$1.35

Toncoin (TON) serves as the primary cryptocurrency for The Open Network, a decentralized layer-1 blockchain. This open-source project is supported by various contributors, including the TON Foundation, a non-profit based in Switzerland. Originally, the Telegram team developed the codebase for a blockchain called Telegram Open Network, with its token named Gram, starting in 2017. However, in May 2020, Pavel Durov, Telegram's CEO, announced the end of Telegram's involvement due to a SEC court order, and the Gram token was never released. Since then, an independent community of developers has continued the project, renaming it The Open Network and making Toncoin its native token. The whitepaper includes parts of the original code by Nikolai Durov, and the network uses a proof-of-stake consensus mechanism for scalability and reliability.

The Open Network (TON) is an open-source and decentralized blockchain. The TON Foundation, which launched and developed the network, was established by Anatoliy Makosov and Kirill Emelianenko.

TON stands out due to its multi-level structure based on sharding, which can be described as 'a blockchain of blockchains.' This sharding uses multiple subnets, each with a specific purpose, to prevent unverified block accumulation and speed up tasks. This allows TON to scale effectively, theoretically handling a near-limitless number of simultaneous, fast transactions. Because of this scalability and low transaction costs, Telegram has endorsed TON as its official Web3 infrastructure. Telegram and the TON Foundation plan to integrate and promote the TON-based ecosystem within Telegram, aiming to onboard 30% of Telegram users by 2028. This gives developers and merchants access to a large, Web3-savvy audience.

Toncoin is the native token of the TON network, with a circulating supply of 3.47 billion and a maximum supply of 5 billion. It is designed as a utility token to fuel dApps within the ecosystem. Toncoin is used to pay transaction processing fees, including cross-chain fees, and can be staked to secure the blockchain. It also covers costs for decentralized data storage, TON DNS, TON Proxy, and other fees in TON-based services. Validator fees are also paid in TON.

The TON network uses a proof-of-stake (PoS) consensus mechanism to validate transactions. Validators receive rewards in Toncoin, and nominators can also delegate tokens to validators to earn rewards. Validators and nominators are managed through smart contracts, adding extra protection. Smart contracts are executed using the TON Virtual Machine (TVM).

Toncoin (TON) is available on several crypto exchanges, including Huobi Global, KuCoin, Uniswap (V3), Gate.io, OKX, LBank, MEXC, EXMO, CoinEx, Biswap, BitMart, Nomiswap, BitoPro, ACE, DigiFinex, Tidex, Unocoin, Bit.com, BingX, Bybit, and HitBTC.