In -depth discussion of TON’s pledge mechanism

Author: chorus one Source: chorus one official website translation: good Ouba, bit chain view world

In -depth discussion of TON’s pledge mechanism, introducing the content, reasons and methods of pledged TON.

Ton pledge profile

TON uses the consensus algorithm (POS) consensus algorithm, which is responsible for proposal and verifying new transaction blocks in the system.In TON’s POS model, the verificationrs are selected through the competitive election process to ensure the highest level of security and performance.

Election and verification process

The election process is the core of TON pledge.In each consensus round, potential verifications submit their applications and their pledge and other parameters, which determines the maintenance level they are willing to execute.The electoral governance contract will evaluate these applications, and the verification of the verification based on their pledge and parameters aims to maximize the overall pledge of the network.

Once selected, the verification person will enter the verification cycle, as shown in the timing diagram below:

The key stage of the verification cycle:

Election (6-7 hours): Candidates apply to become verified.
Delay (2-3 hours): The short waiting period before the beginning of the verification.
Verification (18 hours): Verifications approve the transaction and propose new blocks.
Keep (9 hours): The verified person is prepared for the next cycle.

In order to ensure the continuous operation of the network, TON uses two types of pools (odd pools and even ponds), which runs uninterrupted seamless verification in a alternate cycle.

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Minimum bet

In order to participate in the election process of the verification person, the verifier needs to pledge at least

300,000 TON.The verification person pledged Toncoin within a fixed period. After the verification wheel was over, the pledge amount was refunded with the interest.

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Verifyer reward

Each transaction on TON needs to pay for calculation (called GAS) for network storage and chain transaction processing.Like most blockchain networks, these costs are accumulated in the electoral contract in the reward pool on TON.50% of the fees paid by the user will be destroyed, and 50% will be assigned to the verification.

The network also subsidizes blocks by adding subsidies to the reward pool. The reward of each block in the main chain (called the main chain) is equivalent to 1.7 TON.TON’s architecture allows the creation of parallel chains (called working chain).For the working chain block, the reward setting of each block is set to 1 TON.The inflation rate of the network is about 0.3-0.6%per year.

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How does TON pledge operate?

TON provides a variety of pledge mechanisms to meet different needs and preferences.Let’s explore these options:

1. Nomination pool

Nominer pool is the core of the Ton pledge ecosystem. It provides a collaborative pledge method that allows multiple users to gather their Toncoin (TON) token and participate in the network verification process.This pooling mechanism aims to democrate pledge and enable more extensive participants to participate, even if they may not have enough tokens to meet the minimum pledge requirements alone.

The nomination pool allows up to 40 nominations (pledges) to merge their pledged rights and entrust them to verifications such as Chorus One.This collective pledge method not only helps meet the high minimum pledge threshold, but also ensures that the network is safe and stable by using the comprehensive resources of multiple stakeholders.

The working principle of nomination pool:

The nomination joined the pool by pledged at least 10,000 TON token.
The mining pool collectively pledge the tokens through the verification device.The operator of the manager must pledge at least 1,000 TON token to prevent bad behavior.
The election process starts: The election phase lasts 6 to 7 hours, and the verifications of the pool submit an application for verification, and the comprehensive rights and interests of all nominations.
Delay period: After the election is over, there will be 2 to 3 hours of delay before the verification phase starts.
Verification cycle: Verifications subsequently participated in the 18 -hour verification cycle. During this period, they proposed and verified new trading blocks.
Reward allocation: At the end of each verification cycle, the reward obtained will be distributed between nominations based on the proportion of the nominee in the pool.
In order to get award, the nomination needs to send a Ton transaction to the pool and attach specific comments, which will trigger the return of all its shares and income rewards.
Make -up: The nomination can withdraw all pledge and rewards in a transaction.This mechanism does not support some withdrawal, so it must be fully withdrawn the funds when obtaining the reward.

In order to intuitively understand the workflow of the nominee pool, please consider the following chart:

This workflow ensure continuous network verification, and the verification cycle of the odd number pool and the even number pool is alternated to maintain the seamless operation and security of the TON blockchain.

The advantages and disadvantages of nomination pool

advantage:

It is relatively easy to set up, and it has the support of the verification device such as Chorus One
Allow multiple nominations to gather resources, which is easier to meet the pledge threshold.
Automatic processing ratio reward distribution.

shortcoming:

The minimum pledge requirement may exclude investors with a pledge amount of less than 10,000 TON.
Only allow all withdrawal, which may be restricted for nominations that require some funds.
The use of hot wallets to pay for operation costs, there is potential security risks.

2. Single nomination pool

A single nomination pool is a streamlined and secure pledge mechanism in the TON ecosystem. It is designed for authentication (also known as separate pledgers) for independent pledges for independent pledge.This method can reduce complexity and enhance security by focusing on a single nominee, making it an ideal choice for those who like more direct pledge processes.

A single nomination pool allows a single physical management pledge process to provide verifiers with a simplified and secure framework.By eliminating the needs of multiple nominations, this mechanism has significantly reduced the attack surface, making it easier for protection of pledged assets.

The operation of a single nomination pool

The single nomination pool is deployed by verifications such as Chorus One.
Only one nominee (also the owner of the pool) pledged their TON token.A single nominee can pledge the number of Ton, as long as the minimum requirements for the agreement (currently 300,000 TON tokens).
The nominee submits its rights and interests during the election (6-7 hours) to apply for verification.
After the election, there will be 2-3 hours before the verification phase starts.
Verifications participate in the 18 -hour verification cycle, verify transactions and propose new blocks.
All rewards generated during the verification cycle will be sent directly to a single nomination.

Flexible withdrawal: nominations can withdraw any amount of shares and rewards, which has greater flexibility compared to the multi -nomination pool.

The use of cold wallet storage fund pledge funds greatly reduced the risk of being stolen.
Hot wallet operation: Verifications use hot wallets to manage operating costs to ensure the safety of cold wallets.

To explain the workflow of a single nomination pool, please consider the figure below:

This simplified workflow emphasizes the continuous cycle of elections, delay, verification and holding stage, and ensure the seamless operation and safety of the TON blockchain.

The advantages and disadvantages of a single nomination pool

advantage:

Easy to deploy and manage a single nomination pool.
Reduce the attack surface by using cold wallets.
Allow some of the withdrawal to provide greater flexibility for the nomination.

shortcoming:

It is not suitable for groups or nominations holding less TON tokens.
The reward distribution between the verification and the nomination is not supported, and the technical expertise of the nominee requires the operation pool or the linked payment.
All operations depend on a single nominee, which may limit sharing or community -based rights.

A single nomination pool provides a safe and efficient pledge solution for individual authenticants to combine simplicity with enhanced security measures.By focusing on a single participant, this mechanism can ensure that the pledge process is simple and easy. For those who want to pledge Ton independently, this is an attractive choice.

3. Pure of liquidity

The liquidity pledge agreement enables TON holders to participate in the pledge pool and lend funds to verifications at the predetermined interest rate.In return, pledges will receive liquidity pledged receipts (referred to as POOL JETTONS), which represent their share in the pool.These tokens can be exchanged back to TON at any time, so that the pledgedrs maintain liquidity while getting rewards.

The agreement has nothing to do with users and can adapt to users of all capital scale without any minimum or maximum equity requirements.

Ton liquid pledge working principle

The user pledged their Ton in the pool managed by the LIQUID Staking Contract.
After the pledge, the user will receive Pool Jettons, which represents the mobile pledged receipt tokens that represent its share in the pool.These tokens ensure that users can maintain liquidity and withdraw their pledged assets when needed.
The pledged funds are lent to the verification person, and the verifications use these funds to participate in the network verification process.The verifications are selected based on the pledge and maintenance parameters of the election stage, and then the verification cycle.
During the verification cycle of each 36 -hour verification cycle, the verifications will get rewards, and these rewards will be assigned to all the participants in the pool in proportion.
Reward the interest paid by the verification of the pledged funds.With the distribution of rewards, the value of Pool Jettons will increase, which reflects the increase in pledge in the pool.
Users can deposit and withdraw assets at any time without any predefined restrictions. Management through special smart contracts to ensure accurate accounting and security.

The advantages and disadvantages of ton liquid pledge

advantage:

The user’s irrelevant design makes it suitable for all users, regardless of their share scale or technical expertise.
Allows part or all withdrawal at any time to provide liquidity for stakeholders.

shortcoming:

Due to the use of multiple smart contracts and DAOs, deployment and management need to make greater efforts.
The dependence on various smart contracts may increase the risk of vulnerability, so strict audit and security measures need to be needed.

The LIquid pledge contract provides a multifunctional and powerful pledge solution on the TON blockchain, combining the advantages of liquidity, decentralization and accessible.By understanding and using this mechanism, users can participate in network verification more flexible and securely, thereby contributing to the overall stability and development of the TON ecosystem.