Toncoin Prepares To Transition To Proof-of-Stake

Toncoin (TON) miners have finally completed their tasks during the past two years. Mining TON is the most important step in the evolution of the network.

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

From now on, the new TON will only go into circulation by PoS mechanism, resulting in about 75% reduction of TON joining the network, or about 200,000–250,000 per day.

Basically, TON was running on PoS technology, but the initial token distribution of the project was enabled by PoW mining starting in 2020, in order to prevent some whales from accumulating significant amounts of TON to govern the platform through PoS.

“In PoW consensus mechanisms, anyone with the appropriate equipment can become a miner, creating an honest and even distribution of tokens amongst participants in a network.”

Because running the two mechanisms at the same time is somewhat contradictory and confusing for investors, the TON Foundation interpreted this combination as the IPoW consensus mechanism and claimed the model created the best approach of both two worlds between PoW and PoS.

The transition marks the continuation of the TON Foundation’s development of the blockchain project, which messaging app Telegram abandoned in 2020 following a lawsuit from the U.S. Securities and Exchange Commission (SEC).

Members of the TON community, however, formed the Ton Foundation and continued to develop the blockchain, rebranding the project Toncoin from the original TON.

While the reincarnated TON is not affiliated with Telegram, it does have the messaging app’s endorsement.

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