- Summary:
- The upgrade will enable developers on TON to create smart contracts, offer services and products with greater ease and efficiency.
The TON Foundation, the organisation in charge of the The Open Network (TON) Network, has announced a major upgrade on the TON Virtual Machine (TVM). Developers on the network will now be able to build a wider variety of smart contracts, services, and products using TON thanks to the upgrade. This upgrade adds support for higher-level extended encryption, arbitrary-precision arithmetic, and additional instructions.
Details of the TVM update and TON’s charm offensive
The Telegram team is the brain behind TON, and they envisioned it as a groundbreaking technology that aims to merge all blockchains and the Web2 internet into a single open network. The idea for the network sprang from a desire to provide real Web3 experience to Telegram’s billion-plus members.
The TVM upgrade is most notable for the addition of extended cryptography functionality. The update will also incorporate arbitrary-precision arithmetic, as well as a number of additional instructions designed to streamline the development of TON smart contracts and increase their inherent safety.
Meanwhile, the Foundation is encouraging the expanding community to participate in the programming challenge and demonstrate innovative uses of the new TVM features for a chance to split a $30,000 Toncoin (TON) prize pool. Those who use the testnet to find vulnerabilities or defects in the latest TVM features will be up for substantial bug bounty rewards.
TON has been on a charm offensive in recent days. The latest improvement follows last week’s announcement that it would run a liquidity mining rewards campaign beginning June 5 and ending June 30. To encourage participants from other chains to aid in developing the Toncoin (TON) ecosystem, the campaign is offering Toncoin token rewards of up to $720,000. Since the two-way bridge between Ethereum and TON’s Jettons tokens has now been launched, the liquidity rewards campaign will leverage this feature to deploy.