The Open Network validators are considering suspending 191 inoperative addresses. The total stake of toncoin (TON) held by these addresses is a little over 1 billion. It equals 21.3% of the current toncoin supply, valued at almost $2.5 billion.

This voting is scheduled for Feb. 21. The procedure is a response to a suggestion made by the TON Foundation last December for miners to demonstrate their activeness by carrying out a transaction on TON’s blockchain.

The wallets up for a vote for suspension are the ones that have remained inactive since this prompt. Making any transaction before the voting exercise ceases will prevent the possibility of suspension for the other inactive wallets. It’s crucial to remember that addresses that weren’t included in the first distribution won’t be impacted.

For the final decision to be approved, at least 75% of the validators must participate in various voting rounds. If accepted, the suggested suspension would run for four years, during which no transactions would be authorized at the impacted addresses. The blockchain network would publish the “suspended list” for everyone.

As of the time of writing, there are 191 idle mining addresses with a total balance of more than 1 Toncoin, which have never processed an outward transaction. These addresses have a combined balance of almost 1.08 billion TON, or 21.3% of all the coins. These inactive addresses can all be accessed by all members of the public.

This action is intended to be a “showcase to the value of openness to the TON community,” according to a statement from the non-profit TON Foundation, a collection of supporters and contributors behind the blockchain.

Additionally, some validators and users are optimistic that freezing these wallets will enhance transparency regarding the amount of TON in circulation. The activity is also expected to improve vibrant community engagement in the transparent project.


Follow Us on Google News

Julius Mutunkei

Source link

You May Also Like

Bitcoin Miners Now Face Darkest Situation Since 2015 – Here’s Why

Bitcoin, considered the largest cryptocurrency in terms of market capitalization, will be…

Aptos (APT) Jumps 130% In 7 Days, What’s Driving The Price? | Bitcoinist.com

The price of Aptos (APT) has been on the rise over the…

Uniswap holders ditch Ethereum for BNB Chain to deploy v3 protocol

Holders of Uniswap’s UNI (UNI) governance token have decided to deploy the…

Shiba Inu Welcomes More Than 100,000 Holders This Year

Shiba Inu once carried so much promise that the crypto space actually…

Bitcoin Price to Consolidate or Retrace Even Further in 2023: Analysis

The price of bitcoin took a massive hit in 2022, dropping by…

How to Guide: Debunking ESG

This article is featured in Bitcoin Magazine’s “The Orange Party Issue”. Click…