Telegram And TON Foundation Collaborate With Alibaba Cloud In Quest For Fastest Blockchain
October 11 2023 - 4:00PM
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Telegram’s partner, the Open Network (TON) Foundation, in
partnership with Alibaba Cloud, has announced plans to set up 256
servers for a performance testing event scheduled for October 31,
2023. Per the announcement, the objective of this event is to
officially establish the TON blockchain as the world’s fastest
blockchain to earn accreditation from the Guinness World
Records. TON’s Upcoming Performance Test According to a
report by Yahoo Finance, the TON blockchain has experienced
significant growth since 2022, witnessing a 20-fold increase in
addresses from 170,000 to 3.5 million. Related Reading: Bulls
Vs Bears: XRP Price Gears Up For Big Squeeze, Which Side Will
Prevail? The network has also expanded its validator nodes to 350,
fostering a more decentralized network across 25 nations. The
blockchain has maintained a track record throughout this expansion,
with no major network disruptions reported. Both parties view the
upcoming performance test as a crucial step in showcasing the
unique capabilities of the TON blockchain, which serves as a
trusted infrastructure layer for the Web3 ecosystem within
Telegram. Anatoly Makosov, the Core Development Lead at the TON
Foundation, expressed anticipation for the performance testing
event, highlighting the TON blockchain’s technical superiority,
particularly regarding scalability. Makosov emphasized
that TON’s large-scale public performance testing is an exciting
opportunity to witness significant results and validate the
blockchain’s technical prowess. Makosov stated: We look forward to
October 31, 2023, to confirm that the TON blockchain technically
stands out among any other blockchain, especially in its ability to
scale. This is the first large-scale public performance testing of
TON – we’re just as excited as you are to see the results. MEXC
Ventures Makes Major Investment In TON Blockchain MEXC Ventures, a
subsidiary of MEXC’s global cryptocurrency exchange, has also
announced a significant investment in The Open Network. According
to Yahoo Finance, this investment is MEXC’s largest Layer-1 funding
and is accompanied by a partnership with the TON Foundation.
Justin Hyun, Director of Growth at the TON Foundation, expressed
enthusiasm about the partnership with MEXC, emphasizing their
shared goal of offering global access to the decentralized Web3
ecosystem within Telegram. Per the report, the foundation is
committed to delivering a “user-centric experience” for the
community. MEXC’s support “significantly strengthens” its ability
to develop new tools and services seamlessly integrating crypto
with social media. Steve Yun, President of the TON Foundation,
highlighted MEXC’s belief in the TON blockchain’s potential for
building a Web3 super-app ecosystem on Telegram. Yun expressed
confidence in the TON ecosystem’s and MEXC’s mutual growth as they
prepare for the next market cycle. Related Reading: Crypto Whales’
Big Bet: An Examination Of Their 3 New Altcoin Targets The
collaboration between the Open Network Foundation, Alibaba Cloud,
and MEXC Ventures underscores blockchain technology’s increasing
recognition and adoption, particularly in the Web3 space.
These partnerships aim to enhance the functionality, scalability,
and accessibility of the TON blockchain while promoting global
adoption and innovation within the decentralized ecosystem. At the
time of writing, the native token of the protocol, Toncoin, is
trading at $2,006, reflecting a marginal decline of 0.2% over the
past 24 hours. Nevertheless, the token has experienced substantial
growth year to date, boasting an impressive increase of 59% during
this timeframe. Featured image from Shutterstock, chart from
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