Contents:

What is Toncoin (TON)

Written by
Elizabeth Wright
Updated on
July 2, 2023
8 min read

There are numerous blockchain-based projects within the crypto space that aim to revolutionize the industry in some way.

Some are built as a Layer-2 scaling solution for pre-existing blockchains, while others create their own network, and these are categorized as Layer-1.

One such project is Toncoin (TON), which is a cryptocurrency that is used across the Open Network and aims to streamline cryptocurrency payments directly on top of the Telegram platform.

Today, we are going to be diving into everything cryptocurrency traders and enthusiasts need to know surrounding cryptocurrency and how it aims to accommodate any transaction complexity on both its master blockchain and its work chains.

Introduction to Toncoin and The Open Network

Toncoin (TON) is the native cryptocurrency used throughout the Open Network blockchain.

Open Network is a Layer-1 blockchain that operates through the utilization of the Proof-of-Stake (PoS) consensus model.

Toncoin was developed as a means of handling the requirements of millions of users and enabling them the ability to make transactions easily. Additionally, the cryptocurrency can get stored within a Toncoin wallet.

The TON cryptocurrency is primarily utilized by investors, as it focuses on providing a convenient way through which anyone can interact with the coin, and there’s also simple integration through an easy application. TON enables users to buy, sell or store it easily.

What is Telegram, And What Is The Connection?

To truly understand the Open Network, and the TON coin as a whole, we need to look at Telegram as a whole.

Telegram is essentially a message application that is globally accessible, cross-platform, encrypted, and cloud-based.

An image surrounding the Telegram logo.

It is a centralized solution that aims to provide users access to an instant messaging service. However, the application also provides end-to-end encrypted chats alongside access to video calling: VoIP, file sharing, and even other features.

Telegram aimed to create the blockchain and cryptocurrency, but things initially took a different turn.

History of Toncoin (TON) and the Ton Network

In 2018, there was news that Telegram aimed to create its own blockchain, dubbed the Telegram Open Network.

Pavel Durov and Nikolai Durov were the original founders of Telegram and, as such, of the Toncoin (TON) cryptocurrency.

Telegram's original scheme was banned by the US Securities and Exchange Commission (SEC) in March 2020 due to the fact that the SEC claimed the sales of the digital coin would essentially constitute securities offerings without any registration exemption available.

Telegram gave up on the project. However, two developers pushed it forward. Anatoliy Makosov and Kirill Emelyanenko would take over the development of TON through an open-source community known as Newton.

The community would vote to fully launch and rename the Newton community as The Open Network (TON) Foundation.

Toncoin guide: What Does Toncoin Aim to Achieve?

Toncoin (TON) has evolved throughout its time in the crypto space from a transaction-focused cryptocurrency to a full ecosystem that provides decentralized storage, services, a domain name system as well as an anonymous network, all of which powers the instant payment platform.

Additionally, TON was built to fuel the blockchain ecosystem surrounding Telegram. It is utilized for transaction fees and secures the blockchain through a procedure of staking and settling payments.

TON Performance on The Open Network

TON is a multi-chain project, which means that different blockchains are issued as a means of increasing the overall scalability of the project whilst also maintaining its security.

This is due to the fact that there are essentially two blockchains behind the project. These are the Master blockchain or the Masterchain, and the second is the working blockchain or the Workchain.

The Masterchain is responsible for handling all of the important and vital data for the protocol, including the parameters as well as the current values. This includes all of the details, such as the addresses of the validators, as well as the coin stake quantities for validations. Furthermore, it features all of the data of the various Workchains and Shardchains.

The Workchain contains all of the transaction information, as well as the various smart contracts which are recorded. However, each Workchain can have different rules. This means that addresses with different formats, different transaction formats, as well as different Virtual Machines (VMs) are dedicated to specific smart contracts. It is due to this that the TON blockchain can be called heterogeneous.

Shardchains are essentially subsequent fragmentations of Workchains and retain the same characteristics as a result of this. This is a type of blockchain development called a vertical, where in practice, each block of the Masterchain essentially becomes a Workchain that contains all of the transaction information.

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

When we go over the historical value of the Toncoin (TON) cryptocurrency, the cryptocurrency had its 90-day low at $1.33, with its 90-day high at $2.86.

In terms of the 52-week low, it was at $0.7582, while the high was at $2.96. Additionally, its 7-day low was at $2.24, with its 7-day high at $2.63. The cryptocurrency reached its all-time high on November 12, 2021, at a value of ​​$5.29.

It is also important to note that the future value of any cryptocurrency cannot be predicted with 100% accuracy.

However, Toncoin (TON) is a solid project that's fairly new in the blockchain space and has indeed seen a high level of development and appeal from investors and traders. As of January 29, 2023, the cryptocurrency has a market cap of $3,035,372,300 and is at the 25th rank when it comes to the top 100 cryptocurrencies based on the size of its market cap.

Trading Toncoin (TON) With Atomic Wallet

In 2022, Atomic Wallet added support for the TON Blockchain. Toncoin features ultra-fast transactions, low fees, as well as many native applications.

Anyone using Atomic Wallet is able to manage and exchange the ERC-20 version of TON, with mainnet support coming throughout 2023.

Atomic Wallet is a non-custodial, decentralized wallet, which means that each user has the ability to own their own backup phrase and even gain access to their private keys as a means of maintaining the highest level of control when it comes to their cryptocurrencies.

All users need to do in order to begin investing or trading the ERC-20 version of TON is to head over to the Atomic Wallet website. They can also manage Ethereum, XRP, Litecoin, and XLM, as well as over 300 different coins and tokens.

The wallet can be accessed in numerous ways, from the desktop to mobile devices, through downloading official applications. All users need to do is then swap straight from their TON wallets.

Toncoin Use Cases

Ton has a block time of 5 seconds, with a time-to-finality of under 6 seconds. The simple transaction performance is high, and so is the complex transaction performance. The cross-shard communication is near-instantaneous.

TON Network Utility In The Ecosystem

Some of the key use cases surrounding TON are its utility within the ecosystem of applications that are available, and it can also be used for payments or with smart contracts.

Participants within the network can use TON to pay for the network’s overall transaction fees. Users can even stake their TON cryptocurrencies and secure the network, after which they will receive block rewards.

TON Wallets

Additionally, TON token also features its own TON wallet, which is one of the many TON wallet options available. The TON Wallet lets users make fast and secure blockchain-based payments without intermediaries.

Moving Forward With Toncoin (TON)

We have gone over just about everything any cryptocurrency investor, trader, or enthusiast needs to know surrounding the functionality as well as the history of Toncoin (TON).

This is a project that originally hit a few bumps in the road with the SEC. However, it was ultimately revived by the community and now strives in terms of performance.

Anyone interested in cryptocurrency can easily gain access to it and become a part of the ecosystem through staking or through using it with the numerous applications available within its ecosystem.

Frequently Asked Questions (FAQs)

What Can You Do With TON Token?

Any holder of the TON cryptocurrency is able to pay for transaction fees or can stake the cryptocurrency and secure the network, after which they can receive block rewards.

Is TON Coin Profitable for Investors?

Toncoin (TON) is one of the top-gaining cryptocurrencies and is generally considered to be profitable. However, it is important to note that all cryptocurrencies carry a high level of volatility associated with them, and as such, there is never any guarantee that a cryptocurrency can increase or decrease in terms of value.

When Was TON Coin Created and Who Created It?

Toncoin (TON) is a cryptocurrency that was initially created in 2018 by the founders of the Telegram instant messaging application. Pavel Durov and Nikolai Durov began the project, but it was revived by Anatoliy Makosov and Kirill Emelyanenko.

How Many Toncoin Coins Are Currently in Circulation?

Toncoin (TON) has a circulating supply of 1,221,401,181 TON coins as of January 2023.

Resources:

Official Toncoin Website

Access all of the information by visiting the Official Toncoin Website Here.

Official Toncoin Whitepaper

Get the most in-depth info about Toncoin through the official whitepaper.

CoinMarketCap

Stay in the loop about the value, historical performance, market cap, and circulating supply through CoinMarketCap.


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