Free TON — the Fastest Blockchain in the World
In 2018, Pavel Durov tried to launch the Telegram Open Network, a blockchain project based on the reknown Telegram messenger. However, expectations were not destined to come true: due to SEC sanctions in the United States, Pavel stopped working on the project and provided it to independent developers, who decided to complete what they had begun on their own. This is how the Free TON community was formed.
As a result, in 2020, the project was finally launched and is now functioning properly. Free TON has become an innovative project with built-in scalability, enhanced security and superior performance. The TON blockchain has a throughput of about a million transactions per second, making it the fastest financial platform in the world.
The goal of the developers is to create a decentralized blockchain platform with an extensive system of smart contracts, which is designed to connect a large number of DeFi applications. Thus, the developers hope to become a global platform in the future, on the basis of which any services, from government agencies to private companies, can function quickly and easily.
How does the TON blockchain work?
The Free TON blockchain is called multi-blockchain. This means that it consists of several blockchains that form different levels of its operation. It is a multi-level ecosystem that allows to distribute the load over the network and make it as fast and resilient as possible.
Free TON also uses the Proof-of-Stake consensus algorithm. There are several hundred validation nodes in the network, which are responsible for confirming transactions and generating new blocks.
Decentralization of the network
The main document of the Free TON community is not the usual Whitepaper, but the Declaration of Decentralization (DOD), which says the following: “Under the terms of this Declaration all parties agree, declare, and commit to undertake every effort possible to achieve decentralization of Free TON from day one of its main network launch as described below.
The decentralization of a proof-of-stake blockchain network is achieved on many levels: protocol governance, software development, validation stakes, user interface and so on. This is how fault tolerance, collusion deterrence and censorship resistance are achieved.”
Thus, the developers initially wanted to make Free TON an absolutely decentralized blockchain. This goal is facilitated by a two-tier control system. The first level the network developers themselves called Governance. Their main activity is to support and develop blockchain software. The second level is Sub-governance — a multitude of groups of interested individuals who occupy various directions in the development of Free TON in all countries all over the world.
Another tool for decentralization is the TON Crystal token distribution system: 10% is given to developers, 5% to validators, and the main part of the remaining 85% should be distributed among those companies and users who benefit the projects and are engaged in its development. Previously, it was possible to get tokens only by becoming a Free TON partner or by taking part in regular project’s contests, and only recently it became possible to do this on some exchange platforms, for example, in Chatex (ссылка).
Chatex and Free TON
Chatex became the first partner of Free TON and an official service where anyone can purchase TON Crystal. The aspirations of both projects coincide, as well as their goals. The main goal of the projects is “to create a transparent and equitable financial system available to everyone”, – stated Michael Ross-Johnson, Chatex’s CEO. Under the terms of the partnership, Free TON has allocated 450,000 tokens to Chatex, which will be used in various loyalty programs and advertising campaigns in India, Indonesia, Brazil, Argentina and Venezuela.