TON Blockchain Takes Action Against Tokens Inactive For A While

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TON (The Open Network), a major blockchain network backed by the layer-1 capability has made an alarming announcement for the miners.

TON to Suspend Inactive Miners’ Wallets

The layer-1 blockchain officials had raised concerns from time to time pertaining to the wallets belonging to the miners that were inactive for a while.

It finally decided to take matters to the community members and have the problem resolved for good. For this purpose, TON recently held a community vote which took place on February 22.

The TON community members are validators and users who participate in the blockchain network’s decision-making through Telegram. The community has been formed through the Telegram platform.

The community has voted that the wallets belonging to the miners dormant for several years should be suspended.

The community members voted that the wallets belonging to the miners that remained inactive for four years would be suspended.

The company has defined that particular wallets are the ones that never carried out any kind of outgoing transactions.

With the approval given, TON has reportedly suspended a great number of wallets. As a result of the suspension, billions of dollars have been frozen.

According to a report, TON has suspended a total of 1,081,389,416 Toncoins (TON). The total number of TON that the team has suspended translates to $2.58 billion.

The volume that the platform has frozen for TON is 20% of the total TON tokens that are currently circulated.

Voting Round Details

As per the reports, it was on February 21, 2023, when the validator vote was initiated by the officials at TON.

Initially, it was decided that the validator vote would be set for three rounds. However, the voting session concluded in the second round.

This means that the entire community voted in favor of suspending the wallets and freezing the accounts.

What Triggered the Voting?

As communicated by the teams at TON, they had been noticing that many wallets remained dormant on their protocol for a long time.

Therefore, they wanted to confirm if the owners of the mining wallets were active or not. Therefore, the TON Foundation requested all the miners to undertake a transaction through the respective blockchain and show their activity.

It was back on December 17, 2022, when the network had requested the mining wallet owners to show their transactions.

As per the teams, there were a total of 195 inactive addresses and out of those, only 24 addresses have complied with the request. Since the communication, only 24 addresses have become active.

Therefore, the TON Foundation decided to carry out voting for the remaining 171 addresses. The report confirms that 171 addresses translate to 0.009% of the total wallets on the network.

It is very surprising to see that just 171 wallet addresses are responsible for holding 1,081,389,416 TON. Following the voting session, it has been announced that these wallets will be suspended for a 4-year period.

TON Distribution Began in 2020

It was in July 2020 when the distribution of the TON tokens began. The developers had announced that almost the entire strength of the TON tokens will be distributed among the miners through the mining operations.

The developers stayed true to their claim as they distributed 98.55% of the total TON tokens among the miners. The miners were allowed to mine as many TON tokens as possible and they managed to mine almost all of them.

What is next for TON Tokens?

With so many tokens being held captive under inactive wallets, their suspension is going to work out in favor of the network.

This way, the network will have more clarity as to what the overall circulation and volume are on the TON network. The users will have better clarity about the TON network and how many tokens are in circulation.


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