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About Toncoin
Key Points
- Toncoin (TON) is the native cryptocurrency of The Open Network (TON) blockchain.
- TON is an open-sourced, decentralized blockchain with a proof-of-stake (PoS) consensus model.
- The TON Foundation, established by Anatoliy Makosov and Kirill Emelianenko, supports the development of TON.
- TON’s sharding feature enables the network to scale effectively and efficiently.
- Toncoin has a circulating supply of 3.47B and a maximum supply of 5B TON.
- Toncoin is used to fuel dApps, pay transaction processing fees, and secure the blockchain.
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Introducing Toncoin: The Future of Decentralized Finance
Introducing Toncoin (TON): A Revolutionary Cryptocurrency
Toncoin (TON) is the indigenous cryptocurrency of The Open Network (TON), a decentralized, open-sourced layer-1 blockchain. The TON blockchain, backed by a diverse array of network contributors, is also supported by the Switzerland-based, non-profit TON Foundation.
Since 2017, the Telegram team had been meticulously crafting the codebase for a decentralized blockchain network, initially dubbed Telegram Open Network (TON), which was slated to feature a native cryptocurrency dubbed ‘Gram.’ However, in May 2020, Telegram’s founder and CEO, Pavel Durov, announced the cessation of Telegram’s involvement with the TON Blockchain, following a court order issued by the SEC. Notably, the Gram token never came to fruition.
Since 2020, a community-driven initiative has been propelling the technological advancements, comprising independent developers and blockchain aficionados. The non-profit TON Foundation has emerged as a prominent patron of this endeavour. The blockchain, formerly known as “Telegram Open Network,” has undergone a rebranding to “The Open Network,” with Toncoin now serving as the native cryptocurrency of the TON network. The whitepaper incorporates a portion of the original codebase, penned by Dr. Nikolai Durov, the co-founder of Telegram and brother of Pavel Durov. Toncoin leverages the proof-of-stake (PoS) consensus model to ensure network scalability and reliability.
TON Foundation envisions a future where 500 million users can reclaim ownership of their digital identity, data, and assets by 2028, achieved by empowering developers to craft a decentralized Web3 ecosystem within the Telegram Messenger platform.
The Genesis of Toncoin: Unveiling Its Founders
The Open Network (TON) is an open-source, decentralized, and community-driven blockchain ecosystem.
The TON Foundation, founded by visionary entrepreneurs Anatoliy Makosov and Kirill Emelianenko, successfully launched and developed The Open Network (TON), a groundbreaking decentralized ecosystem.
Unveiling the Unparalleled Attributes of Toncoin
TON boasts a multi-tiered architecture founded on the principle of sharding or segmentation, effectively rendering it “a blockchain of blockchains.” This innovative sharding feature incorporates multiple subnets (shards) within the same blockchain, each serving a distinct purpose. By doing so, the network mitigates the accumulation of unverified blocks, thereby significantly expediting task execution. This cutting-edge sharding technology empowers TON to scale with remarkable efficacy, theoretically enabling it to process a virtually limitless number of simultaneous, ultra-fast transactions.
TON’s remarkable ability to scale while maintaining affordable and rapid transactions has earned it the esteemed endorsement of Telegram as its official Web3 infrastructure. The TON Foundation and Telegram are poised to integrate and promote a TON-based Web3 ecosystem within Telegram, with an ambitious goal of onboarding 30% of Telegram’s user base to TON by 2028. This strategic partnership grants developers and merchants unparalleled access to a rapidly expanding global audience of Web3-savvy users. Furthermore, TON’s role as Telegram’s official Web3 infrastructure has facilitated the development of a cutting-edge cryptocurrency payments solution. Wallet, a TON-based platform seamlessly integrated into Telegram, enables instantaneous peer-to-peer transactions and borderless payments for merchants within the Telegram ecosystem. The unique value proposition of Wallet as a crypto-based payments facilitator was recently reinforced with the announcement that, in collaboration with Telegram, Tether, and the TON Foundation, Wallet would now enable users to make low-cost USDT payments with a single click, effectively making cryptocurrency transactions as effortless as sending a text message.
TON also provides a range of services, including TON Storage, which leverages the owner’s private key to ensure secure, encrypted storage; TON Proxy, a decentralized VPN solution that seamlessly integrates all platform components, granting clients access to the TON blockchain; and TON DNS, a decentralized name system that enables traditional websites to operate within the TON network, allowing users to assign concise, readable names.
What Is the Circulating Supply of Toncoin (TON)?
The TON network boasts its native cryptocurrency, Toncoin, which boasts a circulating supply of 3.47 billion and a maximum supply of 5 billion TON.
Toncoin is a utility token designed to power decentralized applications (dApps) within the ecosystem. It serves as a payment medium for transaction processing fees and cross-chain transaction fees, facilitating seamless interactions within the network. Additionally, Toncoin is utilized as a staking payment to ensure the security and integrity of the blockchain. Its versatile use cases extend to payment for decentralized data storage, TON DNS/TON Proxy, and other fees associated with TON-based decentralized services. Furthermore, validator fees are also settled in TON, solidifying its role as a fundamental component of the ecosystem.
The Toncoin (TON) Network: A Fortress of Unwavering Security
The network leverages the proof-of-stake (PoS) consensus mechanism to validate transactions, ensuring a secure and efficient process. Validator rewards are denominated in Toncoin, and nominators can also participate by staking tokens to validators, thereby earning rewards. The network’s robustness is further enhanced by the utilization of smart contracts to manage validators and nominators, providing an additional layer of protection. These smart contracts are seamlessly executed via the TON Virtual Machine (TVM), ensuring seamless and reliable operation.
Acquiring Toncoin (TON): A Comprehensive Guide to Exchanges and Marketplaces
Toncoin (TON) has been successfully listed on a multitude of prominent cryptocurrency exchanges, including Huobi Global, KuCoin, Uniswap (V3), Gate.io, OKX, LBank, MEXC, EXMO, CoinEx, Biswap, BitMart, Nomiswap, BitoPro, ACE, DigiFinex, Tidex, Unocoin, Bit.com, BingX,
Bybit
, and HitBTC.
Delve into CoinMarketCap’s comprehensive guide to tokenomics, where the intricacies of cryptocurrency economics are meticulously explored.
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Delve into the world of blockchain technology and discover the intricacies of proof-of-stake (PoS), a consensus mechanism that’s redefining the way we approach decentralized networks, as explained in the CMC glossary.
Delve into the realm of Web 3.0: Uncover its intricacies and explore the future of the internet with CMC Alexandria.