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TON validators are going to freeze inactive tokens worth $2.5 billion.

ASTL Token Project > Blog > TON validators are going to freeze inactive tokens worth $2.5 billion.

Validators for The Open Network (TON) are considering suspending 195 inactive addresses on the Proof-of-Stake blockchain, with voting scheduled to begin on February 21st. In total, these addresses currently hold just over 1 billion tonne, or 21.3% of the total supply of around $2.5 billion in today’s valuation. At least 75% of the validators must take part in several rounds for the vote to take place. If approved, the proposed suspension will last four years, with affected addresses unable to make any transactions during the freeze period. The “suspended list” will be visible on the public blockchain.

Wallet addresses are considered inactive if they participated in the initial token distribution phase between July 2020 and June 2022, but never made outbound transactions. In December, the TON community asked affected wallet owners to demonstrate their ongoing activity by making a transaction in TON. The rest of the inactive wallets can avoid potential suspension by making a transaction at any time before the end of voting. It is important to note that addresses that are not part of the original allocation will not be affected.

The distribution of Toncoin (TON) made 98.55% of its total supply available to the “initial proof of work” mechanism. Unlike the centralized distribution strategies often adopted by crypto project development teams, the TON mining strategy was designed to decentralize the distribution process while remaining a proof-of-stake (PoS) blockchain. The move was “a testament to the importance of transparency to the TON community,” the TON Foundation, a non-profit group of blockchain advocates and contributors, said in a statement.
“Through the potential suspension of these wallets, it is hoped that there will be clarity on the amount of tokens currently circulating and that the active community involved in the open source project will continue to grow and prosper,” the TON development team said in a statement.

The Open Network was originally developed in 2018 by the founders of Telegram Messenger and then handed over to the TON community to continue its development. Earlier this month, TON launched a decentralized file sharing and storage solution called TON Storage, building on similar projects such as Filecoin and Storj.

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