TON blockchain freezes $2.6B worth of inactive tokens

According to the results of a community vote connected Feb. 22, users and validators of The Open Network (TON), a furniture 1 blockchain antecedently created by Telegram, person voted to suspend miners' wallets for 4 years if they are inactive and person ne'er made an outgoing transaction. The determination resulted successful 1,081,389,416 TON being suspended, worthy an estimated $2.58 cardinal astatine the clip of work and accounting for implicit 20% of TON tokens outstanding.

The validator vote, which began connected Feb. 21, 2023, was passed aft the archetypal 2 rounds without requiring a 3rd necktie circular to interruption the tie. The TON Foundation requested miners to amusement their enactment by undertaking a transaction connected the TON blockchain connected Dec. 17, 2022. Since that announcement, 24 of the 195 inactive addresses person been activated. As a result, the ballot acrophobic the remaining 171 addresses, oregon little than 0.009% of the full fig of wallets connected the network, holding a full of 1,081,389,416 Toncoin. The addresses volition beryllium suspended for a play of 4 years pursuing today's vote.

As told by developers, The organisation of TON began successful July 2020, erstwhile 98.55% of the full proviso became disposable for mining for anyone to participate. Placed successful peculiar "Giver" astute contracts, the attack allowed TON to payment from the decentralization offered by Proof of Work portion remaining a Proof of Stake blockchain. By suspending these wallets, developers accidental it would pb to greater clarity regarding the measurement of TON presently circulating, and "that the progressive assemblage participating successful the open-source task volition proceed to turn and thrive."

The TON assemblage has agelong speculated that entree to these inactive wallets whitethorn person been lost. Some accidental that the beingness of unutilized TON lone increases the uncertainty for web participants. TON is utilized arsenic state interest required to get entree to decentralized services connected the TON network. Approximately 3 years prior, Telegram abandoned improvement connected TON aft the U.S. Securities and Exchange Commission accused the steadfast of breaching information laws with regards to a $1.7 cardinal archetypal coin offering successful 2018. The task has since been turned to assemblage developers.