For those who are not familiar with TON
The Open Network is a decentralized crypto network that runs on the blockchain. It has a built-in proxy and anonymizer. The development is based on an overlay P2P network. The network includes the exchange of messages, transactions with the GRAM cryptocurrency, and data storage. There is also a system that provides distributed applications.
The project was founded by the Durov brothers. However, later they gave it to the community. They were able to attract billions of dollars in investments. We also wanted to transfer our own Telegram to TON.
Note that the TON Foundation development team has been supporting and developing the network since 2021.
Interestingly, there are two consensus algorithms working here. The first one is the traditional Proof—of-Stake, where users can get coins using staking. However, Proof-of-Work Griver also works here. It is located in smart contracts, in which 5 billion are placed. TON tokens. Therefore, coins can be mined using special software. At the same time, there are no pools here and you have to mine coins alone.
Venture Fund from TON Fundation
In May, it became known that the TON Foundation project had opened a venture fund. Its amount amounted to $250 million. The accelerator program for startups was also developed. This year, the project is going to allocate up to $25 million. They will be aimed at the development of crypto projects that can have a strong impact on the TON network itself.
At the same time, startup accelerators will be allocated amounts from $50,000 to $250,000. Partners include such companies as Web3Port, Tonstarter and others.
To participate, you need to fill out an application. At the same time, projects should be at least at the MVP stage. Proof of concept work and deep implementation into the TON blockchain are also needed.
Encrypting transaction messages
Today it became known that the development team has integrated message encryption. Due to this, users can not worry about their security when enabling a text message during a transaction.
Special encryption is used for this. Therefore, only the sender and recipient will be able to see the message. At the same time, the encryption fee will not exceed 0.006 TON per operation.
The core developer of the project, A.Makosov, said that if the apocalypse happens and the usual messenger servers break down, users will be able to conduct operations using the decentralized TON blockchain.
The press release also notes that users have always been able to transmit messages in the blockchain. However, now they can also be encrypted. The developers emphasized that TON has become one of the few blockchains that allow using this popular feature. End-to-end encryption protects the text from public viewing, which was available before.
The L1 architecture is designed to scale up to a maximum of two chains to the 32nd degree. At the same time, each is able to split not 2 other chains with the 60th degree. The developers note that this is a fairly high speed, which allows processing millions of operations literally in a second.