Regulators put an abrupt end to the Telegram ICO, but the project’s open source code lives on – Free TON is taking advantage of that.
The decentralized proof-of-stake network Free TON aspires to be a community-driven smart contract platform. The project is based on the open source code of Telegram’s blockchain project. Unlike TON (Telegram Open Network) (which failed due to regulation), Free TON never had an ICO and will not have a token sale. The developer community behind Free TON has also fundamentally changed other features of the Telegram project.
Free TON implements a distribution model that aims to revolutionize tokenomics. By doing so, the project aims to outperform popular proof-of-stake networks, such as Kosmos, Polkadot, and now Ethereum.
In the past, Telegram’s old token model had many issues with regulators. For instance, the project clashed with the Exchange Commission (SEC) after its ICO. The agency demanded Telegram to provide immediate account access. As a result, Telegram agreed and handed over all the necessary documents to the SEC a few months later. Despite the recurring problems with regulators, the TON developer community initially remained optimistic and announced back in April that no one could prevent the launch of an open source project.
What is the difference between the Telegram Token and Free Ton?
There are some differences between the old TON and the new Free TON token. Telegram as a messaging platform and as a company has publicly distanced itself from the project. Free TON now aims to put the community at the center of the new decentralized ecosystem, using Telegram’s open source code.
In addition, the decentralization of the network and governance by the community are to form the core of the project. The distribution of tokens will not be decided by Telegram, but the TON community will determine how the distribution should take place. Currently, you receive tokens if you actively participate in the development of the TON ecosystem. The TON validators will decide how the tokens will be handled in the future. On December 22, the Free TON mainnet is scheduled to launch and in total it is expected that there will be close to 400 Free TON validators at the beginning.
Bitcoin.com CEO believes in the future of Free TON
Danish Chaudhry, CEO of Bitcoin.com, shared his opinion about Free TON recently:
All smart contract platforms have the goal of developing the fastest and most powerful blockchain. Free TON comes pretty close to that goal and takes the Bitcoin Investor community another step forward.
Moreover, he was pleased that the project based on Telegram’s open-source code chose Bitcoin.com. The TON community responded that they are pleased that the exchange believes in the values of Free TON.