TON validators to vote on inactive whale wallets suspension

TON validators to vote on inactive whale wallets suspension

The Open Network validators are considering suspending 195 inoperative addresses. The total stake of toncoin (TON) held by these addresses is a little over 1 billion. It equals 21.3% of the current toncoin supply, valued at almost $2.5 billion.

This voting is scheduled for Feb. 21. The procedure is a response to a suggestion made by the TON Foundation last December for miners to demonstrate their activeness by carrying out a transaction on TON’s blockchain.

The wallets up for a vote for suspension are the ones that have remained inactive since this prompt. Making any transaction before the voting exercise ceases will prevent the possibility of suspension for the other inactive wallets. It’s crucial to remember that addresses that weren’t included in the first distribution won’t be impacted.

For the final decision to be approved, at least 75% of the validators must participate in various voting rounds. If accepted, the suggested suspension would run for four years, during which no transactions would be authorized at the impacted addresses. The blockchain network would publish the “suspended list” for everyone.

As of the time of writing, there are 195 idle mining addresses with a total balance of more than 1 Toncoin, which have never processed an outward transaction. These addresses have a combined balance of almost 1.08 billion TON, or 21.3% of all the coins. These inactive addresses can all be accessed by all members of the public.

This action is intended to be a “showcase to the value of openness to the TON community,” according to a statement from the non-profit TON Foundation, a collection of supporters and contributors behind the blockchain.

Additionally, some validators and users are optimistic that freezing these wallets will enhance transparency regarding the amount of TON in circulation. The activity is also expected to improve deep community engagement in the transparent project.

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Julius Mutunkei

Julius is a blockchain reporter skilled at synthesizing all crypto-related information to make articulate texts easy for anyone to grasp. With a beginner's level certificate in Financial Analysis, Julius can read, interpret and report crypto findings to help investors exercise the best judgment in their decision-making process. When he is not caught up in the crypto frenzy, Julius likes playing a game of FIFA with his online buddies.