In a world where talking heads on mainstream news babble about Bitcoin and everyone is looking for the next great opportunity in the cryptocurrency marketplace, how does a person filter through the avalanche of information? How can you identify hype from the next big thing? Luckily, it comes down to some simple, age old advice.
Similar to other investment decisions, it is vital to know if there is proper liquidity within the system. If an investor is looking for to get in on the ground floor of the next big thing, it is worth it to consider FreeTON. While not yet traded on the traditional exchanges, this fresh young token was launched on May 7, 2020 and demonstrates liquidity across cryptocurrency exchanges and has admirable as well as ambitious goals. FreeTon’s goals, as stated in their formal decentralization statement, are to build an internet ecosystem that is entirely decentralized, carrying out the wishes of its original creators, the Durov brothers. By creating an intuitive protocol that can easily be utilized by millions of people across the planet, they envision a word of blockchain safety, secure contracts, a promotion of truly fair trade, equal opportunities for prosperity, all within a system devoid of censorship. The Free TON project wishes to eclipse Bitcoin and technically has all of the elements to shake up the financial world.
Another factor to consider in cryptocurrency projects is whether or not the project has a healthy community of enthused users. FreeTON also falls into this category as it is an open-source project with a revolutionary solution to the issue of token distribution. From its inception, it was decided that at Free TON, no tokens would be offered for sale. They needed to decide how to distribute its tokens in a novel way. The Free TON community calls this their Meritocratic Token Distribution model. It all stems from the wishes of the community. For example, the community may propose a contest in which all other members of the community can participate. Using decentralized governance, if the community agrees that the content will be beneficial to users and the entire network, they decide on the budget and select a jury. The jury will ultimately vote for the contest winner using private keys for identification and tokens will be distributed as agreed upon. This makes Free TON one of the most decentralized network in the blockchain space with the most involved users. Community members are currently working on developing decentralized exchanges. These decentralized exchanges are similar to Uniswap.org. The fees involved are significantly less than comparable exchanges. There are around 80 million Free TON tokens in circulation at this time. Approximately 40 million belong to validators within the community and used to validate the network and reach a group consensus. There are approximately 400 validators at this time but the number is continuously expanding. The remaining 40 million tokens were redistributed through a series of contests.
Determining an altcoin’s possibility of future success also depends on the technology involved. Is the decentralized technology fast and scaleable? Does it offer convenience? According to Dr. Nikolai Durov, the Creator of TON blockchain, Free TON is the first project belonging to the fifth generation of blockchain technology. Free TON is the first blockchain to introduce special features like its vertical blockchain mechanisms and its Instant Hypercube Routing feature allows millions of transactions per second. It supports a shardable custom work chain with native sharding support. As Alexander Filatov, managing partner at TON Labs explained, “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.”.
Cryptocurrency will have an important role to play in the future of fintech. Investors and blockchain enthusiasts alike need to remain diligent. Thanks to decentralization and meritocratic models, we can all be a part in creating the future that drives humanity forward.