A few facts about TONG
Big plans | Big goals
TONG – abbreviation for «Terra Open Network the Days of Grace» – the main and only input/output (exchange) tool for step-by-step economic online strategy «Days Of Grace» (The Days of Grace).
The Eco-System of TONG. What is a TONG?
The units of exchange (coins) of the TONG Eco-System are called "tongs". For the short designation, as well as for the TONG coin index, the abbreviation (index) TNG is used. The main, and at the same time the key advantage of the TONG coin is the unique technology of paramining (paramining), which is practically not found in the concepts and codes of other digital coins.
The essence of TONG technology consists in generating blocks every 60 seconds by accounts that are not blocked on network nodes. TONG coins are redistributed by including transaction fees that are credited to the account (wallet) at the time of successful block creation. This process is known as "forging", and is somewhat similar to the concept of "mining" used by other digital coins to "mine" (generate) such coins.
Any transactions in the TONG Eco-System are considered safe After ten block confirmations. The current architecture and block size in the TONG system allow processing up to several million transactions per day. The TONG eco-System includes the implementation of the "transparent forging" function, which allows you to increase transaction processing performance by two orders of magnitude using a deterministic block generation algorithm, combined with additional network security mechanisms.
In the existing traditional proof-of-work (PoW) model used by most digital coins, network security is provided by participants performing "work". They spend their own resources (calculation time, transaction processing time) to reconcile the transaction with double costs, and impose extraordinary costs on those who try to collapse transactions. For such work, network participants are awarded with coins, and the frequency of their generation and the nominated amount vary, depending on the operating parameters of the digital coin. This process is known as mining. The block generation frequency that determines each available reward for mining a digital coin should generally remain constant. As a result, the labor intensity of the work spent to get a reward should increase as the network performance increases. Thus, the development of proof-of-work networks often leads to the fact that an individual network user has fewer incentives to support this very network, since their potential reward begins to be distributed among a larger number of network participants (colleagues).
In search of profitability, network participants (miners) continue to invest resources in specialized, patented equipment that requires significant capital investment and high energy costs. Over time, the network becomes more and more centralized, as smaller partners (those who can do less work) drop out or combine their resources into joint ones (so-called "pools").
Bitcoin Creator Satoshi Nakamoto intended the bitcoin network to be completely decentralized, but initially no one could have predicted that the incentives provided by proof-of-work systems would lead to the centralization of the mining process. Centralization, in turn, leads to the possibility of occurrence of vulnerabilities.
GHash.io (one of the bitcoin mining pools) has reached 51% of the bitcoin mining capacity in the past, and the top five bitcoin mining pools account for 70% of the network's hashing power. Thus, the concept of network decentralization is in danger of being completely lost.
In the proof-of-stake model used by the TONG Eco-System, network security is Regulated by partners (peers) who have a stake in the network. The incentives provided by such an algorithm and approach do not contribute to the centralization of the TONG network, like the algorithms of proof-of-work networks. Data shows that the TONG network has remained highly decentralized since its creation - a large and growing number of unique accounts that contribute blocks to the network, together with the top five accounts, generate only 35% of the total number of blocks.
Proof-of-stake model in TONG
The TONG digital coin uses a system where each "coin" on the wallet can be used as a mini-device for the mining process (mining rig). The more coins are contained in the account balance (wallet), the more likely that such an account will get the right to create a block. The total reward received as a result of creating a block is the amount of fees for transactions located within the block.
Note: the TONG network does not create any new coins as a result of creating blocks. The distribution of TONG coins occurs as a result of the block generators receiving transaction fees. The term "forging" is used in this context exclusively as "creating relationships or new conditions" (as a substitute for the usual term "mining".
Subsequent blocks in the TONG network are generated based on verifiable, unique, and almost unpredictable information from the previous block. Blocks are linked by these links, creating chains of blocks and transactions that can be traced back to the genesis block. The block generation time is approximately 59 seconds, but changes in probabilities cause the average block generation time to be up to 80 seconds (there are also longer block intervals).
The security of the block chain is always important in the proof-of-stake system. Basic principles of the proof-of-stake algorithm in the TONG Eco-System:
The cumulative complexity value is stored as a parameter in each block, so each subsequent block gets its new "complexity" from the value of the previous block. In case of ambiguity, the network reaches consensus by selecting the block fragment or chain section with the highest cumulative complexity. This is described in more detail in the section "Creating blocks".
To prevent account holders (wallets) from moving their funds from one account to another, abusing and manipulating them in order to get the ability to generate blocks, TONG coins must be stationary within the account for 1440 blocks before they can contribute to the block generation process.
TONG coins that meet this criterion contribute to an effective account balance, and this balance is used to determine the probability of forging. To prevent an attacker or attackers from creating a new chain all the way from the Genesis block, the TONG Network only allows the restructuring of the chain of 720 blocks located behind the current block. Any block presented at a height below this threshold is rejected. This movement threshold can be considered as the only fixed TONG control point.
Due to the extremely low probability that an account will take over the management of the block chain by creating its own block chain, transactions are considered safe by the TONG network if they are Encoded in a block that is 10 (ten) blocks located behind the current block.