Ton is a perspective blockchain project with a rich history that has gone through stages of ups and downs, which led it to the form we see now. The project offers many options for earning, including staking, trading on the exchange, participation in referral programs and mining.
However, with the last point, everything is not quite as expected... What was TON Mining like? Is it possible to mine in this blockchain now? And does it have any prospects at all? Let's figure it out!
History of Ton mining
It is worth noting that Ton Blockchain works on the Proof-of-Stake (PoS) principle. This means that no calculations are required to create new blocks, and the main nodes are validators - participants who have a large number of toncoins and ensure the stability and security of the network.
Initially, the developers of the blockchain didn't assume mining didn't consider it as the main method of creating new coins. They planned to regulate the flow of Toncoins themselves and control the development of the project. However, as is known, the original team of Ton developers encountered difficulties and was forced to participate in a trial with the Securities and Exchange Commission (SEC). The fact is that at that time TON project was recognized as a "security" and was prohibited from working on it, since the blockchain violated a number of rules in this regard.
As a result, in 2020, the Telegram team that developed the project signed an agreement with the SEC and officially finished work with TON. However, in order not to leave a promising and reliable blockchain to the mercy of fate, it was decided to place all Toncoins in special smart contracts (Givers), which opened up the opportunity for any enthusiasts and connoisseurs of the project to mine cryptocurrency on equal terms.
In the same year, active mining of TON based on smart contracts began. All tokens were distributed among miners, and they were provided with detailed instructions on mining.
The first miners had no competition, but the project "gained momentum" and attracted more and more participants. It is also worth noting that it was with the funds of the miners that Ton Foundation and TON Reserve communities were created, which will become key players and will actively develop the project.
The number of coins transferred to smart contracts (Givers) after the departure of the original developers was 5 billion. Since TON took off very quickly and gained an active audience, mining based on smart contracts became more and more extensive every year. And as a result, this led to the fact that the last coin was mined in the summer of 2022.
This is how TON mining in its traditional sense ended. Does this mean that TON mining is no longer relevant? Read on to find out!
TON Mining Now. Validation System
After the last Toncoin was mined, mining as it existed ceased and was replaced by the Validation system - storing a large number of Toncoins and regulating the main processes of the network.
New tokens in the blockchain are created when the network is working properly and are given as a reward to those who take an active part. The basis is made up of validators - large holders of the TON cryptocurrency, and there are also nominators - people who give part of their funds to the validator for safekeeping and receive a certain percentage for this. Validators and nominators work together and receive mutual benefits: validators - increase capital and thus earn even more, and nominators support the project, give their funds to large participants for safekeeping and receive passive income.
Accordingly, these days, when TON mining has stopped, the most optimal way to get new coins and actively participate in the development of the network is validation. You can become a large holder of the cryptocurrency, which will give you the opportunity to receive Toncoins for your use. You can also support validators and become a nominator, which will also bring you coins.
How to become a Validator
To do this, you need to have high-tech equipment, stable Internet and, of course, start-up capital in the amount of 300 thousand TON.
If you complete all the stages, then in the future you will check all user transactions, participate in the creation of new blocks and be involved in the distribution of cryptocurrency within the network.
It is worth noting that this method is not suitable for everyone, and it is better to abandon mining in general in favor of a more profitable and reliable way to earn cryptocurrency. The thing is that now there are many different profitable ways and methods that are perfect for both beginners and advanced cryptocurrency users.
What will TON mining be like in the future?
In the future, if TON project develops as rapidly, other ways to earn TON may appear. The validation system may expand, and more and more people will be able to directly participate in the development of the blockchain. One way or another, everything depends on whether TON will meet the expectations of participants and analysts in the long term. If so, then in the future we can expect new positive transformations and improvements. Already now, everyone (in theory and subject to all conditions) can become a validator, but if the network continues to grow, the requirements for participation in the program may be simplified, and the entry threshold may become much lower.
If we talk about earning TON in general, then mining is far from the best option. It is better to take a closer look at other methods, and if you are still interested in this aspect - follow the news and changes in the community, dive deeper into the world of cryptocurrencies and increase your capital. And then, perhaps, the doors will swing open for you!