The TON Foundation bets on a cross-chain future by connecting to Ozys' Orbit Bridge
LONDON, Dec. 1, 2022 /CNW/ -- The TON Foundation have today expressed their faith in a cross-chain future by announcing the connection of the TON (The Open Network) blockchain to Ozys' Orbit Bridge.
Orbit Bridge is a cross-chain platform developed by Ozys, one of the leading blockchain firms in the Republic of Korea. The bridge enables communication and connection across blockchains, positioning itself as the essential infrastructure for building a multi-chain ecosystem. Bridging $12.3 billion in assets, Orbit has not experienced a single hacking issue since its launch in November 2020. Security audits are conducted quarterly before the rollout of functional updates. This helps to prioritize the stability of the bridge whilst ensuring it remains secure.
Ozys and Orbit Bridge have been continuously researching and expanding into both EVM and non-EVM chains. This research led to a desire to integrate with TON given the potential for the mass adoption of blockchain technology that TON exhibits. Recently, demand for TON and its native token Toncoin has been surging, as its utility for simple payment solutions has become abundantly clear through the continued integration of the @wallet bot into the Telegram app.
The TON Foundation will also join the Orbit Bridge Validator group, a group that acts as the governance mechanism of the bridge, undertaking on-chain data verification. The entirety of the bridge's on-chain data verification is performed by this group. The TON Foundation will join FS Labs, TEB, Cosmostation, Neoply, DSRV, M-block, Despread, Move Labs, B-harvest, and Ozys amongst others in this group.
Ozys will also accelerate the AMM-DEX, Megaton Finance, they are developing on TON and are now aiming to release it later this year. This will open another avenue for the decentralized trading of Toncoin. It will also introduce the fast-growing world of TON to the wide range of users and projects found within Ozys' multi-chain ecosystem.
Jinhan Choi, CEO of Ozys, said: "The Orbit Bridge is the first multi-chain bridge connected to TON, a blockchain which has the potential for almost infinite expansion. We will establish a cross-chain network between the large number of Telegram users that use the TON platform and other blockchains that are connected to the Orbit Bridge. This will help to scale the flow of users, promoting the mutual growth of the TON and Ozys ecosystems."
Justin Hyun, Head of Incubation at TON Foundation, added: "With the introduction of TON as the latest mainnet on the Orbit Bridge, a host of new users will be introduced to the TON ecosystem. By entering into closer proximity with other layer one blockchains through the connection enabled by Orbit Bridge, users will experience the advantages that TON holds over its competitors."
Notes to Editors
About The Open Network (TON)
The Open Network is a third-generation proof-of-stake blockchain initially designed in 2018 by the Durov brothers, the founders of Telegram Messenger. Later, it was handed over to the open TON Community, which has been supporting and developing it ever since.
TON was designed for lightning-fast transactions. It's ultra-cheap, user-friendly, and fully scalable.
The TON Foundation is a non-commercial group of supporters and contributors who help further grow the TON blockchain.
Learn more about TON: https://ton.org.
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SOURCE The Open Network (TON)
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