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History of TonCoin

In 2013, Telegram Messenger was released by brothers Pavel and Nikolai Durov. In 2018, the team began exploring blockchain solutions for Telegram Messenger.

This led to the development of “The Open Network” or “Telegram Open Network” (TON) blockchain and its native cryptocurrency called Gram.

In 2018, a private sale of GRAM tokens by Telegram was held, generating $1.7 billion. Two TON testnets were launched respectively in January and November 2019.

Following the SEC's litigation regarding the GRAM sale, Telegram subsequently shut down TON test network and withdrew from the project in 2020.

Two developers Anatoly Makosov and EmelyanenkoK took over the development of TON through an open-source community called Newton in 2021.

Newton was later renamed The Open Network with the token named Toncoin.

Overview of TON

TON, formerly known as GRAM, is an Ethereum-based blockchain project with a Proof of Work and Proof of Stake consensus mechanism. TON is designed for easy and fast transactions. It is cheap and user-friendly.

With the ability to produce millions of transactions per second, the TON blockchain can create a true Web 3.0 with decentralized storage, instant payments, and numerous other decentralized services.

In-app payments are the most important promise of the TON ecosystem for its users. Developers never want to lag behind what is taken by Whatsapp and even desire to have one step beyond these projects.

About TON token

TonCoin (TONCOIN) is a token used within TON blockchain-based ecosystem.

It is used for on-chain activities, such as becoming a validator; transaction fees, gas payments, storage payments. In addition, persistent storage payments are usually collected in TON coins.

The maximum supply of this utility token is 5 billion, with 2.24% of the supply held by validators and the other 1.5% owned by the TON Foundation (equivalent to 74.9 million tokens). TON currently has a circulating supply of 1.22 billion tokens and a market cap of $1.28 billion.

Use cases for Toncoin

As the TON ecosystem increasingly expands, Toncoin’s impacts on the new economy and Web3 are gradually more prominent with its following use cases.

Commission for on-chain transactions with smart contracts
Payment for services on the platform
A necessity in TON's on-chain governance program
Payment for producing extra currencies
Stakes of validators to maintain the blockchain
Lending for nominators in exchange for a share of their rewards
Fees for cross-chain transactions
Payment for blockchain-based domain names (DNS)
Payment for decentralized data storage

How TonCoin works

The TonCoin platform operates based on the following major elements:

TON Blockchain: A single blockchain with a scalable and flexible architecture consisting of the main chain and up to 292 associated blockchains, ensuring that it can process millions of transactions per second.
TON Payments: A micropayment platform and channel for instant off-chain value. The protections built into the system ensure that these transfers are as secure as those on-chain.
TON Proxy: An anonymous layer/network proxy for TON nodes, allowing decentralized VPNs and blockchain-based TOR alternatives to achieve anonymity and protect online privacy. In addition, TON Proxy provides decentralized applications with immunity to censorship.
TON DNS: Making blockchain mainstream by assigning human-readable names to accounts, smart contracts, services, and network nodes.
TON Storage: A distributed file storage technology accessible through the TON P2P Network, relying on smart contracts for availability, storing and exchanging large amounts of data.
TON Services: Providing a flexible platform for third-party services. It offers smartphone-friendly interfaces for decentralized applications and smart contracts, as well as the same decentralized web experience as the regular web.
TON Workchain: Including a masterchain and up to 232 work chains with different rule sets, which means different formats of account and transaction addresses, virtual machines for smart contracts and underlying cryptocurrency.

Features of TON

With its final goal to make the exchange of value as easy as the exchange of information, TON has listed some key development principles:

Speed and scalability are required to handle millions of transactions per second, provide an unlimited number of active users, and maintain the operation of multiple applications.
Intuitive user interfaces are promoted, making it convenient and easy for anyone to buy, store and transfer assets.
Decentralization is a necessity to ensure reliability, stability, and safety.

Outlook on TON

The development of the project and its ambitious vision of creating an easily accessible, decentralized blockchain ecosystem have helped TON receive positive responses in the crypto community.

The TonCoin token is currently independent of Telegram and with its right go-to-market strategy, it certainly builds something epic in the forthcoming future.

Explore all the trending topics and hottest news in the crypto market with our Blogchain.

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TonCoin (TON): The Open Network

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