Quick Guide about Toncoin and Its Native Token $TON
Telegram’s $TON is a completely decentralized layer-1 blockchain built to accommodate billions of users. It has ultra-fast transactions, small fees, user-friendly applications, and is environmentally friendly.
What is Toncoin (TON)?
Toncoin was initially developed and launched in 2018 by the popular encrypted messaging platform Telegram as a layer-1 Blockchain. The ‘Telegram Open Network’ project dissipated and was then reborn under ‘The Open Network."
Similarly, to Ethereum (ETH), Toncoin operates on its own Mainnet, which is secured via its proof-of-stake (PoS) consensus mechanism, which validates all transactions and smart contracts performed on the network via the TON Virtual Machine (TVM). The TON team claims their protocol is faster in Block time and transaction finality than other Proof of Stake blockchains.
$TON Coin and Its Utilities
Toncoin (TON), the native token, was also referred to as $GRAM prior to the takeover, but since the transition in 2020, their organic group of supporters has propelled the project into its modern state. The project's initial plan was to integrate the coin into in-house services for the Telegram platform.
As the new web3 economy emerges, so too have the use cases for Toncoin which include processing on-chain transactions with smart contracts and cross-chain transaction fees, payments for services through dApps (Decentralized Applications), utilized for payments for blockchain-based domain names, which are set to include a TON proxy service as well as a decentralized data storage service.
By using the huge Telegram platform and the tireless efforts of the TON team, the current state of Toncoin continues to improve and grow, most notably with their first NFT integration, “TON Diamonds” which was unveiled in Dubai during the Art In Space convention. Their team has also made their presence known at their hackathon event, which gave developers and ethical hackers the opportunity to test the robustness of their code with the promise of bug bounties.
Team
Brothers Nikolai and Pavel Durov initially founded telegram and the token then known as $GRAM prior to the SEC legal battle. The NewTON, now known as the TON Foundation was launched and developed by Anatoliy Makosov and Kirill Emelianenko.
Anatoliy, the project lead, is responsible for core developments at TON, while Kirill makes the important Roadmap and smart contract decisions, almost all system contracts have a very high cost of failure, this is a highly crucial role for the project.
Where to store Toncoin (TON)
Ton operates on its own Mainnet, TON Wallet is its native wallet provider and comes with $TON compatibility as standard.
There is a plethora of other custodial options available at ton.app covering various wallet types such as browser wallets, web wallets, and software wallets.
Where to buy and sell Toncoin (TON)
You can Buy & Sell Toncoin (TON) here at BC Bitcoin. You can Buy $TON by heading over to the Buy Coins page of our website. $TON is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying $TON has never been easier, simply place your order and provide your wallet address. Once your payment arrives, $TON will be sent directly to your wallet.
If you choose to Sell Toncoin (TON), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.
Toncoin (TON) Resources:
Website: https://ton.org/
Twitter: https://twitter.com/ton_blockchain
Medium: https://medium.com/ton-community
GitHub: https://github.com/ton-blockchain/ton
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers' responsibility to complete their own research and due diligence.
