On the morning of June 28, miners mined the last token of the TON project using the Proof-of-Work (PoW) protocol. All smart contracts that hosted coins showed a zero balance today, according to tonwhales.com. The blockchain is moving to Proof-of-Stake (PoS) to keep the ecosystem decentralized, and token mining is complete.
The Telegram Open Network (TON) project was launched by brothers Nikolai and Pavel Durov in 2018, but in October 2019, the US Securities and Exchange Commission (SEC) demanded to suspend the distribution of tokens among investors. As a result of months of pressure from the SEC, the Durovs were forced to abandon the further implementation of their project in the spring of 2020.
However, in May of the same year, a group of companies and crypto enthusiasts, consisting of staking providers, representatives of exchanges, and independent developers, decided to restart the blockchain. The developers put all available TON tokens on special smart contracts, with the help of which anyone could mine Toncoin over the past two years.
At the end of February 2022, the TON blockchain announced plans to switch to the Proof-of-Stake protocol due to the energy consumption of mining. Also, according to the developers, the new system will not allow individual participants to concentrate a large number of tokens in their hands. Thus, the blockchain should remain more decentralized.
The number of new tokens entering circulation will decrease by 200 thousand coins per day. This is 75% less than mine.
In August 2022, it is planned to switch the Ethereum blockchain to the Proof-of-Stake (PoS) mining algorithm. This will mean the end of ETH mining through Proof-of-Work (PoW) mining.