
Founded in the year 2020, Free TON is a decentralized blockchain network capable of executing over a million transactions in seconds. It returns power to the people. Its native coin was named TON Crystal.
Slow transactions speed, high gas fees and other issues faced by other digital currency have been eliminated by the TON Crystal token. Presently, the transactions both BTC and ETH can execute in second are only 7 and 15 respectively. VISA card network can handle just 1,700 TPS. The almighty SOL can only process 65,000 TPS, while TON was designed to handling millions in seconds.
HOW TO CREATE A NEW BLOCK?
TON Blockchain leverages PoS consensus in creating a new block. It has many validators who have already staked their token, and by that, they can create and confirm new blocks.
A randomly chosen order in the masterchain decides which validator block will be confirmed first via a ranking order.
Validators confirm the validity of the proposed blocks. If validators approve an invalid block, they lose part of their stake or their entire stake as punishment or risk suspension from their role as validators for short period. Hence, validators must agree on which block to confirm next through a BFT protocol. Immediately an arrangement is reached, another block is produced and the transaction charges paid, then the earned tokens are shared among validators.
TOKENOMICS
TON Crystal has a total supply of 5 billion, with an annual increment of 2%. All TON Crystal is owned by the entire community. For now, TON Crystals can be earned only as rewards from contests. These are done in different ways:
• Involve in any contests or being selected as a jury in a contest
• Be a validator
• Join any bounty programs, by completing set tasks
• Buy TONs directly from individuals who have won before
FUTURE PLAN
It was recently reported that new products will be added to the platform this year. Radiance Team has concluded plans to release the DEX beta in partnership with Extraton developers by Q2, 2021.
CONCLUSION
Undoubtedly, the platform is fully owned by its community and they are all involved in the decision making. It was developed to resolve many challenges faced while using digital currency for our daily activities.
Useful links to the project:
Website: https://freeton.org/main
Telegram: https://t.me/TONCRYSTAL
Reddit: https://www.reddit.com/r/TONCRYSTAL/
Facebook: https://www.facebook.com/CommunityTon/
Twitter: https://twitter.com/CommunityTon
Linkedin: https://www.linkedin.com/in/free-ton/
AUTHOR
Forum Free TON Username: Alaho15
Forum Free TON account: https://forum.freeton.org/u/Alaho15
My Crystal Address: - 0:914a8e94efc59dbf4adf3228b3af8711dea3c41362c1b42412e47acd80b34cb4