Blockchain
FreeTON Moves Forward with Rebranding Publicly Burns 3 Billion TON Crystal Tokens
Tallinn, Estonia–(Newsfile Corp. – November 11, 2021) – FreeTON has announced that it will be moving forward with its rebranding to Everscale and has burned 3 billion TON Crystal tokens to set the foundation for the new direction of the project. The token burn has occurred on a smart contract ensuring that the tokens will never be returned.
Figure 1: FreeTON moves forward with rebranding publicly burns 3 billion TON Crystal tokens
Following a summer of significant development, the FreeTON DeFi Alliance in conjunction with the FreeTON community, came together to draft a new plan of action that takes into account the growth of the network since it was launched and identifies what needs to be done to see the network achieve its full potential.
The results of the community’s deliberations can be seen in the FreeTON Alliance Partnership Extension, a document outlining key steps that will be taken with the aim of further expansion. Chief among the upcoming changes will be a project rebranding that will see the FreeTON network be renamed to Everscale, with the TON Crystal token (TON) becoming the Everscale token (EVER). In addition, measures will be taken to rebalance the supply and demand of network assets and integrate the network and its assets with major digital asset exchanges.
First up among the project’s scheduled changes is the burning of 3 billion TON Crystal tokens. The decision to burn the tokens was deemed necessary to set the stage for the transition from the network’s beta stage to mainnet. The transition to mainnet has been supported by a recent event that demonstrated the ability of Rust Nodes to deliver the best throughput on the market with unlimited potential for further scalability.
TON Crystal (TON) is the FreeTON network’s native token and the lynchpin of the FreeTON economy. The total emission of the TON Crystal token is 5.04 billion with around 735 million currently in circulation. The token burn of 3 billion TON will reduce the total supply by over half and increase the relative value of the token by 2.5 times.
The token burn was public and enacted via a smart contract that will ensure that the tokens will never be returned. Those wishing to observe the token burn could do so on YouTube, where the tokens were burned on a live stream.
Commenting on the token burn, FreeTON developers highlighted that it is, “A big step in getting away from the legacy of the TON project. The technology that we have developed is completely our own and the ecosystem that has been built up around it has opened up possibilities that greatly surpass the original TON framework. This token burn marks the start of a new chapter for this project, one that we are sure is going to have an indelible impact on the DeFi industry.”
The Telegram Open Network was launched by the Durov Brothers before it became mired in legal complications. After the Durovs ceased development on the project, it became open source, opening the door for the creation of the FreeTON network and the subsequent further development of the project. Having progressed substantially since its launch as FreeTON to where it now ranks alongside Solana, Polkadot, Near and other expansive DeFi ecosystems, Everscale is looking to continue developing uniquely advantageous blockchain solutions.
The smart contract that facilitated the token burn is up on GitHub, and the transaction, which sent the tokens to the “Black Hole” address is visible on TON Scan.
About Everscale (FreeTON):
Everscale is a fast, secure and scalable network with near-zero fees, which can process up to a million transactions per second thanks to its unique dynamic sharding technology. The network was originally built off of the Durov brothers’ TON concept before launching as a separate entity. The change to Everscale was predicated by the network’s robust development which saw it move way beyond the original technological offerings of TON and build an entire ecosystem around its platforms and products, replete with its own nodes and technology. The ecosystem features a number of products, including a DEX and bridges with other blockchains.
Media contacts
Name: Lily
Company name: FreeTON DeFi Alliance
Email: [email protected]
Website: https://tonalliance.org
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103104
A recent warning from the FBI regarding a crypto money transmitter seems to be aimed at the Samourai Wallet. This development highlights the increasing scrutiny and regulatory challenges faced by privacy-focused cryptocurrency wallets and services.
The FBI warning raises concerns about the use of certain cryptocurrency wallets that prioritize user privacy and anonymity, potentially enabling illicit activities such as money laundering and terrorist financing. While the warning does not explicitly name any specific wallet or service, the language used suggests that the Samourai Wallet may be the target of the advisory.
Samourai Wallet is known for its focus on privacy and security features, including coin mixing and stealth addresses, which aim to enhance user privacy and protect against surveillance and tracking. However, these features have drawn the attention of law enforcement agencies and regulators, who are increasingly concerned about their potential misuse by criminals.
The FBI warning underscores the challenges faced by privacy-focused cryptocurrency wallets in navigating regulatory compliance and law enforcement scrutiny. While these wallets aim to empower users with greater control over their financial privacy, they must also address regulatory requirements and law enforcement concerns to avoid legal and reputational risks.
As the cryptocurrency industry continues to evolve, privacy-focused wallets like Samourai Wallet will need to strike a balance between privacy and compliance, ensuring that they can provide robust privacy features while also addressing regulatory concerns and maintaining transparency with authorities. This delicate balance is essential to foster trust and confidence among users and regulators alike, ultimately enabling the continued growth and adoption of privacy-enhancing technologies in the cryptocurrency space.
Source: cointelegraph.com
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Blockchain
Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets
Pantera Capital is reportedly planning to raise $1 billion for a new fund that offers exposure to various crypto assets, as reported by Blockchain.News. This ambitious fundraising initiative underscores Pantera’s continued confidence in the potential of the cryptocurrency market and its commitment to providing investors with diversified investment opportunities in the digital asset space.
The new fund from Pantera Capital aims to capitalize on the growing demand for exposure to cryptocurrencies and blockchain-based assets among institutional and retail investors. By offering a comprehensive portfolio of crypto assets, the fund seeks to provide investors with access to a wide range of investment opportunities, spanning cryptocurrencies, tokens, and other digital assets.
Pantera’s decision to raise $1 billion for the new fund reflects its optimistic outlook on the long-term growth prospects of the cryptocurrency market. With increasing mainstream adoption and institutional interest in cryptocurrencies, Pantera sees significant potential for value creation and capital appreciation in the digital asset space.
As one of the leading blockchain-focused investment firms, Pantera Capital is well-positioned to attract capital from investors seeking exposure to the cryptocurrency market. The firm’s track record of successful investments and its experienced team of investment professionals are likely to bolster investor confidence and support for the new fund.
Pantera Capital’s plans to raise $1 billion for its new fund underscore its commitment to driving innovation and growth in the cryptocurrency market. As the fund attracts capital and deploys it into promising investment opportunities, it is poised to play a key role in shaping the future of the digital asset ecosystem.
Source: blockchain.news
The post Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets appeared first on HIPTHER Alerts.
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