February 7, 2023

Miners of Toncoin (TON) have been carrying out their “mission” for the past two years. Mining TON is the most important step in the network’s evolution.

According to the Toncoin (TON) development organization’s official announcement on February 28, TON has finally been mined, signaling Toncoin’s transition from the Proof-of-Work consensus mechanism (PoW) to Proof-of-Stake (PoS).

From now on, new TONs will only be issued through the PoS mechanism, resulting in a 75 percent reduction in the number of TONs joining the network, or approximately 200,000-250,000 per day. TON was essentially governed by PoS technology, but the project’s initial token distribution was enabled by PoW mining beginning in 2020, in order to prevent some whales from amassing significant amounts of TON.

Toncoin has undergone a positive transformation, with the last TON mined using PoW, indicating the TON Foundation’s continued growth commitment to the blockchain project that Telegram abandoned in 2020 following a lawsuit (SEC). The Ton Foundation was established with the goal of revitalizing Toncoin; while the new TON has no affiliation with Telegram, the project is supported by this messaging platform.

The Ton Foundation successfully supported Telegram users in transferring TON through the app in April 2022. Not only that, but the organization made an effort to raise $1 billion USD in order to have a strong financial motivation to rebuild Toncoin.

Summited by HotQA