What is Toncoin (TON)

The Open Network Coin (TON) is the second attempt to build a global social media-based coin; the first was when Facebook tried to build the Diem coin, which never saw daylight. During the development of $TON coin, the team discovered how regulation compliance was a hurdle, shedding more light on why most social media platforms have remained unmotivated to explore digital currency payment options for their platforms. 

Generally speaking, numerous blockchain-based projects are pushed into the market daily, each claiming to solve a problem that revolutionizes the industry. These blockchain-based projects have since been categorized into groups, namely, Layer zero(L0), Layer one's (L1), Layer Two's (L2), and Layer Three's (L3). Layer zero blockchains refer to the foundational protocols that provide the primary infrastructure, such as base-level architecture and design, for other blockchain networks, especially for Layer 1 blockchains to be built. Examples of Layer zero blockchains are Polkadot(DOT) and Cosmos (ATOM). 

L1 blockchains, even though closely related to L0s, are different. While these blockchains form the base layer of the blockchain ecosystem, they also have their independent networks, protocols, and consensus mechanisms. They serve as the primary ledger and support the entire ecosystem built on top of them, including applications, smart contracts, and other layers. Example of Layer one blockchains are Ton, Bitcoin, Ethereum, etc.

TON Blockchain is a layer1 blockchain whose native currency is called $TON coin.  

Introduction to Toncoin and The Open Network

Toncoin (TON) is the native Cryptocurrency used throughout The Open Network blockchain. The TON Blockchain runs a Proof of Stake (POS) consensus mechanism to ensure security while verifying transactions on the chain. $TON coin users must get an online TON wallet to store TON crypto. The Ton wallet also allows for smooth transactions within the Ton ecosystem. 

What is Telegram, and what is its connection with TON? 

Telegram is a messaging app that can be used anywhere and on any device. The app is secure and works across different platforms like smartphones, tablets, computers, and web browsers. The instant messaging app stores encrypted messages in the cloud securely. Telegram was launched in 2013 by brothers Nikolai and Pavel Durov, and its servers are spread across multiple global data centers. Its main office is in Dubai, United Arab Emirates. Telegram has become the leading instant messaging app in various regions of Europe, Asia, and Africa. 

Who Is the Founder of TON Blockchain

The Open Network and Telegram are closely related, as the founders of Telegram were the initial pioneers of the TON project. Nikolai and Pavel Durov Started the Ton Blockchain Project. Many crypto natives initially mistook the open Network (TON) to mean Telegram Open Network, which was the case initially, but it changed. 

History of Toncoin (TON) and the Ton Network 

In 2018, the Durov brothers, Nickolai and Pavel, aimed for an effective blockchain to support the massive users on Telegram. Along these lines, they launched a GRAM project after a total sum of $1.7 billion (about $5 per person in the US) was raised through a private ICO. After the money had been raised, the main components of the blockchain, together with the white paper, were developed. In 2019, the Ton network, previously known as Gram, was launched as a test in preparation for the main launch. 

However, just before the main launch in October, the United States Security and Exchange Commission (SEC), which saw TON as a security, imposed penalties, becoming a heavy challenge for TON. They took legal action against the telegram open network (TON) community team, alleging that the community illegally offered tokens to the US and other countries during the ICO.  Frustrated by the ongoing legal battles and unfriendly SEC policies, Pavel Durov abandoned the project in 2020. 

That same year, the project was transferred to independent developers from an open-source community known as Newton. Clever Nod, Anatoly Makosov, Kirill Emelyanenko, and other developers worldwide who later joined took on leadership roles, continuing Ton's development under the NewTon Foundation. Subsequently, the community voted to fully launch and rename the Newton community as The Open Network (TON) Foundation. 

Toncoin guide: What Does Toncoin Aim to Achieve? 

Toncoin was built to facilitate Telegram in-app transactions and provide a fast, secure, and reliable decentralized payment structure. Although the primary purpose of creating Ton Blockchain and Ton crypto coin was payment, it has evolved into a full-package ecosystem, supporting decentralized storage, dApps, and anonymous domain name systems. 

Crypto $TON Performance on The Open Network

TON is a multi-chain project, which means that different blockchains are issued to increase the project's overall scalability while maintaining its security. On the Ton blockchain, it's more like several independent blockchains (shard chains, work chains, master chains) working hand in hand to provide overall Ton blockchain services. 

How Ton Blockchain Works 

Two categories of blockchains make Ton what it is. They are the Master blockchain, otherwise known as the Master Chain, and the working blockchain, alternatively known as the Work Chain.

Masterchain

The Masterchain is responsible for handling all the important and vital data for the protocol, including the parameters and current values. It oversees the overall functionality of the chain, such as the addresses of the validators, coin stake quantities for validations, etc. It also features all the data on the various work chains and shardchains.

Workchain

The Workchain contains all the transaction information and the various smart contracts that are recorded. However, since each work chain is independent, it can have different rules. Such differences can be seen in its address formats, transaction formats, and Virtual Machines (VMs) dedicated to specific smart contracts. Due to its extensive ecosystem, crypto natives have resorted to calling TON Blockchain a heterogeneous chain. 

Shardchain

Shardchains are a type of blockchain scaling solution where the network is divided into smaller, more manageable pieces called "shards." Each shard operates like its own mini-blockchain, handling a portion of the network's transactions and smart contracts. With shard divisions, the blockchain can process many transactions in parallel, significantly increasing its overall capacity and speed. 

Shard chains help reduce congestion and improve efficiency, making the network more scalable. On Ton, shardchains are smaller segments of Workchains. They are designed using a type of blockchain architecture called "vertical development." This approach allows the network to handle transactions more efficiently by processing them within these fragmented parts, leading to faster and more scalable operations within the Ton blockchain.  

TON Price History, TON Price Prediction, TON Supply, and TON Market Cap

Toncoin has a Maximum supply of 5,110,369,370 and a circulating supply of 2,518,493,868. On June 15, 2024, the $TON coin reached an all-time high of $8.25, a remarkable increase of approximately 1105.8% from its all-time low of $0.5194 on September 21, 2021. 

According to data from Coingecko, it has surpassed Doge and is now the ninth crypto project with the largest market cap. Toncoin (TON) currently has a market capitalization of $15,781,741,982 (about $49 per person in the US). The market cap is calculated by multiplying the token price by the circulating supply, which for TON is 2.5 billion tokens tradable on the market today. 

The future of any project cannot be predicted with 100% certainty. Notwithstanding, the TON model and growth trajectory have gathered so much support and love, especially with the backing of the social media giant Telegram. Hence, the future looks good for TON as it continues to roll out more developments. 

Trading Toncoin (TON) With Atomic Wallet 

In 2022, Atomic Wallet added support for the TON Blockchain. Toncoin features ultra-fast transactions, low fees, and many native applications. Anyone using Atomic Wallet can exchange and manage the ERC-20 version of TON.  

Atomic Wallet is a non-custodial, decentralized wallet, meaning users have full ownership of their backup phrases and private keys, ensuring maximum control over their cryptocurrencies. To start investing or trading the ERC-20 version of TON, users simply need to visit the Atomic Wallet website or application from desktop or mobile devices and follow the necessary steps to swap $TON straight from their private TON wallets. In addition, users can also manage other crypto assets like Ethereum, XRP, Litecoin, XLM, and over 300 coins and tokens. 

Features of TON Network 

Ton Network is known for its outstanding features and design. Some of these features include but are not limited to the following; 

Ton Blockchain 

TON blockchain is flexible and highly scalable, offering advanced smart contracts, micropayments, and unique features like instant hypercube routing. These innovations ensure that the TON blockchain remains fast, secure, and reliable. 

TON Storage 

Ton provides a distributed storage system for files, archived block copies, state snapshots, and more. It operates like a torrent, allowing users to efficiently access and share data across the network. 

TON Proxy 

Ton also provides anonymizing networks to conceal users' IP addresses and identities. It's beneficial for securely transferring large amounts of Cryptocurrency and protecting against DDoS attacks. 

TON Services 

Ton offers a range of functionalities with standardized interfaces accessible through browsers or mobile devices. Developers can create and launch smart contracts within The Open Network, leveraging the platform to ensure reliable and efficient operations. 

TON Payments 

Ton also provides a microtransaction channel designed to speed up asset transfers within the network and enable seamless and less-expensive payments for TON Services. 

Integration with Third-Party Applications 

TON allows seamless information exchange with external applications to encourage continuous disruptions. 

TON DNS 

In addition, Ton provides easy-to-remember names for accounts, nodes, services, and contracts through DNS services, making identification and interaction within the network simpler. 

TON DHT 

TON DHT, operating as a torrent tracker for TON Storage, serves as an entry point for TON Proxy, helping users locate services within the TON ecosystem. 

$TON Coin Utility and Use Case 

Toncoin is the native currency of the Ton blockchain, meaning that all transactions on the Ton chain would be facilitated with $TON cryptocurrency. Ton Coin would be used for all native transactions, including payment of gas fees, payment for proxy services, purchasing TON DNS domain names, transaction fees, mining, staking, and rewards.  

How To Buy $TON on Centralized Exchange

As of June 2024, Ton wasn't supported on either Binance, Kraken, or Coinbase, though it was already listed on Gate.io. Currently, Ton has been listed in these three centralized exchanges. On August 8, 2024, Ton was listed on the biggest centralized exchange, Binance. Below is how you can purchase Ton on a centralized exchange. 

• Select a Centralized Cryptocurrency Exchange: When buying Ton, the first thing to do is to select a reliable centralized exchange that lists the $TON coin. Meanwhile, it would help if you considered credibility, security measures, UX, fees, etc. When all these are considered, and you are convinced about the exchange, then you can go ahead. You could decide to go for Binance, Kraken, Coinbase, or Gate.io. 
• Create a crypto exchange centralized account: Most exchanges require you to provide an Email address/phone number, a unique password that is usually eight characters long, the country/region of residence, a referral ID (though this is optional), and then agree to their terms and conditions. When all these are done, go ahead and click on the sign-up button.  
• Verify Identity: Once an account is opened and you are logged in, centralized exchanges require identity verification to comply with the Know Your Customer (KYC) rules. 
• Fund your account: After verifying the account, you can deposit funds into your exchange account. You can fund your account through P2P provisions or fiat currencies like dollars or Euros. You must link your bank, credit, or debit card to deposit with fiat currency. Alternatively, you can easily fund your account by transferring Bitcoin, USDT, Ethereum, etc., from external wallets. 
• Purchase Ton: On Gate.io, for instance, users can buy TON directly via the "Buy Crypto" tab. In the buy tap, users are expected to put the exact amount they wish to spend on the Ton token. 

How To Buy Ton on Decentralized Exchange 

• Select a decentralized exchange wallet provider: It's always a good idea to use secure and reliable decentralized exchanges like Atomic Wallet. 
• To create a decentralized wallet, download the decentralized wallet app, open the app, and click on the "Create" tab. You will see either a 12 or a 24 passphrase, with instructions on how to secure them since they are instrumental for account recovery. Losing the passphrase to your decentralized account entails automatically losing your wallet and assets. 
• Fund your wallet: You can buy USDT, BNB, or any other token you wish from service providers or transfer it from a centralized exchange. 
• Connect your wallet: Connect your wallet to the desired decentralized exchanges where TON is listed, like UNI Swap. Click on the "Connect" button at the top right of the homepage. 
• Swap for Ton: While on the Pancakeswap website, locate "Trade" on the sidebar, then select "Swap" or "Exchange".  Choose the input currency, e.g., USDT, and select Ton as the output currency. Enter the amount of Ton you want to swap for, which will not exceed the input balance. Set the slippage tolerance, then confirm the swap. 
• Confirm Ton token: When the transaction on the pancake swap is completed, head back to your wallet and check if the TON coin arrived successfully. 

Frequently Asked Questions (FAQs) 

What Can You Do with TON Token? 

TON holders can pay transaction fees with TON. They can also stake TON cryptocurrency to secure the network on decentralized applications for block rewards incentives. Ton holders can also trade with Ton on any centralized exchange, hold Ton, and sell when the price must have increased massively.  Toncoin can also be used for network operations, transactions, games, or collectibles built on the Ton Blockchain. 

What is the best wallet to store TON Coin? 

There are several wallets where you can store Ton Coin, one on the Atomic TON Wallet. Telegram has also provided a dedicated Ton wallet, a bot on Telegram messenger that has been transformed into a convenient mini application. Its primary functions allow users to buy and sell Toncoin via a peer-to-peer (P2P) market. Beginning in May 2024, all users must complete identity verification to access all its features. Other wallets include TONKEEPER, TON HUB, SAFEPAL, and MetaMask. 

Is the $TON coin Profitable for Investors? 

Toncoin (TON) is one of the top-gaining cryptocurrencies and is generally considered profitable. However, it is essential to note that all cryptocurrencies carry a high level of volatility; as such, there is never any guarantee that a cryptocurrency can increase or decrease in value. Meanwhile, looking at the all-time low of Ton in September 2022, which is $0.519364, and the all-time high, which was $8.25 on June 15, 2024, you'd see that Ton has increased massively. Investors who had invested in Ton in 2021 must have earned ×10 of their capital. 

How Many Toncoin Coins Are Currently in Circulation? 

Toncoin (TON) has a circulating supply of 2.5 billion as of August 9, 2024. 

Can I Mine Ton?

Yes, you can mine Toncoin if you have the necessary resources. Since Toncoin operates on a proof-of-stake model, you need to stake a significant amount of TON to participate in mining. However, you can also stake your TON with platforms like Ton Stakers and others, allowing you to earn passively while they mine on your behalf.

Will Ton Coin Reach $10?

It's uncertain whether TON will reach $10, as cryptocurrencies are highly volatile and require careful investment. However, since Toncoin reached an all-time high of $8 in June, achieving ten dollars seems plausible.

How much is 1 ton coin?

1 $TON is valued at about $6 as at the time of publishing this article. Being a very volatile asset, the price keeps changing per second, depending on demand and supply.

Why Is Ton Coin So Popular

TON is popular because not only is it indirectly gaining the support of telegram, but it has also established lots of partnerships that keep driving its growth.

Conclusion 

Without a doubt, considering the continuous innovations and developments from the TON team, TON stands out as one of the most promising crypto projects, rivaling blockchain titans like SOL, ETH and BTC. Despite the growing anticipation, it's always crucial to invest wisely, as these assets are highly volatile and subject to the forces of demand and supply.

To stay abreast of continuous changes within the TON ecosystem, it’s advisable to follow TON's social media accounts and channels for the latest updates.