If you’ve missed our AMA with the developers of Free TON, here is an overview of all the important things we covered yesterday.
Just as a quick reminder, Free TON is a blockchain ecosystem built on top of the TON OS provided by telegram and advocating decentralization. As such, more than 14,000 organizations and companies have already signed their declaration of decentralization, and that number is increasing each day. You can also join their pledge here.
Yesterday, we invited Alexander Filatov to our telegram channel to answer any questions the community might have.
Here are the most important questions we covered:
Question: FreeTON network was launched without an ICO. Why did you guys think it was a good idea?
Answer by Alexander: “At a strategic level it is a positioning questioning. When you do token sales you get a bit of a speculative feel into the whole story. When you don’t and you only give away tokens for contribution to the network you get more passionate long term builders and believers into the network. 100% of network tokens would be distributed through contests and partnership for contribution to the network. It is also a more engaging and scalable philosophy and also does not bring a risk of regulators acknowledging it as a security, which is a big threat when you do token sales of any kind. Additionally, Free TON was launched in a decentralized manner by 23 initial members, including some top validators from the PoS space.“
Question: How did the project come about and what does it have to do with the Telegram ICO?
Answer by Alexander: ” It has nothing to do with the Telegram token sale. Free TON picked up genius open source code (gpl2 licenced) written by Telegram and continued the development without Telegram or any of their former investors. It is important to mention that Telegram wrote about 0,5 mln lines of code. Since then TON Labs added more than 2 million lines of code and now our community adds hundreds of thousands of lines of codes weekly. There more than 3,000 active developers in the community already.”
Question: What’s the exchange’s viewpoint on the recent crypto bull run? And how is the exchange making way to provide its users with the best experience possible during this period?
Answer by Danish: “It’s been great – I think crypto is getting wider adoption right now. The whole thing from two years ago where everyone was saying institutions are coming… Well, they’ve just started arriving finally. My old alma mater, Blackrock, is now looking at bitcoin too. Hence, I think the bull-run is just beginning and we are in for a multi-month expansion of the industry. The exchange is well poised to handle this. As you may have noticed, our downtime is next to nothing, by that I mean non-existent. Our tech is so robust that even in times of extreme volatility, we have 100% uptime. Other than that we’re always keen on bringing amazing projects like TON to our users.”
Question: A lot of blockchain projects nowadays declare that they are the fastest scalable blockchain. What are the facts on your side and what differentiates you from other networks?
Answer by Alexander: “Most of the chains are single chains. A couple of more recent chains experiment with sharding. Free TON is the only blockchain in production (since May 2020) with dynamic sharding or even more precisely multi-threading. Meaning massive scalability. It was designed by Telegram originally to work with a hundred-million userbase with a high load. That design is implemented and we will see it coming with some of the use cases being now developed by the community as we talk, requiring serious throughput levels as well as speed, latency and finality. On speed, for example, take a look at ton.live explorer. Blocks are being formed every 0,2 seconds.”
Question: What do you think of Elon Musk’s tweets with respect to the current market capitalization of Bitcoin? Would you go as far to say that this is borderline market manipulation, as being stated in some online news portals, considering the fact that he holds a large amount of Bitcoin indirectly through Tesla’s recent acquisition? And this isn’t the first time his tweets have affected the market.
Answer by Alexander: “I am not sure the question is to me. Was explaining above that we as a community are very sensitive to regulatory clarity not engaging in risks that can trigger a security status risk or any other type of risk. Our approach is to develop a very “clean”. We don’t even do grants (only contests and open public partnerships), because grants have signs of centralisation.”
Answer by Danish: “That’s a good question. I was just on a clubhouse call with some people asking the same question. I can’t really say it’s market manipulation – in traditional terms, companies buy stocks and bonds for their own balance sheets – and disclose it in their filings. That’s exactly what’s happened. Therefore it’s tough to say it’s manipulation. Would they call it manipulation if Tesla was buying CHF of JPY for exposure? I don’t think so.”
Question: In these uncertain times, how do you reassure Free TON users won’t lose their investment?
Answer by Alexander: “There is a stablecoin with a unique design coming soon. Current contributors to the network that get the tokens mostly are long term believers / hodlers.”
Question: One last thing, the year is 2026, life is back to normal, where do you see TON in 5 years?
Answer by Alexander: “I personally believe decentralized architecture will be biting market share from centralized IT with some acceleration. I wouldn’t be surprised if by 2026 Free TON ecosystem would have thousands of use cases and 500 mln – 1 billion active users. And also large centralized IT players using elements of decentralized infrastructure.”
Thanks to everyone who attended our AMA and actively participated. It’s always a pleasure to host you. Congratulations to our 5 winners for asking the best questions. You’ve been contacted and will soon receive $20 TON.