What Is Toncoin (TON):
A Step-by-Step Guide on TON
Time to read: 10 min
Cryptocurrencies are rapidly changing the financial world. New tokens appear almost daily and quickly gain popularity, rising to the top of the crypto rankings.
Toncoin (TON) has recently become one of the leading cryptocurrencies of the past year. How is TON related to the popular messaging app Telegram? Is it wise to invest in Toncoin? Today, we will explore these questions and examine the key features of Toncoin.
Toncoin (TON): Key Things to Know About TON
The Open Network (TON) is a blockchain and token developed by Pavel and Nikolai Durov followers who released the white paper for the Telegram Open Network (GRAM) cryptocurrency in 2018. The project failed to launch due to opposition from U.S. regulators. However, since the source code was made public, it inspired others to start their own projects.
Toncoin has become the most successful of these initiatives. On December 23, 2021, Pavel Durov shared a post on his Telegram, expressing his delight that the project was thriving. This post led to a 50% increase in the token’s value.
How The Open Network Was Created
In 2018, the GRAM project successfully raised $1.7 billion through a private ICO. By that time, all the main components of the blockchain and a white paper had been developed. The TON network was initially launched in test mode in the spring of 2019, with a second version following in November.
However, just before the second launch in October, the U.S. Securities and Exchange Commission (SEC) took legal action against Telegram. The SEC accused the company of illegally offering tokens in the U.S. and other countries during the ICO.
By March 2020, it became apparent that overcoming these challenges was impossible — the release of GRAM was officially prohibited. The project was shut down, and support for the second test network version was discontinued.
At that point, independent developers stepped in, determined to continue the initiative using the available open-source code. Among these blockchain developers was the Newton community — named as a clever nod to ‘New TON’ and the scientist Newton — led by Anatoly Makosov and Kirill Emelyanenko, both known for winning several Telegram programming competitions. Other developers from across the globe soon joined them.
Starting in May 2020, the new Toncoin project went live, staying true to its original principles and ideas. Today, the blockchain is fully operational, and features like the TON-ETH Bridge have been launched, facilitating the exchange of the native TON token for TONCOIN (ERC-20), along with a similar bridge for Binance Smart Chain.
Technical Features of TON Network
The Open Network comprises nine main components:
- TON Blockchain: This flexible and highly scalable blockchain features advanced smart contracts, micropayments, and a variety of standard and unique blockchain features tailored for this project, like instant hypercube routing. These innovations ensure that the TON blockchain remains fast, secure, and consistent.
- TON P2P: A peer-to-peer network that allows users to access the blockchain, perform updates, and send candidates for transaction confirmations. It updates only the information relevant to the client and supports various distributed services.
- TON Storage: A distributed storage system for files, archived block copies, state snapshots, and more, accessible through a system similar to torrents.
- TON Proxy: An anonymizing network that hides its users’ IP addresses and identities. It’s particularly useful for transferring large sums of cryptocurrency or protecting against DDoS attacks.
- TON Services: Supports various services with standardized interfaces that can be accessed via a browser or mobile device. Services can create smart contracts within The Open Network to ensure reliability.
- TON DHT: Functions like a torrent tracker for TON Storage, acts as an entry point for TON Proxy, and helps identify services in TON Services.
- TON Payments: A microtransaction channel that speeds up asset transfers within the network and facilitates payments for TON Services.
- TON DNS: Provides easy-to-remember names for accounts, nodes, services, and contracts.
- Integration with Third-Party Applications: Enables seamless information exchange with external applications.
The Open Network will implement the concept of Workchains. Here’s how it works: The Toncoin ecosystem includes a main chain (masterchain) and several working chains (workchains). Each chain operates under its own specific rules concerning addresses, transactions, and the deployment of smart contracts. Despite these differences, all chains freely interact with each other because they adhere to a consistent and unchangeable set of fundamental rules.
Toncoin: Key Features of TON Token
TON Network’s native crypto is used to make transactions, pay transaction fees, and operate smart contracts. Toncoin also serves as a reward for validators in the Proof-of-Stake network. Besides these basic use cases, the token plays several unique roles in the ecosystem:
- It allows the creation of new cryptocurrencies and workchains.
- It can be used to pay for services within TON Services applications.
- It covers fees for decentralized data storage in TON Storage.
- It is used to purchase TON DNS domain names and host websites on the network (TON).
- It facilitates payments for TON Proxy services.
Additionally, Toncoin is used for decentralized governance: holders can vote for or against proposed protocol changes.
Toncoin Price Prediction
Analyzing various Toncoin forecasts, it’s clear that price predictions vary widely across different timeframes. However, analysts agree that the price of Toncoin is expected to grow in the future:
- CoinEdition’s price prediction suggests that Toncoin might eventually replace Ripple. According to its forecasts, in optimistic scenarios, Toncoin could be valued at $19.68 by the end of 2024, reach $25 in 2025, and grow to $52.64 by 2040.
- CoinCodex, drawing on historical crypto price movements and Bitcoin halving cycles, suggests that under favorable conditions, Toncoin’s price could hit $30.10 in 2025 and $26.13 in 2030.
- Technopedia, considering positive market sentiment and increasing developer activity around Toncoin, forecasts that the token might reach $25 by 2030.
When evaluating investment prospects, conduct thorough research and make informed decisions on buying Toncoin responsibly. Always be prepared to manage risks.
How to Buy Toncoin: Best Crypto Exchange
Crypto exchanges allow users to buy, sell, and trade the Toncoin cryptocurrency. Switchere.com is a user-friendly crypto exchange that offers one of the safest and most convenient ways to buy Toncoin.
With robust security measures and a straightforward buying process, Switchere.com is suitable for both beginners and experienced investors looking to buy TONs securely.
At Switchere, you can buy TON tokens using Visa, Mastercard, and Maestro credit cards, as well as through direct bank or SEPA transfers. Switchere also offers a full-featured mobile app for iOS and Android devices, enabling you to manage your account and Toncoin (TON) balance on the go.
Where to Store TON Tokens: Best TON Wallets
With increasing interest in Toncoin (TON), it has become crucial to ensure its safe storage. Below, we’ll explore the main types of TON wallets that play a key role in this process.
Telegram Wallet
The Wallet is a bot in the Telegram messenger that has been developed into a convenient mini-application. Its main functions include the ability to buy and sell Toncoin through a peer-to-peer (P2P) market. Starting in May 2024, all users must complete identity verification to access its full functionality.
TON Space
It is a decentralized wallet integrated into TON Wallet. To get started, you need to activate it, create an account, and save the seed phrase. Optionally, you can add an email for quick access recovery later, although this method is less secure. You can access your wallet on any device with Telegram. It also supports trading Toncoin and other tokens on the TON blockchain.
Crypto Bot
Crypto Bot is another versatile wallet bot designed for Telegram. It supports functions like adding funds, withdrawing, exchanging through the built-in exchange and peer-to-peer (P2P) transactions, accepting crypto payments, and creating giveaways for subscribers. While it’s not ideal for holding large sums of cryptocurrency, it’s quite handy for managing small, daily transfers. The developers also plan to issue their SEND token.
SafePal for Toncoin
SafePal is a user-friendly TON wallet that prioritizes security, giving users complete control over their private keys and ensuring secure connections via QR codes. Its integration with trading apps makes exchanges easy, allowing users to respond to market changes and switch between hundreds of tokens, including Toncoin. Users can also buy, collect, and sell NFTs.
Tangem for Crypto
Tangem is a multi-currency cold wallet designed to securely store, send, and receive Toncoin and other tokens. The Tangem wallet features fast delivery and reliable NFC operation and does not collect any personal data.
Conclusion on Toncoin (TON)
Toncoin is an increasingly popular cryptocurrency that’s being developed by people all over the world and is listed on leading crypto exchanges. Pavel Durov has also spoken positively about it, supporting its further development. The Toncoin project is advancing quickly, with key features already in place and others 50-90% complete in accordance with a detailed roadmap.
Since Toncoin operates on both the Ethereum and BSC blockchains, participants can use special bridges to swap tokens from one standard to another. Promising to be one of the fastest and most scalable blockchains, Toncoin also boasts tons of unique and beneficial features.
FAQ
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Cryptocurrencies are rapidly changing the financial world. New tokens appear almost daily and quickly gain popularity, rising to the top of the crypto rankings.
Toncoin (TON) has recently become one of the leading cryptocurrencies of the past year. How is TON related to the popular messaging app Telegram? Is it wise to invest in Toncoin? Today, we will explore these questions and examine the key features of Toncoin.
Toncoin (TON): Key Things to Know About TON
The Open Network (TON) is a blockchain and token developed by Pavel and Nikolai Durov followers who released the white paper for the Telegram Open Network (GRAM) cryptocurrency in 2018. The project failed to launch due to opposition from U.S. regulators. However, since the source code was made public, it inspired others to start their own projects.
Toncoin has become the most successful of these initiatives. On December 23, 2021, Pavel Durov shared a post on his Telegram, expressing his delight that the project was thriving. This post led to a 50% increase in the token’s value.
How The Open Network Was Created
In 2018, the GRAM project successfully raised $1.7 billion through a private ICO. By that time, all the main components of the blockchain and a white paper had been developed. The TON network was initially launched in test mode in the spring of 2019, with a second version following in November.
However, just before the second launch in October, the U.S. Securities and Exchange Commission (SEC) took legal action against Telegram. The SEC accused the company of illegally offering tokens in the U.S. and other countries during the ICO.
By March 2020, it became apparent that overcoming these challenges was impossible — the release of GRAM was officially prohibited. The project was shut down, and support for the second test network version was discontinued.
At that point, independent developers stepped in, determined to continue the initiative using the available open-source code. Among these blockchain developers was the Newton community — named as a clever nod to ‘New TON’ and the scientist Newton — led by Anatoly Makosov and Kirill Emelyanenko, both known for winning several Telegram programming competitions. Other developers from across the globe soon joined them.
Starting in May 2020, the new Toncoin project went live, staying true to its original principles and ideas. Today, the blockchain is fully operational, and features like the TON-ETH Bridge have been launched, facilitating the exchange of the native TON token for TONCOIN (ERC-20), along with a similar bridge for Binance Smart Chain.
Technical Features of TON Network
The Open Network comprises nine main components:
- TON Blockchain: This flexible and highly scalable blockchain features advanced smart contracts, micropayments, and a variety of standard and unique blockchain features tailored for this project, like instant hypercube routing. These innovations ensure that the TON blockchain remains fast, secure, and consistent.
- TON P2P: A peer-to-peer network that allows users to access the blockchain, perform updates, and send candidates for transaction confirmations. It updates only the information relevant to the client and supports various distributed services.
- TON Storage: A distributed storage system for files, archived block copies, state snapshots, and more, accessible through a system similar to torrents.
- TON Proxy: An anonymizing network that hides its users’ IP addresses and identities. It’s particularly useful for transferring large sums of cryptocurrency or protecting against DDoS attacks.
- TON Services: Supports various services with standardized interfaces that can be accessed via a browser or mobile device. Services can create smart contracts within The Open Network to ensure reliability.
- TON DHT: Functions like a torrent tracker for TON Storage, acts as an entry point for TON Proxy, and helps identify services in TON Services.
- TON Payments: A microtransaction channel that speeds up asset transfers within the network and facilitates payments for TON Services.
- TON DNS: Provides easy-to-remember names for accounts, nodes, services, and contracts.
- Integration with Third-Party Applications: Enables seamless information exchange with external applications.
The Open Network will implement the concept of Workchains. Here’s how it works: The Toncoin ecosystem includes a main chain (masterchain) and several working chains (workchains). Each chain operates under its own specific rules concerning addresses, transactions, and the deployment of smart contracts. Despite these differences, all chains freely interact with each other because they adhere to a consistent and unchangeable set of fundamental rules.
Toncoin: Key Features of TON Token
TON Network’s native crypto is used to make transactions, pay transaction fees, and operate smart contracts. Toncoin also serves as a reward for validators in the Proof-of-Stake network. Besides these basic use cases, the token plays several unique roles in the ecosystem:
- It allows the creation of new cryptocurrencies and workchains.
- It can be used to pay for services within TON Services applications.
- It covers fees for decentralized data storage in TON Storage.
- It is used to purchase TON DNS domain names and host websites on the network (TON).
- It facilitates payments for TON Proxy services.
Additionally, Toncoin is used for decentralized governance: holders can vote for or against proposed protocol changes.
Toncoin Price Prediction
Analyzing various Toncoin forecasts, it’s clear that price predictions vary widely across different timeframes. However, analysts agree that the price of Toncoin is expected to grow in the future:
- CoinEdition’s price prediction suggests that Toncoin might eventually replace Ripple. According to its forecasts, in optimistic scenarios, Toncoin could be valued at $19.68 by the end of 2024, reach $25 in 2025, and grow to $52.64 by 2040.
- CoinCodex, drawing on historical crypto price movements and Bitcoin halving cycles, suggests that under favorable conditions, Toncoin’s price could hit $30.10 in 2025 and $26.13 in 2030.
- Technopedia, considering positive market sentiment and increasing developer activity around Toncoin, forecasts that the token might reach $25 by 2030.
When evaluating investment prospects, conduct thorough research and make informed decisions on buying Toncoin responsibly. Always be prepared to manage risks.
How to Buy Toncoin: Best Crypto Exchange
Crypto exchanges allow users to buy, sell, and trade the Toncoin cryptocurrency. Switchere.com is a user-friendly crypto exchange that offers one of the safest and most convenient ways to buy Toncoin.
With robust security measures and a straightforward buying process, Switchere.com is suitable for both beginners and experienced investors looking to buy TONs securely.
At Switchere, you can buy TON tokens using Visa, Mastercard, and Maestro credit cards, as well as through direct bank or SEPA transfers. Switchere also offers a full-featured mobile app for iOS and Android devices, enabling you to manage your account and Toncoin (TON) balance on the go.
Where to Store TON Tokens: Best TON Wallets
With increasing interest in Toncoin (TON), it has become crucial to ensure its safe storage. Below, we’ll explore the main types of TON wallets that play a key role in this process.
Telegram Wallet
The Wallet is a bot in the Telegram messenger that has been developed into a convenient mini-application. Its main functions include the ability to buy and sell Toncoin through a peer-to-peer (P2P) market. Starting in May 2024, all users must complete identity verification to access its full functionality.
TON Space
It is a decentralized wallet integrated into TON Wallet. To get started, you need to activate it, create an account, and save the seed phrase. Optionally, you can add an email for quick access recovery later, although this method is less secure. You can access your wallet on any device with Telegram. It also supports trading Toncoin and other tokens on the TON blockchain.
Crypto Bot
Crypto Bot is another versatile wallet bot designed for Telegram. It supports functions like adding funds, withdrawing, exchanging through the built-in exchange and peer-to-peer (P2P) transactions, accepting crypto payments, and creating giveaways for subscribers. While it’s not ideal for holding large sums of cryptocurrency, it’s quite handy for managing small, daily transfers. The developers also plan to issue their SEND token.
SafePal for Toncoin
SafePal is a user-friendly TON wallet that prioritizes security, giving users complete control over their private keys and ensuring secure connections via QR codes. Its integration with trading apps makes exchanges easy, allowing users to respond to market changes and switch between hundreds of tokens, including Toncoin. Users can also buy, collect, and sell NFTs.
Tangem for Crypto
Tangem is a multi-currency cold wallet designed to securely store, send, and receive Toncoin and other tokens. The Tangem wallet features fast delivery and reliable NFC operation and does not collect any personal data.
Conclusion on Toncoin (TON)
Toncoin is an increasingly popular cryptocurrency that’s being developed by people all over the world and is listed on leading crypto exchanges. Pavel Durov has also spoken positively about it, supporting its further development. The Toncoin project is advancing quickly, with key features already in place and others 50-90% complete in accordance with a detailed roadmap.
Since Toncoin operates on both the Ethereum and BSC blockchains, participants can use special bridges to swap tokens from one standard to another. Promising to be one of the fastest and most scalable blockchains, Toncoin also boasts tons of unique and beneficial features.
FAQ
Similar guides
Toncoin Price History: An Ultimate Guide on TON Price Changes
Darina Perepelitza
Toncoin Price Prediction: TON Price Forecast
Darina Perepelitza
Which Crypto to Buy Today for Long Term in 2024?
Darina Perepelitza