What is TON Coin? The article provides all the most detailed information about The Open Network project & TON Coin.
What is TON Coin (The Open Network)?
TON Coin is a Layer 1 blockchain platform that focuses on security, safety, and scalability up to millions of transactions per second.
In late 2017 and early 2018, TON Coi was founded and developed by the two Durov brothers, who are also the founders of Telegram Messenger Inc, with the mission of attracting millions of new users.
Project website: https://ton.org
Initially, Telegram planned to open the token sale of the TON Coin network (now called Telegram Open Network), GRAM, via ICO in 2018. However, this event was banned by the US Securities and Exchange Commission (US Securities and Exchange Commission). SEC) banned in March 2020 for violating securities services regulations in the United States.
In May 2020, Pavel Durov posted a notice about Telegram officially abandoning the project and offering refund options for investors. TheTON Coin Coin project was transferred to two developers Anatoliy Makosov and EmelyanenkoK, then developed into The TON Foundation, turning TON into a decentralized community.
Besides The TON Coin Foundation, the project also has The TON Society, a community for developers to research and create products.
What are the highlights of TON Coin?
The Open Network (TONCoin) is the center of the ecosystem, this blockchain has notable features such as:
TON Coin uses the Proof of Stake (PoS) consensus mechanism and the Byzantine Fault Tolerance (BFT) consensus algorithm.
TON Coin also develops its own Virtual Machine called TVM or TON VM.
Currently on the TON oinblockchain, there are a total of more than 89 million transactions, 1.4 million wallets (238% growth within 6 months), 224 validators.
TON Coin also believes that it is a more optimal blockchain in terms of scalability and transaction processing compared to the two major blockchains, Ethereum and Solana.
Up to now, TON Con is also developing an ecosystem:
TON Coin Blockchain: At the heart of the ecosystem, blockchain was created with the mission of serving millions of users.
TON Coin Services: Made up of many different small services, including:
TON Storage: Distributed data storage platform.
TON Coin DNS: Service that assigns user-readable names to accounts, smart contracts, services, and nodes.
TON Coin Proxy: Anonymous network access service and other services provided by TON.
TON Payments: Payment channel, instant transactions in the TON Blockchain network, thanks to the application of off-chain payments.
TON Cin Cross-chain Bridge: Cross-chain bridge between TON, Ethereum and BNB Chain.
In addition, there are many other dapps. See the whole thing here: https://ton.app
Detailed information about Toncoin
Key Metrics TON
Token Name: Toncoin
Ticker: TON
Blockchain: TON blockchain
Contract:
Ethereum: 0x582d872a1b094fc48f5de31d3b73f2d9be47def1
BNB Chain: 0x76a797a59ba2c17726896976b7b3747bfd1d220f
Token type: Native
Total Supply: 5,047,558,528 TON
Circulating Supply: 1,220,000,000 TON
TON Cin Token Allocation
The project does not share fixed allocation ratios.
Initially, 98.55% of the total token supply was allocated through mining (Proof of Work) to users who supported early from the testnet phase. At that time, about 200,000 TON were mined every day. After 2 years, the project switched to allocation through PoS.
TON Coin Token Sale
The initial Telegram Open Network version had an ICO sale of GRAM tokens and raised 1.7 billion USD.
However, the project was later canceled and the money was returned to investors in two forms. The new version of Toncoin does not organize any form of token sale.
TON Coin Token Release Schedule
TON is released to the community mainly through staking rewards.
Initially allocated in the form of Proof of Work, on February 28, 2022 the last TON oin was mined. After that, TON switched completely to PoS, Toncoin currently has an estimated inflation rate of 0.6% a year.
Benefits of holding TON Coi Coin
Toncoin is associated with the development of The Open Network. TON has the following main uses:
Transaction fees, network fees when interacting with smart contracts.
Project governance, holding TON to vote on important network decisions.
Used to pay service fees in TON’s ecosystem such as TON Services, TON Storage, TON DNS, TON Proxy…
Stake to ensure network security and receive rewards for validating transactions and creating new blocks.
How to earn and own TON Tokens
Currently, TON is no longer earned through mining. To own TON, investors can buy directly on CEX & DEX exchanges. Then continue to stake to receive more tokens.
TON Coin Token storage wallet & exchange
TON Token storage wallet
TON can be stored on native wallets or supported multi-chain wallets such as Coin98 Super Wallet, Tonhub, Ton Keeper, Ton Wallet or wallets on Ethereum and BNB such as Metamask, Trustwallet…
See more: Instructions for creating and using TON Coin wallet
Trading platform
TON can be traded on many CEX and DEX exchanges such as Kucoin, Gate, OKX, Uniswap, Biswap…
TON Coin project team
TON was previously founded by 2 a
