The Open Network freezes tons of TON with first-ever on-chain governance

Freeze a large amount of TON

The L1 blockchain “The Open Network (TON)” has released a governance platform “Ton.vote”. The first governance vote was held on the 21st to freeze the inactive portion of the Genesis wallet for four years.

1,726 TON holders participated in the vote this time, and 91.75% of the 1.7 million TON votes were in favor. As a result, about 20% (about 1,080 million TON) of the total circulation of 5,047 million TON of cryptocurrency (virtual currency) Toncoin (TON) will be locked for four years.

The movement leading up to the final vote began in December 2010 as the community of The Open Network (TON) demanded transparency and clarity. Among the genesis wallets involved in the initial mining of TON, 204 were inactive, and we called for them to be activated by the end of the year.

After that, a vote was launched on February 14 to freeze the 182 wallets left in an inactive state for a 48-month period on the grounds of “increasing uncertainty for network participants.” It is said to be a measure to address the concerns of investors who are unaware of the existence of the Genesis Wallet as the TON ecosystem flourishes.

According to the data site CoinMarketCap, The Open Network’s native token “TON” is ranked 27th in the market with a market capitalization of 400 billion yen. Despite the token freeze of 20% of the circulation volume, there was no noticeable impact on the price, +1% compared to the previous day, but the 24-hour trading volume surged by 98%.

connection:Communication app “Telegram” plans to develop its own DEX

Release Ton.vote

The governance platform used for the first time in this vote, Ton.vote, is built on a layer 3 blockchain provided by Orbs. Voting fraud prevention is provided by Orbs’ validator network “Orbs Guardian”.

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

In January 2011, the TON Foundation announced the launch of TON Storage, a solution for file sharing and data storage. Leveraging TON’s blockchain and introducing incentives for node operations to store encrypted data.

connection:Telegram-designed TON blockchain launches storage solution