Toncoin - a third generation blockchain, developed in 2018 by the Durov brothers, the founders of Telegram Messenger. It was later given to the TON open community, which has maintained and developed it ever since.
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History of Toncoin
TON - previously planned to be called GRAM (GRM), since, according to the plan, it was supposed to be an internal means of payment in Telegram. But then the US Securities and Exchange Commission (SEC) stepped in. After long and difficult litigation, in 2019, the SEC issued a statement about the illegal conduct of the ICO, because of this, the brothers had to abandon the development of this blockchain system and return funds to investors in the amount of 75% of the total amount.
However, the Telegram team managed to bring TON to the state of an almost full-fledged product, and independent developers continued to develop it subsequently. Thus, the brothers laid the foundation for Toncoin.
Platform feature
In addition to processing millions of transactions per second, the TON blockchain-based ecosystem has every chance of creating a true Web3.0 Internet with decentralized storage, an anonymous network, DNS, instant payments and various decentralized services.
The benefits of the project are as follows:
| Blockchain | The basis of the network is a scalable blockchain, which is designed to process a million transactions within a few seconds. |
| Payments | TON Payments - a micropayment platform. It can help to instantly transfer value off-chain between users, bots and other services. The guarantees, built into the system, ensure the security of data transfer in the same way as transactions in chains. |
| TON Proxy | TON Proxy - a network proxy for project nodes. It allows the creation of decentralized VPN services and blockchain-based alternatives to achieve anonymity and protect privacy online. |
TON consists of a master chain and up to 232 working chains with different sets of rules, i.e. different formats of account and transaction addresses, virtual machines for smart contracts and major cryptocurrencies, and much more. However, work chains can still interact, using consistent base rules.
Today, there is a wide range of active blockchains that are loosely coupled to each other. Current attempts to use a bridge to establish interoperability between them leave much to be desired, both in terms of performance and levels of decentralization. The design of TON will combine all existing blockchains into a single decentralized network.
The exchange of value should be as simple as the exchange of information and blockchain technology, which are ideal for this purpose. Key design and development principles for TON:
- speed and scalability to handle millions of transactions per second, host an unlimited number of active users and support numerous applications;
- intuitive blockchain building user interfaces are about people, not geeks and nerds, to help everyone to buy, store and transfer assets in a convenient and familiar way.
Decentralization to ensure reliability, stability and security and take steps towards a more secure and self-governing world.
Project economicsа
The design of TON ensures that changes to the network are only possible if they are approved by a majority of validators, based on Proof-of-Stake consensus. It is not possible to change network software, configuration or state by bypassing voting. TON works on the POW system, which allows it to be mined. You can mine absolutely on any PC, but the more powerful your video card, the more profit you will get. At the start of the project, it was possible to receive from 100 to 2000 coins per month, which was many times more profitable than Ethereum mining in the long run. The best cryptocurrency exchanges to trade Toncoin shares currently are:
- OKX;
- FTX;
- BingX;
- Bitget;
- BTCEX.
It is generally easier to buy a cryptocurrency with a fiat currency, such as the US dollar, than with another cryptocurrency. If you still need to purchase a TON Coin for another cryptocurrency, you first need to create a crypto wallet that supports TON Coin. Then you need to purchase the first currency and use it to buy TON Coin on the chosen platform.