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Building an open Internet
The TON Foundation, which supports the L1 blockchain “The Open Network (TON),” announced on the 4th that it has launched “TON Storage,” a solution for file sharing and data storage.
TON Storage utilizes TON’s blockchain to encrypt and exchange data on a decentralized network. In effect, we leveraged smart contracts to incentivize the operation of nodes to ensure that data is stored forever.
What is a smart contract
It refers to a mechanism or technology that automatically executes a contract according to pre-programmed conditions. A technology that implements functions in blockchains such as Ethereum (ETH) and is expected to improve the efficiency of various contracts and reduce costs.
Cryptocurrency Glossary
TON is a blockchain originally designed by the messaging app Telegram.
In May 2020, it was sued by the US SEC (Securities and Exchange Commission) for selling unregistered securities and was forced to stop development, but it was later taken over by the TON Foundation, and is now an open community of developers. is leading
association: Securities problem of virtual currency ICO and its solution Telegram fined 2 billion yen, returning funds to investors
There have been decentralized storage services in the past, but there are some that don’t have incentives for nodes to store data and contribute to the network. To solve this problem, TON Storage introduced a mechanism that allows nodes to earn rewards.
The mechanism of TON Storage is that the user first saves the file. At this time, the user pays a fixed amount in the crypto asset (virtual currency) “Toncoin (TON)” according to the predetermined storage period. Node operators can receive rewards from this payment, and the node can be operated by anyone.
Anatoly Makosov, founding member of the TON Foundation, commented on the announcement:
Providing a reliable and decentralized storage solution is one step towards achieving our vision of building a decentralized and open internet.
I’m looking forward to seeing what the community creates with this technology.
association: Telegram, virtual currency TON can be sent
Works with other technologies
As mentioned above, the TON Foundation aims to build an open Internet. One solution to achieve this goal is TON Storage. TON Storage can be used in conjunction with the following two services.
- TON Sites: Websites on the TON Blockchain
- TON DNS: Distributed Domain Name System
Using these technologies together, users can build websites without fixed IP addresses or centralized servers.
The post Telegram-designed TON blockchain launches storage solution appeared first on Our Bitcoin News.
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