Validators for The Open Network (TON) blockchain are expected to vote on the suspension of 195 inactive wallet addresses come February 21, 2023. The addresses hold a total of just over 1 billion Toncoin (21.3% of the total supply) worth about $2.5 billion.
Voting On Suspension
At least 75% of validators must participate in several rounds of voting for the vote to pass.
The suspension will last four years if the approval goes through. The addresses that fall in the suspension category will not be able to make transactions.
The move will show the “importance of transparency to the TON community,” said a press release by the company. The TON Foundation, contributors behind the blockchain, said that there is a need for holders to engage in order to contribute to the growth of the community.
“Through the potential suspension of these wallets, there is a hope that clarity about the volume of Toncoin currently circulating will be provided and that the active community participating in the open-source project will continue to grow and thrive,”The Open Network
The validators consider inactive addresses those that have never made an outgoing transaction since the TON’s initial distribution period between July 2020 and June 2022.
Addresses not part of the initial distribution will be spared.
In December 2022, the TON community appealed to wallet owners to make a transaction using the coin to avoid being suspended. Current inactive wallets can still make transactions to revert their status back to active.
Ton Coin Distribution
The distribution of TonCoin that began in July 2020 saw 98.55% of the total supply available for mining. The tokens exist in special smart contracts that allow anyone to mine TonCoin.
The distribution allowed the blockchain to benefit from the decentralization of the proof-of-work system while remaining a proof-of-stake blockchain. However, since the end of mining in June 2022, around 1,000,000,000 Ton Coins have remained dormant in user wallets.
A total of 195 wallets have never made an outgoing transaction, each of which has a balance of over 1 TON. The balance of these addresses added up to about 1.08 billion Ton coins as of January 18, 2023. This is 21.3% of the total number of coins. Users can view these wallets on TON blockchain explorers such as TonTech.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.