TonCoin (TON) - The easy-to-apply cryptocurrency designed to make users more friendly to the cryptocurrency environment.
The main structure of Toncoin (TON) is based on the sharding principle, which uses different shards for its utilization.
It has been driven by the community after Telegram abandoned the project, so it managed to survive.
Its main mission is to build an ecosystem with decentralized storage, domain names and payment platforms.
Key Metrics of Toncoin (TON)
Recent Price | $1.38 |
Market Cap | $4,746,185,736 |
Circulating Supply | 3,431,892,088 TON |
Total Supply | 5,047,558,528 |
Maximum Supply | 5,047,558,528 |
What is Toncoin (TON)?
Toncoin (TON) is a fully decentralized layer 1 blockchain that was planned in 2018 by the renowned crypto messaging platform, Telegram. Although the project was initially under the umbrella of Telegram and named "Telegram Open Network," it was later abandoned and taken over by the TON Foundation, which decided to rename it "The Open Network."
Since 2020, technological development has been driven by an independent group of passionate supporters who make up the TON Foundation, a non-commercial community. Toncoin, formerly known as Gram, serves as the native cryptocurrency of the TON network, being the financial heart of the platform.
Initially, brothers Nikolai and Pavel Durov created the blockchain platform with the collaboration of the Telegram team. Telegram's intention was to launch a token on the blockchain called "Gram" and establish a platform for decentralized applications (DApps).
The interest generated by Gram attracted a lot of attention, which in turn generated legal issues. The U.S. Securities and Exchange Commission (SEC) banned its development, considering Gram to be classified as a security, which prevented the launch of the tokens.
Nevertheless, the Telegram team managed to bring Toncoin (TON) to near-complete product status. However, in 2020, Pavel Durov, CEO of Telegram, left the project and the development was left in the hands of independent cryptocurrency enthusiasts.
From its inception, the project was conceived as open source, allowing anyone to continue its development. The current network was launched and developed by Anatoliy Makosov and Kirill Emelianenko, who are part of the community known as NewTON (later renamed the TON Foundation). This made it available on several cryptocurrency exchanges and some Wallet.
Toncoin (TON): What makes you different and why invest?
Toncoin (TON) is characterized by having a multilevel structure based on the principle of sharding or segmentation ("blockchain within a blockchain"). This innovative feature involves the use of multiple sub-networks, known as "shards," within a single blockchain, each with a specific purpose.
The sharding approach offers significant advantages, as it avoids the accumulation of unverified blocks and speeds up the execution of tasks on the network. Thus, the Toncoin (TON) platform is composed of three main types of chains:
Master Chain: in charge of coordinating and supervising the overall operation of the network. This chain is responsible for managing the consensus process and ensuring the security and stability of the entire system.
Work Chain: Designed to process transactions and execute smart contracts. This is where most of the activity on the network takes place, and where users can make transfers and use decentralized applications (DApps).
Fragment Chains: These are the subnetworks mentioned above, each with a specific function. These fragments are responsible for processing transactions and storing data related to a particular set of users or applications. Sharding allows for greater efficiency and scalability, as each shard can operate independently.
This sharding architecture is one of the distinguishing features of Toncoin (TON) and was designed to address some of the scalability challenges faced by other more traditional blockchains, such as Bitcoin or Ethereum. With its multilevel and segmented approach, the TON network seeks to improve performance and capacity to support a higher volume of transactions and activities on the blockchain.
If you have questions regarding this information, please contact the TruBit Team via our chat channel or email us Here and we'll be in touch!