The cryptocurrency business is home to many blockchain-based projects that want to transform this industry.
Some are developed as a scaling solution for already-existing blockchains at the Layer-2 level, while others build their network from the ground up and are considered to be at the Layer-1 level.
One of these projects is called Toncoin (TON), a cryptocurrency utilized throughout the Open Network. Its primary goal is to simplify making cryptocurrency payments directly on the Telegram platform.
In this blog post, we will learn what Toncoin is and how it works.
What Is The Open Network (TON)?
TON, also known as The Open Network, is an innovative blockchain driven by the community with much to offer. TON was initially developed by Telegram to enroll billions of users and enable blockchain transactions that are fast, affordable, and efficient in terms of energy use. Its features were designed with regular users in mind from the beginning. TON operates on a Proof of stake (PoS) mechanism.
The Open Network is well-known for its adaptability and scalability, in addition to the fact that it provides apps that are simple to use, ultra-fast transactions, and very low fees. Additionally, it has a low impact on the environment. Utilize this tutorial to educate yourself on the background of TON and its applications before investing in Toncoin, the native token of the network.
What Is the TON token?
Toncoin, which is the native token of the blockchain that the TON network operates on, can be used for a variety of purposes across the TON network. One of these uses is as a form of payment in DApps.
In contrast to the vast majority of other blockchain ecosystems, TON was developed to accommodate billions of users simultaneously. This is accomplished using a process known as blockchain sharding, which operates numerous subnetworks, or shards, on the identical blockchain to complete activities more quickly. Every shard serves a unique purpose and collaborates to reduce the risk of massive backlogs of unconfirmed blocks.
The total supply of TON coins is 5.00 billion, and the market cap is around $10.19 billion. Currently, it's trading at $1.987.
History of Toncoin (TON)
TON, initially known as Gram, was developed in 2020. Gram sold $1.7 billion in sales, while companies worldwide bought another billion worth of Gram.
It was so popular that Twitter promoted fraudulent ICOs before genuine ICO. Finally, founder and CEO Pavel Durov launched an official ICO. The Securities and Exchange Commission (SEC) classified Telegram as a security because the original investors were underwriters.
Durov lost the case and returned $1.2 billion to investors, paying $18.5 million in fines. After this, the project was abandoned, but developers and crypto enthusiasts spotted its potential because it is open-source and on GitHub. Since then, the TON Foundation, a network of supporters and independent enthusiasts, has been growing and renaming TON from "Telegram Open Network" to "The Open Network."
Features of Toncoin (TON)
The sharding feature is available on the TON network. In this scenario, the sharding capability is analogous to having a blockchain inside a blockchain. Because of its unique functionality, numerous transactions can be processed in a secondary blockchain if the primary chain is already at capacity. A shard chain would function as a sub-chain of the master blockchain.
Additionally, TON provides a selection of several wallet alternatives. There are two different types of wallets: custodial and non-custodial. In addition, the wallet functionality will be integrated into applications so that users of the TON network can transfer money and connect with other services in a streamlined manner. Their particular requirements will determine the type of wallet a user uses.
You should consider using a custodial option if you would rather have a service take care of your storage needs on your behalf. A non-custodial wallet is the best option if you want to always retain complete control over your wallet and your cash. The user should always use caution when using either wallet and keep the encryption keys to themselves.
Selling & Lending Tokens
Toncoin is used to validate every transaction and is the currency used to reward validators. In addition, the network enables nominators to earn incentives by selling or lending their tokens to validators. Nominators must join a pool and stake their assets to be eligible to lend tokens. Using smart contracts to manage nominators and validators adds a layer of security to the system.
Toncoin can also be used to control the direction the network takes in the future. Users who have the native token and are members of the Open Network can vote on any proposed changes to the blockchain or ecosystem. The current voting approach for the TON governance program is relatively straightforward. It ensures that every user has an equal opportunity to hear their opinion.
Toncoin News and Update
The TON Foundation has announced that Trust Wallet will now accept Toncoin (TON). Thus this is in response to that. Users of Trust Wallet will soon be able to store and send Toncoin (TON), which is a significant step forward for the Toncoin (TON) network in this regard.
This is a substantial advancement for the Toncoin network. Despite this, the price of one Toncoin (TON) is currently at $1.98 despite continuing to struggle.
TON Token Value
TON’s value comes from its use cases. For example, users who plan to sell cryptocurrencies must pay a commission fee of 0.9%, while purchasers are not required to pay any transaction costs. Because of this, the wallet is suitable for use in day-to-day life.
Toncoin is accepted as payment for several services and applications running on the TON network. The TON ecosystem is highly malleable because it allows for the development of new decentralized applications (dApps).
How to Buy TON Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including TON, users can now trade easily and seamlessly. To purchase TON tokens on CoinEx, follow the steps below.
- To access your CoinEx account, visit the website or launch the app and enter your email and password.
- Put funds in your account to purchase TON. You can deposit the funds via bank transfer, credit card, etc.
- Once you have funds in your account, you may buy TON coins by going to the TON trading page and choosing the trading pair you wish to use.
- Tokens (USDT, BTC, ETH, and CET, etc.) can be exchanged for TON. Put in your order and the quantity you want to buy.