Toncoin Issuance: A Comprehensive Guide284

Toncoin (TON) is the native cryptocurrency of the Telegram Open Network (TON), a blockchain platform originally developed by Telegram, the popular messaging app. The issuance of TON, including its initial distribution, supply, and distribution schedule, has been a complex and controversial topic. This article aims to provide a comprehensive guide to Toncoin issuance, covering the following key aspects:

Initial Distribution

TON's initial distribution took place through a series of private sales and public offerings. In 2018, Telegram raised a total of $1.7 billion from private investors, including venture capitalists and hedge funds. This was followed by a public offering of Gram tokens (later renamed TON) in 2019, which raised an additional $1.1 billion. However, the public offering was halted by the US Securities and Exchange Commission (SEC) due to concerns over its compliance with securities laws.

Total Supply

The total supply of TON is fixed at 5 billion tokens. This supply was established at the time of the initial distribution and cannot be changed. The finite supply of TON is designed to control inflation and preserve its value over time.

Distribution Schedule

The distribution of TON is governed by a predetermined schedule. The initial distribution through private sales and public offerings accounted for approximately 40% of the total supply. The remaining 60% of TON is held by the TON Foundation, a non-profit organization responsible for overseeing the development and governance of the TON network.

The TON Foundation has a vesting schedule for its 60% share. According to the initial plan, 50% of this share would be released over 4 years, starting in 2021, and the remaining 50% would be held indefinitely. However, in 2021, the TON Foundation announced a revised distribution schedule, extending the vesting period to 10 years.

Controversy and Legal Challenges

The issuance of TON has been controversial, particularly the initial public offering and its subsequent halt by the SEC. The SEC alleged that Telegram failed to register the offering as a security, which violated US securities laws. Telegram disputed the SEC's claims and filed a lawsuit against the agency.

The legal battle between Telegram and the SEC has had a significant impact on the development and issuance of TON. The uncertainty surrounding the offering's regulatory status has affected the token's price and availability on exchanges. In 2020, Telegram abandoned the original TON blockchain and launched a new version known as Free TON. However, the SEC's lawsuit against Telegram is still ongoing and could potentially affect the future of TON.

Conclusion

Toncoin issuance is a complex and evolving topic. The initial distribution, total supply, and distribution schedule have been shaped by various factors, including private sales, public offerings, and legal challenges. The total supply of TON is fixed at 5 billion tokens, and the distribution is governed by a vesting schedule, which has been revised by the TON Foundation. The controversy surrounding the initial public offering and the ongoing legal battles with the SEC have impacted the development and issuance of TON. Despite the challenges, TON remains a promising cryptocurrency project with a strong foundation and a dedicated team.

2024-10-28

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