TON Blockchain
Lets come from past history of “Telegram Open Network” was it’s precious name change to “The Open Network”. TON Blockchain, which represents The Open Network is an elite presentation, decentralized, layer-1 blockchain. Established by telegram in 2018, it is a proof-of-stake (PoS) network that is notable in the crypto community for its quick transaction speeds. During a challenge in September 2021, the TON recorded 55,000 transaction per each second. In any case, today, it can handle a great millions of transaction per each second.
The Open Network TON is a fundamental infrastructure which is scalable of multi-blockchain platform designed for support the creation and it’s operation of decentralized applications (dApps) and Smart Contracts. Utilizing the proof-of-stake Using the verification of-stake agreement instrument, it can hypothetically uphold up to 2^92 going with blockchains.
This project was making boom on the crypto market and got so much popular that’s even before there was an official ICO for the project. As it’s tracking popular few fraud people strated fake ICOs promoted on Twitter. Then Finally, CEO, Pavel Durov, the founder has announced an official ICO.
The founder brought this case in court to fight, but unfortunately lost the case and started giving hope for investors of returning $1.2 billion, have to pay $18.5 millions in penalty. After incredible losses, the project was abandoned. A new way was implemented the project has it’s open source and which is available on GitHub. The developers team and crypto enthusiasts saw the potential of the project. Since then, the reborn of TON Foundation, by group of supporters and its independent community of telegram, has been developing TON and new rename took place from “Telegram Open Network” to “The Open Network”.
Table of Contents
What blockchain is on TON Blockchain?
The Open Network (TON) is a fastest transaction decentralized and open internet platform made up of with several components. Which include, TON Blockchain, TON DNS, also have TON Storage, and TON Sites. TON Blockchain is the main core of protocol that connects TON’s underlying infrastructure together to form it’s the greater TON Ecosystem.
The main focused of TON is on achieving wide-spread and cross-chain interoperability, while focusing on operating into a highly scalable secure framework. TON development is designed to process millions of transactions per second i.e. (TPS), with the objective of ultimately reaching at a huge hundreds of millions of users.
TON Blockchain is designed as a distributed among the community and investors a super computer, or “superserver,” planned to give a variety of products and services to contribute toward the development of the decentralized vision for the next level on new internet.
Who is the founder of TON coin?
TON was founded in 2018 by the Durov brothers, who are also the founders of Telegram instant messenger app. Pavel Valeryevich Durov born October 10, 1984. Durov has Founding VK in 2006 and Telegram Messenger in 2013 as CEO. Pavel Valeryevich Durov also listed on the Forbes magazine as a Billionaires in 2022, net worth of $15.1 billion. As historically data Durov was the 104th Richest person in the world as of September 2022.
What Is Decentralized Finance Toncoin Used For?
The decentralised TON token plays several important roles on the Toncoin Blockchain Technology. It has TON payment, TON Proxy, TON DNS, TON Storage, TON Staking, TON Governance.
TON Payments & TONCoins:
Paying for Transaction Fees Launched on June 30, 2022. TON Payments transaction can be used for instant off-chain value transfers between bots, users, and other services.
Toncoin is the fastest growing principal of cryptocurrency world “The Open Network” (TON) blockchain. In particular of network like its masterchain and basic workchain. TONCoins is used for transaction fees and securing the blockchain through staking. It’s also used to deciding how the network develops, transction gas payments i.e. also having smart-contract message processing fees, and fast settling payments.
Toncoin Governance:
TON is likewise utilized as an governance token for the Toncoin blockchain. Each and every individual who claims TON can partake in deciding on part in voting on proposals for the fate of the Network. The result of the vote is that almost 20% of the Toncoin supply is locked for a considerable next 4 years length of time.
TON Staking
Investors in Toncoin can likewise stake their TON tokens to approve exchanges on the network. The blockchain utilizes a comparative proof- of-stake approval component to Ethereum and other significant major network.
Staking for Toncoin is as of now accessible directly on the network or through a major several significant crypto trades, including Binance. Investors who stake TON can benefit additional extra tokens as a rewards.
TON Proxy:
A Network proxy like a intermediary and anonymizer layer intended for TON nodes. TON proxy is likened to the Undetectable Web Undertaking Invisible Internet Project (I2P) and works with the production of decentralized VPN service and blockchain-based TOR. This capacity upgrades online security and offers assurance against control towards the assistance of decentralized applications which might be more impervious to restriction. As of September 30, 2022, TON proxy has been made viable with HTTP proxy.
TON DNS:
On June 30, 2022 Launched by the TON Foundation. TON DNS operates and works on the same way as similarly to domain names associated with other cryptocurrencies, and service offering “.ton” as its domain zone. The program assigns intelligible names to accounts, smart contracts, services, and network nodes. This assistance works on the method involved with getting to decentralized applications by permitting clients to utilize short and straightforward space names as opposed to long strings of alphanumeric characters. The Domain names can also be associated as related with wallet addresses.
TON Storage:
On December 31, 2022, launched TON Storage, a decentralized files storage system, was introduced. The file storage system of TON Storage is a distributed which accessible through the TON P2P Network, resembling torrent-like technology that utilizes on smart contracts for reliability. TON provides high security a platform for the storage to exchange large amounts of data using the TON blockchain network, in an effort to eliminate the need for centralized for the category on web servers.
TON The Gateway’s Golden sponsors
The TON Gateway is excited to announce two more Golden sponsors KuCoin and MEXC Ventures, will joining the forefront of the event.
MEXC Ventures
MEXC Ventures, the investment arm of leading top 17 listed on CoinMarketCap it’s “MEXC Exchange”. It’s committed to supporting advancement in the crypto market space. As a strategic partner of TON, it supporting multiple TON Ecosystem projects such as Megaton Finance, TON Play, TON Fura, TON Fanzee.
MEXC Exchange has already set and launched a TON collateral lending service on November 12 and eliminate trading fees for Toncoin.
KuCoin
KuCoin, is famously known as the People’s Exchange. It is a leading global cryptocurrency Exchange serving over more then 30 million users across 200+ countries in the world of crypto market. It has been recognized as one of the Best Cryptocurrency Exchanges in current year i.e 2023 by Forbes Advisor and 24/7 multi-language customer support.
KuCoin is a the best Exchange for crypto trading, with more than 700+ digital assets and have a vast selection over 1,200 trading pairs, which including the world premiere listings of 200+ projects.
Pros and Cons for TON Blockchain
- Decentralization
- Smart Contracts
- Proof of Stake (PoS)
- Scalability
- Token Variety
- New and Unproven
- Dependency on Telegram
- Competition
- Regulatory Challenges
- Adoption and Network Effects
Frequently Asked Questions (FAQs)
TON Blockchain, short form The Open Network Blockchain, is a decentralized network designed for smart contracts and financial applications. It supports the creation of various types of tokens, both fungible and non-fungible.
TON operates on a Proof of Stake (PoS) consensus algorithm, emphasizing scalability and efficiency in financial activities. It uses a virtual machine to manage the network’s state and enable communication with external applications and contract accounts.
The Proof of Stake (PoS) agreement in TON is chosen to create a versatile blockchain network that can handle a enormous large number of users without slowing down. It’s also an environmentally friendly approach compared to the traditional Proof of Work (PoW) consensus.
TON Blockchain permits the production of both fungible and non fungible tokens . Many decentralized finance projects convey their solution on this network, making it adaptable for different monetary applications.
Developers interested in TON can explore its documentation and resources to understand how to deploy applications and smart contracts on the network. TON provides a platform for developers to contribute to the growth of decentralized finance and blockchain technology.
According to publish in official Website sources, currently there were over 3 millions account on the TON Blockchain as they update on latest report. Which indicating a rapid growth of 143% from the previous year. Additionally, there are over 700,000+ active accounts on TON Blockchain.
