TON Miners Celebrate a Historic Milestone
On Tuesday, the TON Foundation made a groundbreaking announcement: the final toncoin has been mined. With around 5 billion tokens mined by tens of thousands of dedicated miners, this marks the end of the toncoin mining era. Anatoly Makosov, a founding member of the TON Foundation, exclaimed, “Tens of thousands of miners have mined the entire issuance of toncoins.” The last toncoin was ceremoniously unearthed on June 28, and the excitement is palpable!
What’s Next? Transition to Proof-of-Stake
Now that toncoin mining is officially over, the TON blockchain embarks on a new journey as an entirely Proof-of-Stake (PoS) network. The shift means that new toncoins will only be generated via PoS validation, reducing the network’s daily influx of new coins by about 75%. From the previous 800,000 daily tokens, it will now be limited to approximately 200,000 tokens every day. Talk about a major change in the ecosystem!
Market Reaction: Toncoin Prices Surge
The announcement had an immediate impact on the market, with toncoin prices skyrocketing by 34% in just 24 hours, landing at a trading price of $1.41, according to CoinGecko. It seems that investors had been holding their breath, and they are now celebrating as if it’s New Year’s Eve!
A Unique Consensus Mechanism
You might be wondering what makes the TON blockchain so special. It’s an intriguing blend of Proof-of-Work (PoW) and PoS. While traditionally, PoW relies on miners, the TON network allowed toncoins to be generated through PoW, even though it was fundamentally a PoS blockchain. Makosov explained, “The novelty is that even in a PoS blockchain it is possible to write a smart contract that can be mined according to PoW principles.” This hybrid system is a true first in the cryptocurrency realm!
The Future of TON: Smart Contracts and Beyond
Since launching its network on November 15, 2019, the TON project embraced innovation. The toncoin issuance through smart contracts began on July 7, 2020, inviting users to participate in the mining frenzy. Average users were reportedly mining around 200,000 TON daily, a feat that shows the community’s enthusiasm and involvement.
In a twist of fate, mining on the TON blockchain commenced “spontaneously and randomly” following a settlement agreement between the Telegram team and the United States Securities and Exchange Commission, leading to the project’s official groundwork. As the dust settles, all eyes are now on TON’s next chapter and its impact on the broader blockchain landscape.
