Additionally, the Foundation noted that the SEC expert used an “obsolete” definition of blockchain and smart contract.
“Modern blockchains in general and the TON Blockchain in particular, claim verifiable computation of smart contract execution among their core…The TON Blockchain’s smart contract is not “a script executed by the validators and recorded on the blockchain,” according to the Foundation.
SEC expert “misread or misunderstood the TON Blockchain code”
Furthermore, the Foundation explained that the TON Blockchain is unique because “everything in its network is based on interactions between smart contracts.” It is just serving as a “back-end distributed computing device that executes numerous programs performing arbitrary computations.”
Therefore, its function is contrary to Prof. Herlihy’s claim that “the most common use of blockchain is to manage a cryptocurrency or coin, a unit of accounting and store of value.”
Moreover, the Foundation argued that the TON Blockchain code is fully operational and capable of launching on a 5-second notice. It is secure and had been at the pre-launch stage.
