5B toncoins mined PoS TON blockchain

5B toncoins mined PoS TON blockchain: The TON Foundation, an organization that develops the TON blockchain, a telegram-launched blockchain project, was officially launched on Tuesday. Announced Tons of miners cut the final tonnage.

“Tens of thousands of miners have cut the entire issue of tancoins, which is about 5 billion tokens,” Anatoly Makhosov, a founding member and leading developer of the Ton Foundation, told Cointelegraph in a statement. The last duncoin Sliced On June 28, he mentioned.

The end of the Duncoin mine marks a major milestone in the distribution of TON, ushering in a whole new era of PoS blockchain. From now on, the new Tongoins will be in circulation only through PoS verification, according to the TON Foundation. This will reduce the total arrival of new tangoins in the network by up to 75% to a limit of 200,000 tokens per day.

Ton price immediately responded to the news, Arises 34% in the last 24 hours. The token is trading at $ 1.41, according to data from CoinGecko.

Seven day price chart per ton. Source: CoinGecko

By definition, a stock certificate or PoS is a Consensus algorithm that works Depending on the role of a validator in the network. The POS algorithm, the original consensus algorithm for major cryptocurrencies such as Bitcoin (Bitcoin), is certified against work or PoW.BTC) And ether (ETH), Which is based on modules verified by computer power provided by the miners.

According to TON’s white paper, its blockchain uses A PoS approach to creating new modules. However, its unique infrastructure somehow allowed miners to generate tancoins using the PoW consensus, Makhosov said:

“Tons of blockchain has always been a source of stock; the novelty is that even PoS blockchain can write a smart deal that can be cut according to PoW policies.

“If you put the whole currency issue of Blockchain in such a smart deal, you will get a PoS blockchain, but with the distribution of coins in the form of mines. As far as we know, no one has done this before,” the developer added.

According to Makosov, the current TON network was launched on November 15, 2019, while the currency issue was put into smart contracts that could be cut on July 7, 2020. Tokens Will be placed Special “giver” smart contracts, allowing anyone to participate in mining. “Users cut about 200,000 tons every day,” says an official post dedicated to TON’s mining history.

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