TON Blockchain Aims To Bring True Financial Freedom To The World In 2022
January 17 2022 - 12:09PM
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The TON blockchain created by Telegram co-founder and CEO Pavel
Durov is promising big things will happen this year, setting itself
a goal that no other blockchain has yet been able to achieve – it’s
aiming for nothing less than mass adoption. TON was created by
Durov and his brother Nikolai back in 2017. It’s one of the most
ambitious blockchain projects of all and all the more so when we
consider its tumultuous past. Designed to be vastly superior to
Bitcoin and Ethereum in terms of speed and scalability, TON got off
to a good start, raising almost $1.7 billion from investors through
an initial coin offering. However, things quickly unraveled for
Telegram when the U.S. Securities and Exchange Commission stepped
in to halt the sale in October 2019, claiming that TON’s GRAM
tokens were unregistered securities. That move ultimately led
Telegram to drop the TON project, handing over the work it had done
to the open-source community, which has since rebranded GRAM as
Toncoin. With Telegram washing its hands off of the TON project,
very little was heard about it during the intervening months. It
had, in effect, become one of a growing number of forgotten
blockchains that promised so much only to fade away into obscurity.
That all changed last month though, when Durov suddenly announced
on Telegram the TON project is not only still “alive” but moreover,
“evolving” fast. TON quickly followed up, announcing a partnership
with Donate, enabling users to send donations and pay for
subscriptions in Toncoin. Then came this week’s promise from TON:
“After four years of blood, sweat, tears, and active development
from some of the most brilliant engineering talent on the globe,
we’re finally at the cusp of something great,” the TON community
announced. “Something that has eluded all others, even as they
reach untold heights, successes, and trillion-dollar valuations.
Mass adoption.” It’s a bold promise but it’s one TON has the means
to live up to, as 2022 looks to be a breakout year for the project
that aims to unite all other blockchains into a single,
decentralized network with blazing fast transaction speeds and low
costs. TON is building nothing less than the foundation of web3,
with components including decentralized storage, an anonymous
network, DNS, instant payments and support for various
decentralized services. Much of that groundwork has already been
done, with TON launching The Open Network, a stable and extremely
scalable multi-blockchain that can handle millions of transactions
per second early last year. TON has also completed work on its
all-important TON-ETH bridge, making it possible for Toncoins to be
transferred back and forth between it and the Ethereum blockchain
with ease. As evidenced by the partnership with Donate, TON
payments were also finally enabled in Q4 of last year, completing
another key milestone. The roadmap for 2022 doesn’t let up, and by
the time the year is out TON will have everything it needs to
support web3. Q1 will be especially frantic, with TON set to
launch its DNS service that assigns human-readable names to
accounts, smart contracts, services and network nodes on its
blockchain, making it as easy to browse as the world wide web.
Other milestones include the launch of the TON Proxy, TON DeFi and
the TON Developers Program. With those developments out the way,
TON’s final tasks will be to complete its distributed file-storage
system Ton Storage, and launch its much-vaunted TON Workchains that
promise to bridge all existing blockchains into one giant, unified
decentralized network. Getting everything in place is one thing –
achieving its goal of mass adoption will be quite another. But TON
has all the necessary ingredients in place to make it happen, with
true decentralization, fast but low-cost transactions and an
intuitive user interface the perfect recipe for anyone to buy, sell
and transfer assets quickly and conveniently. Through in the DeFi
apps on top and financial freedom becomes a reality at last. Now,
it’s no longer a question of whether or not TON can live up to its
promise. The question now is whether or not the world is truly
ready for a fair and unprejudiced financial system that’s free from
censorship and accessible to all? Time will tell, but if the answer
is affirmative, 2022 is going to be one hell of a year for TON.
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