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ACCORDING TO TON FOUNDATION IT HAS ALWAYS BEEN POS WHILE MINING OF TONCOIN BEGAN SPONTANEOUSLY

ACCORDING TO TON FOUNDATION IT HAS ALWAYS BEEN POS WHILE MINING OF TONCOIN BEGAN SPONTANEOUSLY

The TON Foundation, an organization developing a blockchain project launched by Telegram, TON blockchain, on Tuesday officially announced that TON miners have seized the final toncoin.


"Tens of thousands of miners have mined the entire collection of toncoins, which amounted to about 5 billion tokens," TON Foundation member and chief developer Anatoly Makosov said in a statement to Cointelegraph. The last toncoin was mined on June 28, he noted.


The end of toncoin mining marks a major milestone in the distribution of TON, launching its new era as a complete PoS blockchain. From now on, new tocoins will only enter the cycle of PoS verification, the TON Foundation said. That will result in the reduction of the total number of new tokens on the network by about 75% at the current limit of 200,000 tokens per day.


The price of TON has responded quickly to the news, rising by 34% in the last 24 hours. The token trades at $ 1.41, according to data from CoinGecko.




By definition, proof of stake, or PoS, is a consensus algorithm that works depending on the role of the author in the network. The PoS algorithm contradicts proof of performance, or PoW, the first consensus algorithm for large crypto currencies such as Bitcoin (BTC) and Ether (ETH), based on computer-enabled blocks provided by miners.


According to TON white paper, its blockchain uses the PoS method to produce new blocks. However, its unique infrastructure has somehow allowed miners to produce toncoins using the PoW consensus, Makosov said:


“The TON blockchain has always been a testament to the pole; the new thing is that even in a PoS blockchain you can probably sign an intelligent contract that can be mined according to PoW principles.

“If you put all the blockchain withdrawal money into such a smart contract, you get a PoS blockchain, but only through the distribution of coins in the form of mines. As far as we know no one has done this before, ”added the developer.


According to Makosov, the current TON network was launched on November 15, 2019, and the issuance of coins was included in smart contracts that could be dug on July 7, 2020. Tokens are included in smart "provider" contracts, allowing anyone. participation in mining. "Users seize approximately 200,000 TON daily," an official post provided with TON mining history read.



"Mining in the TON blockchain evidence was a unique thing to see," the post notes, adding that mining in TON began "automatically and randomly" after the Telegram team agreed to an agreement with the United States Securities and Exchange Commission. and was forced to stop being involved in TON.

Source: cointelegraph




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