Cryptocurrency created by Telegram wants to block 1 billion addresses


Telegram on mobile and cryptocurrencies
Telegram on mobile phone.

A controversial proposal presented in the cryptocurrency community Ton coin (TON), created by Telegram, was presented last Monday (23) with the intention of blocking inactive addresses. If approved, the proposal could remove many coins from the ecosystem forever.

Apparently, the current network validators want to end with cryptocurrencies being mined at some addresses.

After taking their profits from the activity, they left the amounts at their address. So they no longer conduct operations in the cryptocurrency market with Toncoin.

Telegram cryptocurrency validators want to vote on address blocking in February 2023, you see

According to a press release from the TON community, until the month of June 2022, miners helped create coins on the network, collecting rewards in their addresses.

However, in December 2022, the Ton Foundation instructed everyone to make at least one outgoing transaction from their address, in order to move the network. Anyone who has not responded to the call risks losing everything.

That’s because on February 21, 2023, current network validators will vote to suspend addresses for four years. If the measure is approved, whoever mined TON will not be able to move the amount through the network until 2027.

According to estimates shared by the foundation that manages the cryptocurrency created by Telegram, the blocked addresses have 1.08 Toncoins. This amount represents 21.3% of the total cryptocurrencies issued by the network since 2020.

A total of 195 cryptocurrency miner addresses are at risk of losing their assets unless they make at least one trade on voting day.

If 75% of validators approve the measure, the list of blocked addresses on the blockchain will be presented to the public in several separate votes. For the Ton foundation, the drastic measure is fundamental for the future of the ecosystem.

“The move to suspending inactive addresses is a testament to the importance of transparency to the TON community. With the potential suspension of these wallets, it is hoped that clarity will emerge on the volume of Toncoin currently in circulation and that the active community participating in the open source project will continue to grow and thrive.

Is it common practice to lock inactive address values? Satoshi Nakamoto, the creator of bitcoin, still keeps his coins

What draws attention to the matter is that many people who help cryptocurrency projects in the early stages get their compensation and may agree to save amounts for the future.

Bitcoin’s creator himself, Satoshi Nakamoto, if he still holds the private key to his addresses, could move values ​​around again. This is even a fear for investors, as many fear that Satoshi will one day return to sell his mountain of coins.

But even the fear of Nakamoto’s possible return never got the community to think about blocking their coins.

So, everything indicates that it is not common practice to block cryptocurrency addresses due to inactivity, and Telegram’s cryptocurrency community may cause an unusual movement in the market.

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Source: Live Coins


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