Free Ton : Decentralization at its best

[Roseline 8]

 

According to some experts Decentralization is the key to creating a strong blockchain future, transferring control from a single authority to a distributed network. This will not only reduce the risks involved in a centralized environment but also improve the reliability of the entire network. For users, it means easy transfer of cryptocurrency directly from one individual to another without any intermediary. It will be as easy as sending an SMS message.

Taking into account all these points, TON – the next generation of blockchain will offer speedy transactions thanks to dynamic sharing. This brand new platform will address some of the defects and problems facing digital currency and make it as user friendly as possible.

Transactions using the TON prevent many of the problems of using cryptocurrency for everyday transactions. These included faster processing time and less fees. At present, Bitcoin can process 7 transactions per second and Ethereum about 15 transactions per second. But TON is capable of processing millions of transactions per second, even faster than MasterCard and Visa. The fees for these transactions are less than $0.01.

TON was created by the Durov brothers – Nickolay and Pavel . But the US Securities and Exchange Commission made it impossible for the brothers to continue the development of the platform. This affected  more than 400 million users.

But fortunately in May 2020, an online community of developers from across the digital currency industry came together  with the support of crypto-enthusiasts  and other well-known stake providers to create a new, decentralized version known as “Free TON”. This gave a new lease of life to the TON blockchain and relief to millions of users.

One of the developers is the Radiance Team. They in collaboration with Extraton Wallet is preparing the Decentralized Exchange (DEX) to beta launch in mid 2021.

All TON cryptocurrencies on the TON blockchain are owned by the community itself, without any token pre-sales or ICO. TON crystals are distributed via contests or competitions as rewards for the useful actions of the community members. The free TON platform is supported by  fully decentralized independent and autonomous organizations.

 

Working of Free TON

 

 

The project has no CEO, Advertising or Publicity department. It does not have any marketing executives or consultants. The community decides how the network will evolve and grow. All proposals are published on the project forum where any member of the community can freely leave any comments, suggestions or offer criticisms.

At the end of the discussion, after taking into account all comments and suggestions, the proposal goes to a vote on the blockchain. If more than 50% of the votes are in support of the proposal, the idea is approved and moves on to the next stage of implementation.

Since there is no token pre-sale, the supply (5 billion TON Crystal) is distributed through 3 channels. 10%  is allocated to developers to encourage and incentivize development,   5% have been reserved for validators supporting blockchain performance, and a huge 85% of tokens are allocated to community members for their efforts in fostering mass adoption.

The allocation of these tokens is judged through competitions and collaborations proposed by the community members themselves. There are no limitations. Anyone can propose anything. As long as the ideas proposed are relevant to the information requested and are based on common sense and logic, they will be passed on for a vote.

Over the past few months, the Free TON technology has been developing rapidly and the size of the community and its level of involvement have also grown rapidly. The total workload of the initial members has also increased.

This has led the community to improve the existing organizational model and introduce sub-governances that could help distribute the workload and make the whole process more efficient.