This Altcoin Votes To Take Coins From The Whales: Total Supply May Drop 20 Percent!

Toncoin (TON) altcoin A network-wide vote will be held on the blockchain next month, and validators will decide whether to suspend the wallets of inactive miners.

Cryptocurrency wallets will be considered inactive if they have been involved in Toncoin mining, the token distribution phase ending in June 2022, and have never logged out afterward.

This vote, scheduled to begin on February 21st, will take place following a call issued by the TON Foundation in December demanding that miners demonstrate their activity by performing a transaction on the TON blockchain. Wallets that have been inactive since this call to action are the target of this vote.

Wallets Containing 1.08 Billion TON Altcoins That Never Moved Can Be Suspended

According to the press release, there are currently 195 inactive addresses on the TON network. They each have at least one TON balance, with a total of 1.08 billion TON, making up 21.3% of the total supply.

Inactive mining wallets will not be subject to voting if activated any time before the end of the voting period. Wallets that do not receive Toncoins directly from mining or have ever had an outgoing transaction in the past will not be affected.

The distribution of Toncoin began in July 2020, when 98.55% of the total supply became available for mining. These tokens are embedded in special ‘Giver’ smart contracts that allow anyone to participate in Toncoin mining. This deployment approach, called Initial Proof of Work (IPoW), allowed TON to take advantage of the decentralization offered by Proof of Work while remaining a Proof of Stake blockchain.

The last Toncoin was mined from these ‘Giver’ smart contracts in June 2022, but around 1 billion Toncoins mined during the distribution period have been dormant in their respective wallets since then.

*Not investment advice.

For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!

source site-4