Toncoin (TON) serves as the primary cryptocurrency for The Open Network, an open-source, decentralized layer-1 blockchain. This blockchain is developed and maintained by various contributors, with the Switzerland-based non-profit, the TON Foundation, playing a key role in its support.
Back in 2017, the Telegram team began working on a blockchain known as the Telegram Open Network (TON), with a native coin dubbed 'Gram.' However, in May 2020, Telegram's CEO, Pavel Durov, announced that the company was pulling out of the TON blockchain project due to a legal order from the SEC, and the Gram token was never distributed.
Since then, the development has been carried out by an independent group of developers and blockchain fans, with the TON Foundation being a notable supporter. The network was rebranded from "Telegram Open Network" to "The Open Network," and Toncoin emerged as its native cryptocurrency. The whitepaper still includes portions of the initial codebase developed by Dr. Nikolai Durov, who co-founded Telegram alongside his brother, Pavel Durov. Toncoin operates on a proof-of-stake (PoS) consensus mechanism to ensure the network's scalability and dependability.
The TON Foundation envisions a future where, by 2028, 500 million users can have complete control over their digital identities, data, and assets, facilitating this goal by enabling developers to create a Web3 ecosystem within Telegram Messenger.
Who Are the Minds Behind Toncoin?
The Open Network (TON) is a decentralized and open-source blockchain project.
The creators of The Open Network (TON), which includes its development and launch, are Anatoliy Makosov and Kirill Emelianenko, who founded the TON Foundation.
What Distinguishes Toncoin from Others?
TON is characterized by its innovative multi-layered design, based on sharding or segmentation principles, making it effectively a "blockchain of blockchains." This sharding involves using several subnets (known as shards) within the same blockchain, each assigned to particular tasks. Such a structure helps the network evade the buildup of unchecked blocks and significantly boosts processing speed. This sharding capability positions TON to scale seamlessly and efficiently, allowing for potentially unlimited concurrent, rapid transactions.
TON's ability to maintain swift and cost-effective transactions is a major reason behind Telegram's endorsement of TON as the official Web3 infrastructure. Together with the TON Foundation, Telegram is working to integrate and support the TON-centric Web3 ecosystem within the Telegram app. Their joint mission is to incorporate 30% of Telegram's user base into TON by 2028. Telegram's dedication to the TON blockchain provides developers and merchants worldwide with unmatched access to a burgeoning global audience already familiar with Web3.
Additionally, TON's status as Telegram's official Web3 infrastructure has accelerated the creation of an exceptional cryptocurrency payment solution. The Wallet, a TON-based platform embedded within Telegram, facilitates instant peer-to-peer transactions and international payments for Telegram merchants. The Wallet's remarkable capability was further reinforced when it announced it would enable low-cost USDT transactions at the click of a button, in partnership with Telegram, Tether, and the TON Foundation, making cryptocurrency transactions as straightforward as sending a text.
TON also delivers several services: TON Storage ensures private encryption using the wallet owner's private key; TON Proxy leverages all platform parts, allowing users to access the TON blockchain through decentralized VPNs; while TON DNS (decentralized naming system) allows conventional websites to function on the TON network, enabling users to set concise, readable names.
What Is the Current Supply of Toncoin (TON)?
Toncoin's native token is Toncoin, and the network has a circulating supply of 3.47 billion, with a total maximum supply of 5 billion TON.
Toncoin is intended as a utility token that drives applications within the ecosystem. It is utilized for the development of decentralized applications (dApps), paying transaction and cross-chain transaction fees. Furthermore, Toncoin can serve as a staking payment to secure the blockchain. It is also employed to cover costs for decentralized data storage, TON DNS/TON Proxy, and other fees within TON-based decentralized services, including validator fees.
How Is The Toncoin (TON) Network Kept Secure?
The network leverages a proof-of-stake (PoS) consensus mechanism to authenticate transactions. Validators receive their rewards in Toncoin, and nominators can contribute tokens to validators in exchange for rewards. Smart contracts manage both validators and nominators, adding an extra layer of security. These smart contracts are executed on the TON Virtual Machine (TVM).
Where Can Toncoin (TON) Be Purchased?
Toncoin (TON) is available on numerous cryptocurrency exchanges, including Huobi Global, KuCoin, Uniswap (V3), Gate.io, OKX, LBank, MEXC, EXMO, CoinEx, Biswap, BitMart, Nomiswap, BitoPro, ACE, DigiFinex, Tidex, Unocoin, Bit.com, Bybit, and HitBTC.
