According to Radiance Team (independent blockchain developers) the future of blockchain is already here, with the launch of a brand new platform and native currency that aims to address some of the biggest challenges in applying digital cryptocurrency to real world scenarios. Prioritizing user-friendliness, TON – the next generation of blockchain – will offer high speed transactions thanks to dynamic sharding.
Transactions using the TON Crystal eradicate many of the problems of using cryptocurrency for everyday payments, such as extended transaction times and hefty fees. Currently, Bitcoin and Ethereum can process around 7 and 15 transactions per second (TPS) respectively, while TON is capable of processing millions of TPS, making it faster than VISA and MasterCard. TON users will be able to make transactions for less than $0.01 in fees, and pay less than $0.05 per coin exchange transaction (swaps).
Initially created by the Durov Brothers – Nickolay and Pavel – back in 2017, the original Telegram Open Network (TON) faced challenges last year when the US Securities and Exchange Commission made it impossible for the brothers to continue the development of the platform; a move that affected more than 400 million users. However, in May 2020, an online community of developers from across the digital currency industry came together to create a new, decentralized version – Free TON – to bring the innovative TON blockchain to life.
Now supported and powered exclusively by Free TON community, all TON Crystal cryptocurrencies on the TON blockchain are owned by the community itself, without an ICO or token pre-sales. TON Crystals are distributed via contests as rewards for the useful actions of community members, and perhaps most importantly, Free TON platform will continue to be supported by fully decentralized autonomous organizations.
Many experts believe that decentralization is key to creating a strong blockchain future, shifting control away from a single decision maker and towards a distributed network; in this case, Free TON community. Decentralization stands to bring numerous advantages to the blockchain, including improved reliability of the entire network and reduced risks of centralized control over the blockchain. For users, it means that cryptocurrency coins can be transferred directly from person to person, without the need for a ‘middleman’. It becomes as easy as sending an email.
Free TON was launched in May 2020, and the community has big plans for ongoing growth and development this year. It has been announced that Decentralized Finances (DeFi) products will be introduced to Free TON during this month. One of the developers, Radiance Team, in collaboration with Extraton Wallet is preparing the Decentralized Exchange (DEX) to beta launch in Quarter 2, 2021.