Tons improved Catchain 2.0 consensus, block times reduced to 400ms
The Open Network (TON), an independent layer-1 blockchain with integration with the Telegram messaging application, has released its blockchain 2.0 consensus update, reducing block times to 400 milliseconds.
Payment transactions will now be completed in 1 second, trades will remain in “real-time”, and decentralized applications will now run at speeds comparable to traditional applications, Ton announced on Thursday.
As the number of blocks added to the chain increases, faster block times result in more verifiable rewards. Tonnes' annual inflation rate is projected to rise sixfold, to 3.6% from 0.6% after the update, Tonnes said. Inflation represents the creation and burning of toncoins in the ecosystem.
According to Ton's announcement, “More blocks mean more verifiable rewards and stronger incentives, bringing more tons to the network.”
The update builds on the Toon blockchain consensus algorithm first introduced in 2020, and brings a faster solution to a unified blockchain network in an app with more than 1 billion users.
Ton traded up 2.3% to $1.28 last Thursday, data from CoinMarketCap showed. The volume was $130.1 million, up more than 35 percent. The market cap of the token was $3.17 billion.
Related: Dynamic Adds Embedded Wallet Infrastructure to TON for Telegram Apps
Telegram provides a lifeline for users to communicate and send crypto worldwide
Pavel Durov, the founder of Telegram, said that despite the government bans in Iran and Russia, a large number of people in both countries still use the application.
Telegram's restrictions have been lifted, allowing users to bypass national firewalls and government-imposed online restrictions by hiding IP addresses using virtual private networks (VPNs), allowing users to bypass restricted content online.
“The government was hoping for mass adoption of its surveillance messaging apps, but instead it has adopted many VPNs,” Durov said.
The integration with TON allows Telegram users to send crypto payments directly to other users of the messaging app, including businesses.
In February, Telegram's in-app crypto wallet introduced self-storage wallets that allow users to access products in Bitcoin (BTC), Tether USDt stablecoin (USDT) and Ether (ETH).
Earlier this month, the wallet launched continuous futures trading for users directly within the Telegram app.
The integration was launched with the Eternity decentralized exchange Lighter, and Eternity supports futures trading across multiple asset classes, crypto, equities, commodities, precious metals and energy.
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