Toncoin | TON & Telegram ๐ฝ
ืืขืืืื
Today we're delving into a blockchainย project that's been making waves,Theย Open Network
You might already beย familiar with Telegram Messenger,ย but
did you know they have their very own layer1 blockchain?
Letโs kick things off with a bit of history
It all began when the Telegram Messenger,team set out to find blockchain solutionsย that they could easily integrate into theย messaging platform and support their userย base. When they couldn't find one that fitย the bill, they decided to create their own.The team, led by brothers Nikolai and Pavel Durov,first unveiled the Telegram Open Network,TON, and its cryptocurrency, โGramโ,ย back in 2018. Its launch gained a lot ofย attention and raised a very impressive
$1.7ย billion in a token sale, making it one of theย most successful cryptocurrency ICOs in history.
With all this support and funding, theย Telegram team got to work on buildingย this new Layer 1 blockchain, but justย as TON was on the brink of completion,ย ย the US Securities and Exchange Commissionย aka SEC stepped in with legal action,ย accusing Telegram of an unregisteredย
securities offering. A legal battle ensued,but in 2020, Pavel Durov announcedย Telegram's exit from the project.
After a hefty $18.5 million settlement withย the SEC, the team issued refunds to investorsย and stopped development of TON and support ofย its testnet, often referred to as โtestnet2โ.At that time, TONโs code was open source and widely accessible on GitHub which meant thatย anyone could contribute. Deciding that theย project just had too much potential to waste.
A small team of developersย led by Anatoliy Makosov,ย a software developer,and Kirillย Emelyanenko, a programmer with aย ย Ph.D. in Physics and Mathematics, decidedย to step in and continue TONโs development.Both developers are still part of the TONย Foundation team and handle core development.
While the current network isย completely independent from Telegram,ย in 2021 Pavel Durov expressed hisย happiness that the project wouldย continue and wished the new team success.
Fast forward to 2021, and the Telegram Openย Network got a small makeover. The originalย
testnet2 by the Telegram team became Mainnet,ย the new TON team was rebranded to TON Foundation,ย and the whole project was renamed to The Openย Network - an effort to keep its name as TON. Now, letโs dive into how this blockchain works.
The Open Network uses a combination ofย a proof-of-stake aka POS consensus mechanism,ย sharding, and a virtual machine toย ensure that it is fast, flexible,ย and cost-effective. Because of this, TONย claims it can support millions of usersย and process millions of transactionsย per second.Sharding, a newer approach to scalability,ย splits the network into interconnectedย pieces that still run independently,ย allowing multiple transactions to run inย
parallel. TON also implements dynamic sharding,ย ย which means the network is able to split or mergeย these pieces depending on the networkโs load.
letโs not forget TONโs virtual machine,ย which is bringing some new concepts to theย ย
table. Take for example, that TONโs feeย model charges the contract developerย instead of users to fund operations. Eachย mart contract holds a TON token balance,ย which it uses to pay for its own resource costs. Another example is the asynchronousย architecture that the TON network usesย to process multiple transactionsย independently from each other.
So what is TON doing differently that setsย it apart from other L1 blockchain solutions?
At the top of the list is the networkโsย ability to connect with Telegramโs largeย user base. In 2022, the applicationย had over 700 million monthly activeย users and projects to have overย 1 billion by the end of 2023.Since day one, seamlessly bridgingย blockchain technologies and distributedย services to the everyday userย was part of the whitepaper.
One key step in this is the integrationย of the self custodial TON based cryptoย wallet to the platform, where users can nowย send, receive, buy, and swap Toncoin directlyย within Telegram. TON'sย ecosystem also boasts a lineup of game changers,ย including TON Storage for decentralized fileย storage, TON Proxy to safeguard your IP,ย ย and TON DNS to rename your TON walletย address to human-readable names.
But it doesnโt end there. You can also useย TON Payments for seamless transactions,ย ย and TON Bridge to connect withย different blockchain networks.Telegramโs ambitious plans seem to mimic WeChatโs,ย and many have taken notice. After all, WeChat,ย with well over 1 billion monthly active users,ย earned the title of the first super-app when itย ย
seamlessly integrated instant messaging withย a digital wallet, and then further expandedย ย
their list of available services to includeย games, live streams, e-commerce, and more.
If thatโs the case then TON and Telegramย have quite the journey ahead of them.ย
Now letโs talk about Toncoin, or TTON whichย is the native and utility token of TON. Itโsย used for transaction fees, staking,ย and gas payments. TON is also a DAO,ย meaning users who hold TTON can vote onย any proposals.
The price of Toncoin is $2.4 today with a 24hour trading volume of 12 million dollar. This represents a 1.3% price increase in the last 24 hours and a 8% price increase in the past 30 days. With a circulating supply of 3.5 Billion TON, Toncoin is valued at a market cap of 8.3 billion dollar. still 54% down since ATH but it easily can hit 4-5$ in 2024
buckle up, we got an insane year a head of us
You might already beย familiar with Telegram Messenger,ย but
did you know they have their very own layer1 blockchain?
Letโs kick things off with a bit of history
It all began when the Telegram Messenger,team set out to find blockchain solutionsย that they could easily integrate into theย messaging platform and support their userย base. When they couldn't find one that fitย the bill, they decided to create their own.The team, led by brothers Nikolai and Pavel Durov,first unveiled the Telegram Open Network,TON, and its cryptocurrency, โGramโ,ย back in 2018. Its launch gained a lot ofย attention and raised a very impressive
$1.7ย billion in a token sale, making it one of theย most successful cryptocurrency ICOs in history.
With all this support and funding, theย Telegram team got to work on buildingย this new Layer 1 blockchain, but justย as TON was on the brink of completion,ย ย the US Securities and Exchange Commissionย aka SEC stepped in with legal action,ย accusing Telegram of an unregisteredย
securities offering. A legal battle ensued,but in 2020, Pavel Durov announcedย Telegram's exit from the project.
After a hefty $18.5 million settlement withย the SEC, the team issued refunds to investorsย and stopped development of TON and support ofย its testnet, often referred to as โtestnet2โ.At that time, TONโs code was open source and widely accessible on GitHub which meant thatย anyone could contribute. Deciding that theย project just had too much potential to waste.
A small team of developersย led by Anatoliy Makosov,ย a software developer,and Kirillย Emelyanenko, a programmer with aย ย Ph.D. in Physics and Mathematics, decidedย to step in and continue TONโs development.Both developers are still part of the TONย Foundation team and handle core development.
While the current network isย completely independent from Telegram,ย in 2021 Pavel Durov expressed hisย happiness that the project wouldย continue and wished the new team success.
Fast forward to 2021, and the Telegram Openย Network got a small makeover. The originalย
testnet2 by the Telegram team became Mainnet,ย the new TON team was rebranded to TON Foundation,ย and the whole project was renamed to The Openย Network - an effort to keep its name as TON. Now, letโs dive into how this blockchain works.
The Open Network uses a combination ofย a proof-of-stake aka POS consensus mechanism,ย sharding, and a virtual machine toย ensure that it is fast, flexible,ย and cost-effective. Because of this, TONย claims it can support millions of usersย and process millions of transactionsย per second.Sharding, a newer approach to scalability,ย splits the network into interconnectedย pieces that still run independently,ย allowing multiple transactions to run inย
parallel. TON also implements dynamic sharding,ย ย which means the network is able to split or mergeย these pieces depending on the networkโs load.
letโs not forget TONโs virtual machine,ย which is bringing some new concepts to theย ย
table. Take for example, that TONโs feeย model charges the contract developerย instead of users to fund operations. Eachย mart contract holds a TON token balance,ย which it uses to pay for its own resource costs. Another example is the asynchronousย architecture that the TON network usesย to process multiple transactionsย independently from each other.
So what is TON doing differently that setsย it apart from other L1 blockchain solutions?
At the top of the list is the networkโsย ability to connect with Telegramโs largeย user base. In 2022, the applicationย had over 700 million monthly activeย users and projects to have overย 1 billion by the end of 2023.Since day one, seamlessly bridgingย blockchain technologies and distributedย services to the everyday userย was part of the whitepaper.
One key step in this is the integrationย of the self custodial TON based cryptoย wallet to the platform, where users can nowย send, receive, buy, and swap Toncoin directlyย within Telegram. TON'sย ecosystem also boasts a lineup of game changers,ย including TON Storage for decentralized fileย storage, TON Proxy to safeguard your IP,ย ย and TON DNS to rename your TON walletย address to human-readable names.
But it doesnโt end there. You can also useย TON Payments for seamless transactions,ย ย and TON Bridge to connect withย different blockchain networks.Telegramโs ambitious plans seem to mimic WeChatโs,ย and many have taken notice. After all, WeChat,ย with well over 1 billion monthly active users,ย earned the title of the first super-app when itย ย
seamlessly integrated instant messaging withย a digital wallet, and then further expandedย ย
their list of available services to includeย games, live streams, e-commerce, and more.
If thatโs the case then TON and Telegramย have quite the journey ahead of them.ย
Now letโs talk about Toncoin, or TTON whichย is the native and utility token of TON. Itโsย used for transaction fees, staking,ย and gas payments. TON is also a DAO,ย meaning users who hold TTON can vote onย any proposals.
The price of Toncoin is $2.4 today with a 24hour trading volume of 12 million dollar. This represents a 1.3% price increase in the last 24 hours and a 8% price increase in the past 30 days. With a circulating supply of 3.5 Billion TON, Toncoin is valued at a market cap of 8.3 billion dollar. still 54% down since ATH but it easily can hit 4-5$ in 2024
buckle up, we got an insane year a head of us
ืืขืจื
The TON20 inscription similar to BRC20 caused the TON blockchain to generate more than 2 million transactions in half an hour, and the network usage increased by 61x. The TON network was severely congested and verification was delayed. Major wallets have temporarily suspended the service.ืขืกืงื ืคืขืืื
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