The Ton network, an acronym for Telegram Open Network is a system that provides scalability reaching thousands of transactions per second at cheap rates and also allowing developers to carry out changes to platforms operation technology.
This has been a particularly great year for the TON project. The project started at the time Telegram was forced to postpone the plans it had for launching its own TON blockchain network and associated token. Rather than letting the network go down without being executed, a community of people that believed in the value of the technology the system had to offer decided to try and launch it themselves. They were able to do this by taking a grassroots approach to the funding process and a decentralized approach to its governance system. The result of their plans was the creation of a platform capable of executing transactions running into millions per second, while also integrating security protocols and a token distribution protocol based on a meritocratic system.
Who are the Founders of TonCoin (TON)?
The TON network was originally developed by key members of the Telegram team, however, later in May 2020, Telegram withdrew from the project following a barrage of lawsuits that came from the US Securities and Exchange Commission.
Later, TON Foundation members, who tagged themselves a non-profit community, explored the system’s source code, its documentation, and the Durov’s blockchain architecture as a project and resumed its development of the platform. In August 2021, Telegram transferred its domain ton.org and its GitHub repository to Makosov and Emelianenko, which follows from the data provided on the GitHub website. This happened after the developers wrote an open letter to the company. In it, they stated that they want to support the development of the TON concept and give it a new life.
The TON network was founded by the same person that founded Telegram, Nikolai Durov, a Russian programmer and mathematician. Durov is vastly educated and experienced in the world of programming and blockchain at large. He obtained his first Ph.D. in mathematics from Saint Petersburg State University and then got a second Ph.D. from the University of Bonn in geometry. Before founding the Ton network, Durov served in the VK company as its head developer up until 2013. Later in the same year, he founded the Telegram instant messaging platform with his brother Pavel Durov who is also involved in the Ton system.
What is TonCoin (TON) used for?
The basic autonomy that the TON network was built on is to provide users with a function that makes it akin to a DeFi banking system. Thus, here, users are essentially provided with much more control over their assets and are offered an increased variety of options. Due to its decentralized nature, the community is democratically governed by a DAO composed of token holders.
The TON network is governed by the TON coon which is used for the execution of transactions within the ecosystem. Additionally, the token also holds value outside the network and can be exchanged with other cryptocurrency pairs such as BNB and DOT to earn a profit for themselves.
What Is the Unique Point of TonCoin (TON)?
The TON system uses a technology that incorporates speed, security, and scalability on the network and does this at fees that are next to nothing. This implies that the platform can process up to a million transactions each passing second because of its distinctive dynamic sharding technology. As a development built based on the original concept of the Telegram team. This makes the TonCoin blockchain able to facilitate the widespread adoption of decentralized solutions by millions of users through an outstanding combination of reliable security, industry-leading scalability, and decentralization. The ecosystem features several products, including a DEX and bridges with other blockchains.
As the ecosystem continually expands its abilities, the community members are trying to raise awareness in the world of crypto enthusiasts and among the general public at large about the unique capabilities of the TON platform. Now, due to the platform being verified and listed on the CMC network, there is an easily accessible hub for general information about Ton which includes the real-time price of TON tokens.
How many TonCoin (TON) coins are in circulation?
To fund the development of the blockchain project, the Telegram team attracted investments via a dedicated private Gram offering. This was done with a two-step legal scheme which was under a Gram purchase agreement and was structured as a future contract that allowed investors to receive tokens once the TON network was launched. As the tokens were only sold to a collection of accredited investors, the offering was clear of registration as securities under law, following the basis that once TON was operational, the Grams would be equipped with utility and may not be considered as securities.
Upon the creation of the Ton Network, a total of 5,000,000,000 tokens were created and of that amount, the platform has a circulating supply of 4,983,944,249 TONCOIN.
Is the TonCoin (TON) Network secured?
The consensus algorithm used by the TON network can be described as a tolerant system that bypasses threats with the so-called Byzantine fault. The Byzantine Fault Tolerance system has become relatively popular in the world of cryptocurrencies. In general, distributed ledger systems are built to manage a system, however, the Byzantine generals formulated by Leslie Lamport, a computer scientist, actually predate cryptocurrency. The algorithm operates on a system whereby the nodes can communicate directly by sending messages to each other, however, this does not extend to the governance process on the network. The validation requirements used by the Ton network ensure its security while also preventing the need for a fork. The TON network is governed by the participants within the network and before changes are executed on the network, participants are required to agree on the changes or developments before they can be implemented.
How do I buy TonCoin (TON)?
The Ton network is backed by the Telegram messaging system and because of this, several people have been made aware of its existence, thus leading to an increase in its rate of adoption. Presently, the Ton coon is available across several exchanges and can be easily purchased by the following steps.
- Open an account with the crypto trading platform.
- Transfer the specific amount of your fiat currency to your account.
- Wait for your deposit to be confirmed and Buy TON through your trading account.
Which Cryptocurrency Wallet Supports TonCoin (TON)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as TonCoin tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main TonCoin wallet as it offers a simple and interactive interface, making it easy to navigate its system.