Free TON Starts It Collaboration with TelegramEndy Callahan
The creators of TON are strong PoS-validators, whose community has eventually launched Free TON. This is a reliable brand and it boasts a native token known as TON Crystal.
Nikolai Durov, in collaboration with the messenger team, developed the protocol. Unfortunately, they didn’t manage to turn the project into a successful result due to legal issues and problems with the U.S. government.
The launch included exchange Kuna. They invited P2P.org and accepted TON Labs. Kaplan as well as Bitscale Capital and Chorus participated in the process. More than one hundred and seventy companies signed the document. Bear in mind that the launch will be transmitted live on ForkLog.
Experts claim that the regulations will make the project go through several stages of launch. This will guarantee a smooth and efficient implementation of the protocol. All participants agreed on decentralization on all management levels. They took care of the validation and user interface. U.S. residents cannot sign the credential.
The rules mention and describe the basic terms of decentralization. Coins generated by the genesis block will be given to several Givers who are unlikely to participate in voting and staking. They are responsible for automatic distribution. In turn, Referral Givers will have 85% of coins. Finally, Validator Givers will get 5% of coins. Also, 10% of coins will go to Developer Giver, who will also provide financial support. TON Labs, the developer of TON OS, will gain 5%.
Soft Majority Voting (SMV) is a voting mechanism, which will help decide on coin distribution. For instance, if there’re ten pros and zero cons, the SVM accepts the decision. If all participants vote, then the system will apply the traditional 50% +1 approach.
The Stages Mentioned in the Declaration
The very first stage enables the developers to customize and adjust the configuration parameters of the network.
The 2nd stage will activate upon the starting point of decentralization.
The 3rd stage will accept a lot of validators. More than that, there’ll be decentralized pools while TON will have achieved decentralization.
We should also mention that ForkLog was the first to inform about the key PoS-validators’ intention to give the project a start unless Pavel Durov does so. Three days before the date, the site announced that the party signed the contract.
The second deadline was scheduled for a later date in April. Right before the event, Durov informed about problems and he had to postpone the launch. The reason was related to the issues with the U.S. Security and Exchange Commission.
He addressed them with a deal and said he was ready to give 72% of the invested assets or sign a new agreement. The document allowed the project to launch the network. The current date of the event is May of 2021.
Next, the investors received another few notices, which changed the terms of the deal. The conditions did not allow U.S. investors to take part in the project – they could, though, have the promised 72%. The rest had to admit that they would not receive anything in Gram or any other cryptocurrency.
Later on, the representatives added that the team offered the investors to use their investments in TON as a credit with a 52,77% interest rate. The very first news about the project appeared almost three years ago. However, Telegram mentioned its participation in the project in the autumn of 2018.
Half a year later the developers raised 1,7 billion USD from major investors located in the USA as well as outside the country. The list of investors includes Roman Abramovich. Another famous personality from the list is Mikhail Abyzov. The team scheduled the launch and it had to occur last October. Nevertheless, the SEC banned token trading. Then Durov signed the first contract with the investors and set a new deadline.
The SEC representatives believe that selling SAFT contracts, token distribution, and further trading on Gram could be an investment contract violating the federal legislation of securities.
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