By ET Bureau - December 03, 2022 3 Mins Read
The TON Foundation today expressed its confidence 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 companies in the Republic of Korea. The bridge enables communication and connection between blockchains, positioning itself as the essential infrastructure for building a multi-chain ecosystem. Approaching $12.3 billion in assets, Orbit has not experienced a single hacking issue since its launch in November 2020. Security audits are performed quarterly before feature updates are rolled out. This prioritizes the stability of the bridge while ensuring that it remains secure.
Ozys and Orbit Bridge have continuously researched and developed into EVM compatible and non-compatible chains. This research led to a desire to integrate TON, given the potential for widespread adoption of blockchain technology that TON presents. Recently, demand for TON and its native token, Toncoin, has surged as its usefulness for simple payment solutions has become 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 bridge’s governance mechanism, performing on-chain data verification. All of the verification of the data on the bridge chain is carried out by this group. The TON Foundation will join FS Labs, TEB, Cosmostation, Neoply, DSRV, M-block, Despread, Move Labs, B-harvest and Ozys, among others, in this group.
Ozys will also be accelerating the AMM ‘s DEX , Megaton Finance, which the company is developing on TON and which is expected to release later this year. This development will open another avenue for decentralized Toncoin trading. It will also introduce the growing universe of TON to a wide range of users and projects within the Ozys multi-channel ecosystem.
Jinhan Choi , CEO of Ozys, said, “The Orbit Bridge is the first multi-chain bridge connected to TON, a blockchain that has near-infinite potential for expansion. We will establish a multi-chain network between the large number of Telegram users who use the TON platform and other blockchains connected to the Orbit Bridge. This will help grow 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 getting closer to other Layer 1 blockchains through the connection made possible by Orbit Bridge, users will be able to experience the advantages that TON has over its competitors. »
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