When the Durov brothers launched The Open Network, they had an ambitious goal: to create a fast and secure blockchain for millions of users. Tonсoin took a rocky path and now it has a rich ecosystem with hundreds of decentralized applications. With positive news, new partnerships and technical improvements in the TON network, the coin has grown by 258% in a few weeks in 2024. You can buy TON in your Bitbanker account.
History of Toncoin
What is toncoin
Toncoin (TON) is a cryptocurrency on The Open Network (TON) blockchain that is based on the Proof-of-Stake (PoS) consensus, which reduces energy consumption and increases network security.
Toncoin is used in transaction fees, staking and for network security.
Who founded toncoin
Telegram founders the Durov brothers launched The Open Network (TON) in 2018 and it has become one of the most scalable and fastest blockchains.
In the fall of 2023, the TON blockchain set a world record: a public test showed 100,000 transactions per second (TPS), and 108,409 TPS at the peak.
In 2020, the project had to be frozen: the US Securities and Exchange Commission (SEC) prosecuted Telegram based on Gram tokens allegedly being unregistered securities.
After 2020, the project was decentralized and handed over to the community: the TON code was opened and work on the project was resumed by the developers. They renamed the project to Toncoin.
When we at Telegram said goodbye to TON last year, I hoped that the community would continue to work on the project…. Today I am happy to see that the project lives and develops under a new name — Toncoin,
— Pavel Durov on the support of Toncoin.
Now TON is growing and developing: the network supports more than 600 decentralized applications (dApps), it is one of the major blockchain ecosystems.
What is Special About Toncoin
1. High scalability and speed
The TON blockchain has high capacity and low latency: it processes millions of transactions per second thanks to its sharding technology and multichain architecture. The average transaction confirmation time for the TON network is about 0.2 seconds. The TON is considered one of the fastest blockchains.
2. Proof-of-Stake (PoS) consensus mechanism
TON uses Proof-of-Stake (PoS) consensus to reduce energy consumption and increase network security. Network participants (validators) put their TON into the staking, so transactions are validated and the network is protected from attacks. This encourages users to participate in the network governance and maintain its stability.
3. Telegram Integration
Tone cryptocurrency is integrated into Telegram. Messenger users can instantly transfer the coins for instant transactions in the app, and bots @Wallet and @CryptoBot help store and send toncoin easily.
4. Multifunctionality and dApps support
TON supports the creation and use of decentralized applications (dApps) and smart contracts. Developers create complex solutions from financial applications to games and social networks. For example, Megaton Finance, STON.fi and Notcoin.
The FunC language is used to create smart contracts in the TON network, they are executed on Telegram Open Network Virtual Machine (TVM). The blockchain itself is written in the Fift programming language, which was specially developed for TON.
5. NFT and digital assets
NFTs and other digital assets are thriving in the TON network. On Getgems and TON Diamonds platforms you can create, buy and sell NFTs, participate in auctions and exhibitions. All this attracts artists and collectors.
6. Community and support
An active community of developers and users helps to expand the project and launch new features. The TON Foundation and other initiatives regularly hold events and create regional hubs for the mass adoption of TON.
When we talk about scalability and speed, TON appears to have the best technology. Our team writes flawless smart contracts because we are the ones who invented the smart contract language of our coin,
— Pavel Durov on toncoin’s capabilities.
How many toncoins are in circulation
As of May 2024, there are an estimated 3.47 billion toncoin (TON). Total emission is 5 billion coins. This means that a significant portion of the coins remains in reserve for future distribution and incentivizing participants.
How is the TON Network Secured
Proof-of-Stake (PoS)
The PoS mechanism requires validators to lock their coins by staking them to validate transactions. A minimum of 1 TON will be required for staking. Given the network fees, which vary from 0.02 to 1 TON, a total of two toncoins are needed to start staking. Compared to Proof-of-Work (PoW), PoS increases resistance to attacks because an attacker must own a large portion of all coins to attack the network.
Sharding
The technology divides the blockchain into multiple parallel chains (shards) to increase scalability and spread the network load. This makes centralized attacks more difficult: an attacker needs to attack multiple shards at once, which requires more resources.
Cryptographic protection
The TON uses cryptographic algorithms to protect data and transactions. All transactions are encrypted and verified with cryptographic keys, this prevents tampering or unauthorized changes. Multi-level mechanisms are responsible for data authentication and validation.
To support the decentralization and stability of the TON ecosystem, we have developed a strategy that will prevent too many coins from being concentrated in the hands of a single participant,
— Pavel Durov on the decentralization and stability of TON.
Investing in TON
The TON project attracts investors due to its innovative technology and growth potential.
You can buy TON on Bitbanker. In the “Buy and Sell” section, the coin is available in pairs with USDT or RUB.
What Wallets to Store TON on
Toncoin can be stored in custodial and non-custodial wallets, external hardware wallets, or wallets on centralized platforms such as Bitbanker.
Custodial wallets
Such as Telegram’s built-in @wallet: they are convenient, especially for messenger users, but require trust in the custodian as the private keys are stored server-side.
Non-custodial wallets
For example Tonkeeper or Tonhub. In these users have full control over their private keys, and thus their assets.
Hardware wallets
They are the most secure because the private keys are stored offline on the device. An example of such a device is Ledger.
Centralized platforms
If you store crypto in Bitbanker, then if you lose access to your account, you can restore access using your passport.
TON Project Details
Here’s what a TON is and what components make up the TON network.
- TON Blockchain. The main blockchain, includes a masterchain and many shardchains for load balancing and efficiency.
- TON Storage. Decentralized storage, allows for decentralized dApps with storage functionality.
- TON DNS. Decentralized Domain Name System, simplifies interaction with blockchain addresses through convenient names for smart contracts, wallets and other services.
- TON Sites. A platform for creating and hosting decentralized websites.
TON Ecosystem
TON is not just a token and a crypto. The ecosystem and the coin is growing steadily, because of the support of platforms like TonUP and collaborative grant programs.
Right now the ecosystem has DeFi apps, NFT marketplaces, games, and other Web3 services.
Here are some of the TON ecosystem projects.
- Megaton Finance. AMM-based decentralized exchange, the third largest TVL on TON with over $3 million in assets.
- STON.fi. One of the largest DEX on TON with TVL over $8 million.
- Notcoin. Game that attracted more than 35 million players.
- TON Punks and Punk City. NFT projects and Play-to-Earn games.
Popularity of Toncoin
Toncoin’s market capitalization exceeds $20 billion, making the cryptocurrency one of the TOP 10 cryptocurrencies by capitalization. In 2024, TON overtook Cardano (ADA) in this index.
Toncoin Technical Analysis
- Support level — $5
- Resistance level — $84
Current trends: the TON crypto is growing, along with investor interest and increased trading volume. The trend is supported by new partnerships and ecosystem expansion.
Connection Between TON and Notcoin
Web3 game app Notcoin launched in the TON ecosystem on January 1, 2024. The project quickly gained more than 35 million people in a couple months. The game mechanics are simple: to mine coins, users just need to tap on the smartphone screen. The mined coins can then be converted into native NOT tokens.
Notcoin was listed on major exchanges and added to the Telegram messenger wallet, users could sell it and make money, or hold the tokens while waiting for the rate to rise even more.
The token name itself is TON spelled backwards, and the NOT logo is an inverted TON token. Rumors link the NOT team to TON creator Pavel Durov, but it is not confirmed officially.
Prospects for Toncoin
Analysts have optimistic forecasts for the future of toncoin. It is expected that the price could reach $500-800 by 2030 if the project continues to develop and gain mass adoption. These estimates are based on current growth trends, improvements in technology, expansion of the TON ecosystem and the role of strategic partnerships.