“Faster, more powerful, better” Free Ton wants to continue the evolution after Bitcoin and Ethereum with a new white paper.
The developers of Free Ton (The Open Network) are back. What they are announcing is the publication of their whitepaper with the vision of an open and free Internet: “WebFree”. The basic idea of the developers is to create a blockchain-based system in which governance errors do not lead to fatal consequences. The trick of the developer: Simply give nobody the decision-making authority – but everyone at the same time. A revolution in the crypto space?
Free internet?
In the white paper published on September 16, Mitja Goroshevsky, today’s Chief Technology Officer at TON Labs, explains the idea behind Free Ton. Basically, the platform would consist of an end-to-end architecture. This works by means of special consensus innovations more quickly than all previous blockchains. As a dedicated public blockchain for companies, Free Ton has multi-threading and sharding. According to Goroshevsky, these innovations enable the processing of more than ten million smart contracts per second. In addition, it is said that 45,000 transactions per second can be carried out on the open Internet. For comparison: Bitcoin manages seven transactions, Etherum 15.
Anyone can become a member of the community. And everyone: r can receive the platform’s tokens free of charge – the so-called TON Crystals or TONS for short. According to the CTO, these are distributed according to a “meritocratic token distribution” (MTD). This means that tokens are awarded as a reward for projects that are won by the other members: in a competition rated will. According to a press release, the developers also implemented special mechanisms that allow fair and anonymous voting. Overall, the community now consists of “over 3,000 developers, tens of thousands of members and dozens of partners” who are involved in the Free Tons ecosystem. However, they are all completely anonymous, not even the core team of developers: they know the individuals.
And where does the decentralization come from?
The allegation that seems to resonate indirectly in the whitepaper is that no one should have the ability to determine a system as well as alone because of their size or power. Therefore, even the core team at Ton Labs would only hold five percent of all tokens (similar to Satoshi Nakamoto and Bitcoin). And therefore should the members anonymously determine the products and ideas to be developed on the blockchain in competitions by means of majority decisions regardless of the number of tokens. In this way, a consensus can be found decentrally, discreetly and spontaneously, without the members having to trust each other.