A detailed explanation of The Open Network: distributed supercomputer

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A detailed explanation of The Open Network: distributed supercomputer

WOO Network

2023-09-21 03:53

本文约1592字，阅读全文需要约6分钟

A decentralized network platform composed of multiple components.

Project Introduction

The Open Network (TON) is a high-performance, decentralized Layer 1 blockchain network platform built for high-speed and secure data processing. By adopting the Proof of Stake (PoS) consensus mechanism, TON has the ability to process millions of transactions per second to meet the high throughput requirements of large-scale applications. This feature makes it a multi-purpose super node capable of supporting a variety of services and applications.

TON not only has a powerful blockchain infrastructure, but also provides a series of additional features that enhance the user experience. For example, the TON blockchain acts as the hub of the entire ecosystem, coordinating the interactions of various network components. In addition, TON provides user-friendly network addressing solutions such as TON DNS, and TON Storage for distributed file storage.

TON is carefully designed in terms of security and scalability. The platform focuses on cross-chain interoperability to enable efficient integration with other blockchain networks. Its architecture provides a solid foundation for future large-scale expansion, with the goal of serving hundreds of millions of users.

Features:

• Highly scalable: Using a tightly coupled multi-chain architecture and native support for sharding, it can handle millions of transactions per second.

• Performance optimization: Introducing a two-dimensional blockchain mechanism and instant hypercube routing to accelerate inter-shard communication.

• Comprehensive network support: As the backbone of blockchain infrastructure, the TON network meets the needs of a variety of applications and services.

• Diversified services:

o TON DNS: Simplifies network addressing.

o TON Storage: distributed file storage.

o TON Proxy: Anonymous network access.

o TON Payments: Instant off-chain payment platform.

• Optimize user experience: Provide a dedicated light wallet and TON Browser, support cryptocurrency payments and interact with smart contracts, and can be integrated into Telegram Messenger.

Token economy

As the main cryptocurrency of the TON blockchain ecosystem, Toncoin has multiple uses, including serving as the pledge currency required to become a validator. Additionally, Toncoin can be used for transaction fees, gas, and more.

Token name: TON (Toncoin)

• Maximum supply: ∞;

• Total supply: 5, 093, 359, 175 (0.6% annual inflation);

• Current circulating supply: 3, 440, 308, 383;

• Current pledge amount: 2, 740, 883, 315 (time: September 06);

• Current Liquidity Market Cap: $6, 026, 107, 840;

• Current Price: $1.76 (Time: 09-06).

Token function

• Used to pay smart contract transaction processing fees.

• Used to pay for services provided by applications built on the platform.

• Contribute to network security through staking.

• Cross-chain transaction fees.

• Used for TON on-chain governance.

• Pay for blockchain domain names.

TON development history

• 2018: Pavel and Nikolai Durov found that existing Layer 1 blockchains could not meet Telegram’s large-scale user needs and created Telegram Open Network (TON). Successfully raised $1.7 billion through a private sale.

• 2019: Telegram focuses on the development and testing of TON, releasing a series of documents on TON design and launching two testnets. The official launch of TON has been delayed due to a lawsuit from the U.S. SEC.

• 2020: Telegram decided to terminate the TON project due to a legal dispute with the US SEC and paid a settlement of US$18.5 million. A team of open source developers called NewTON took over the project.

• 2020-2021: The NewTON team conducted an in-depth study of TON’s code and architecture and continued development based on TON’s original design.

• May 2021: After long-term stable operation, Testnet 2 was renamed Mainnet. At the same time, the NewTON team changed its name to the TON Foundation, a non-profit organization focused on network development.

• 2022: TON launches multiple new features and services, including TON Nominator Pools, TON DeFi, TON DNS, and more.

• Q1 2023: TON releases vesting tools designed for startups and creates TON Awards to recognize open source contributions. Cybersecurity and tokenomics have also been further optimized.

• Q2 2023: TON has implemented several key updates, including simplifying staking smart contracts and introducing a universal DAO smart contract. At the same time, cross-language updates to the development library and multiple improvements to the user experience have been made.

Background of the project

The founder of TON is Russian entrepreneur Pavel Durov (founder of Telegram Messenger). Durov began the development of the TON project in 2017 and invested considerable time and resources in the following years to advance the project. In 2020, Telegram withdrew from the TON project due to regulatory issues, and then in 2021, open source software developers formed TON Labs to continue developing the TON network.

project financing

Telegram announced the development of the blockchain platform Telegram Open Network (TON) and its cryptocurrency Gram in 2018. It raised $1.7 billion from about 200 investors during two closed funding rounds in February and March, with each round raising $850 million.

In May 2020, Telegram withdrew from the project due to litigation with the U.S. Securities and Exchange Commission (SEC). The SEC considers Toncoin to be a security, not a currency, and Telegram founder Pavel Durov has also promised to repay the remaining funds of more than $1.2 billion.

In April 2022, the TON Foundation announced the establishment of a US$250 million ecosystem fund TONcoin Fund, with participation from Huobi Incubator, Kucoin Ventures and other institutions. Since then, the TON Foundation has launched an ecological fund worth US$1 billion to promote the development of the TON ecosystem and contribute to the development of the TON ecosystem. Most of the funds donated are TON whales.

In July 2022, the TON Foundation established a new $90 million ecological fund TON Alpha-Vista. The investors of this fund include VistaLabs, Alphanonce, Miners Fund and Kilo Fund.