Doubling Down on a Cross-chain future: TON Foundation connects TON to Ozys’ Orbit Bridge
Today, the TON Foundation, custodians of the TON blockchain (The Open Network), expressed their belief in a cross-chain future by announcing the connection of TON to Ozys’ Orbit bridge. Created by one of the leading blockchain companies in the Republic of South Korea, the bridge enables communication and connectivity across blockchains, and has positioned itself as an important part of the infrastructure to build a multi-chain ecosystem.
In particular, the stability and security of the Orbit bridge is of utmost importance to Ozys, and as a result, security audits are performed quarterly before the rollout of functional updates. The bridge has not experienced a single hacking issue since its launch in November 2020. This security appears even more impressive when considering the $12.3 billion in assets that Orbit now bridges.
The TON Foundation will also join the Orbit Bridge Validator group, a group that acts as the governance mechanism for the bridge by performing on-chain data verification. The TON Foundation joins FS Labs, TEB, Cosmostation and Neoply, among others, to perform the full data validation.
Ozys and Orbit Bridge have been researching and expanding into both EVM and non-EVM chains since their inception. This in-depth research resulted in their desire to integrate with the TON blockchain. This research revealed TON’s potential to increase the mass adoption of blockchain technology. It was therefore a natural step for Orbit Bridge to connect to the blockchain. Jinhan Choi, CEO of Ozys hailed the potential of TON: “a blockchain that has the potential for almost infinite expansion.”
Telegram, one of the world’s largest secure messaging applications, seems to think so too. Recently they announced the launch of a rare handle marketplace based on TON. Telegram continuing to use TON as their blockchain of choice is a tantalizing prospect, and this week Pavel Durov teased the possibility of building on TON on his Telegram channel.
This announcement is coupled with TON’s development of its own token bridge connecting the TON blockchain with Ethereum and the Binance Smartchain. This bridge will join the Toncoin bridge and the Orbit bridge as part of the TON ecosystem, and will enable the seamless transfer of ERC-20 or BEP-20 tokens to and from the TON blockchain.
Ozy’s and the TON Foundation’s excitement at announcing this news was palpable as Choi noted the Orbit Bridge’s position as “the first multi-chain bridge connected to TON”. According to Justin Hyun, Head of Incubation at the TON Foundation, “a number of new users will be introduced to the TON ecosystem” thanks to the Orbit Bridge connection. If this prediction comes true, TON looks set to continue the growth it experienced in 2022 into 2023 and beyond.
About The Open Network (TON)
The Open Network is a third-generation proof-of-stake blockchain originally designed in 2018 by the Durov brothers, the founders of Telegram Messenger. It was later handed over to the open TON community, which has supported and developed it ever since.
TON was designed for lightning fast transactions. It is ultra-cheap, user-friendly and fully scalable.
The TON Foundation is a non-commercial group of supporters and contributors who help to further develop the TON blockchain.
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