What is Toncoin (TON) and Everything you need to know about TON

TON token is currently a digital currency that many people are interested in because of its future trends and value. To learn more about this coin, please join us in analyzing it in the following article.

Maybe TON tokens are not too strange for long-time crypto players, but not everyone has experience for themselves. In this ever-changing time, you need to firmly grasp the knowledge you have to make the right decisions when participating in the AZCoin market.

What is Toncoin (TON)?

TON (The Open Network) is a Layer 1 blockchain platform prioritizing security, safety and scalability, capable of processing millions of transactions per second. 

Initially conceived as Telegram Open Network (TON), it aimed for an ICO in 2018 but faced regulatory obstacles, leading to its transition to The TON Foundation. Utilizing Proof of Stake consensus, TON seeks to establish a fast, low-fee, user-friendly transaction network.

Information about the Ripple project

Development team

Toncoin’s development team includes leaders with extensive experience in the field of technology and cryptocurrency. Typically, Pavel Durov – CEO of Telegram, has had great success with this messaging application. 

In addition, there is Nikolai Durov – Pavel’s brother, co-founder of Telegram and also one of the leaders of the Toncoin project.

Investors

The Toncoin project has attracted the attention of many major investors in the technology and cryptocurrency industry. Famous investors such as DWF Labs, Runa Capital, Mask Network và MEXC Ventures have simultaneously invested in this project.

Partner

Toncoin has cooperated with many organizations and companies to promote the development of its ecosystem, such as:

• Tencent Cloud
• Chainbase
• Mirana Ventures

What are the highlights of Toncoin?

• Linking with Telegram messaging app: With more than 500 million global users, linking with Telegram helps Toncoin have a very large user base from the beginning.
• Payment feature integration: Toncoin has integrated payment features in Telegram’s messaging app, allowing users to use TON to pay for products and services on the platform.
• Unique operating mechanism: Toncoin’s blockchain network is designed with a unique Proof-of-Stake operating mechanism, helping to increase transaction speed and reduce transaction fee costs.
• Support for dApps: Toncoin’s The Open Network platform has support for distributed applications, opening up opportunities for developers to create new applications on this platform.

Outstanding products of the TON project

• Tap Fantasy: As the first GameFi project released on TonUP, Tap Fantasy established its position during the Binance Smart Chain (BSC) boom, reaching the top three position in BSC’s GameFi sector.
• Fanzee: As the first IDO project on the TON blockchain, Fanzee has created a huge buzz in the community, even though their token price has encountered a significant decline.
• Ton Diamonds: A platform focused on the development of the NFT sector on TON.
• Lavandos: Having the trends of a Memecoin, Lavandos has seen a significant increase in the price of tokens distributed via airdrop.
• Megaton Finance: An AMM-based decentralized exchange, holding the third position in Total Value Locked (TVL) in the ecosystem.
• Ston.Fi: Another decentralized exchange based on AMM technology, backed by TOP Labs, a major player in the TON ecosystem.
• Tonnel Network: The first platform to provide zero-knowledge proof service on TON.
• TON Punks: Simulating the pixel art style of CryptoPunks on Ethereum, is one of the pioneering NFT series on TON.

In addition, TON also introduced the Jetton token standard based on FunC tokens, inspired by Ethereum’s ERC-20 model, allowing the introduction of homogeneous tokens such as USDT and Shib in the TON ecosystem, marking it is the mainstream token standard in the TON ecosystem.

Basic information about TON token

Technical information

• Token name: Toncoin
• Ticker: TON
• Blockchain: Ethereum, TON, BNB Chain
• Token standard: ERC-20, TON, BEP-20
• Token type: Utility &  token
• Smart contract: 

Ethereum: 0x582d872a1b094fc48f5de31d3b73f2d9be47def1

BNB Chain: 0x76a797a59ba2c17726896976b7b3747bfd1d220f

TON: EQAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAM9c

• Market capitalization: 23.190.445.164 US$
• Circulation supply: 3.474.533.350
• Total supply: 99,987,612,649
• 24-hour trading volume (May 21, 2024): 336.161.766 US$

Allocation of TON token

The TON project did not allocate fixed distribution ratios for its tokens. Initially, 98.55% of the total token supply was distributed through mining (Proof of Work) to early supporters during the testnet phase, with approximately 200,000 TON mined daily.  After two years, the project transitioned to distribution via Proof of Stake (PoS).

Functions of TON token

The Open Network’s (TON) Toncoin (TON) token has many important functions in this network’s ecosystem:

• Transaction fee: Used to pay transaction fees on the network.
• Staking: Users can stake TON to ensure blockchain security and receive rewards1.
• Governance: TON is also a governance token, allowing token holders to participate in network development decisions.
• Payments: TON can be used for payments and transfers between different chains.
• Developing dApps: TON will be used to build decentralized applications (dApps) and create smart contracts.

In addition, TON also supports the creation of custom tokens and NFTs, provides payment services and compensates users if the exchange fails to lose tokens.

Which wallet stores TON safely?

To store TON Tokens, users can use popular wallets such as Trezor, Ledger Nano S or Trust Wallet. But now, Telegram is also developing a separate TON storage wallet, allowing users to manage and trade TON directly in the imdemnity application.

Where to buy and sell TON tokens?

Below are some of the top best crypto exchanges, where you can trade TON:

• KuCoin
• Bybit
• OKX
• gate.io
• MEXC

Additionally, Toncoin is also traded on many other exchanges and can be traded with many fiat currencies such as USD, EUR, TRY as well as with many stablecoins such as USDT, USDC, USDD.

The Future of Toncoin (TON)

The future of Toncoin (TON) is a widely discussed topic in the cryptocurrency community. Recent updates indicate that TON has partnered with CertiK for security auditing and has completed 20 significant milestones on its roadmap, including establishing a partnership with Telegram and upgrading the TON Virtual Machine. These advancements have enhanced the platform’s security and reliability.

In terms of price, Toncoin experienced fluctuations in 2023, trading between $0.96 and $2.71 during the first half of the year. However, in April 2024, TON reached a new all-time high of $7.65. This price increase may reflect the community’s confidence in the project’s potential and development.

Overall, with technical advancements, strategic partnerships, and rising market value, Toncoin appears to have a promising future in the cryptocurrency space. However, like any investment, investing in Toncoin should be approached with careful consideration and thorough research.

You should also learn more about potential bitcoin coins, quality ethereum coins or tether coins that are of interest to many investors.

Conclusion

Above is an article about what Toncoin (TON) is and Everything you need to know about TON that AZcoin wants to share with you. All user information accessing our website is kept secure according to our privacy policy. Follow AZcoin to update the latest news about the virtual currency market.