I. What is The Open Network?
The Open Network is a Layer 1 blockchain platform with a focus on security, safety, and scalability up to millions of transactions per second (abbreviated as TON). Its original name is Telegram Open Network.
Two Durov brothers, who are also the creators of Telegram Messenger Inc., launched TON at the end of 2017 and the beginning of 2018 with the goal of luring millions of new users.
Initial plans by Telegram called for the GRAM initial coin offering (ICO) to launch the TON network token sale in 2018. However, the US Securities and Exchange Commission (USA SEC) prohibited this event in March 2020 due to a violation of American securities service laws.
Pavel Durov announced in May 2020 that Telegram had formally abandoned the project and was giving investors options for refunds. In order to integrate TON into a decentralized community, the project was given to two developers, Anatoliy Makosov and EmelyanenkoK, and later developed into The TON Foundation.
The TON Society, a community for developers to conduct research and produce products, is another component of the project in addition to The TON Foundation.
II. History of The Open Network
TON, formerly known as GRAM, is an Ethereum-based blockchain project with a Proof of Work and Proof of Stake third-generation consensus method (PoS). The Durov brothers, who created the Telegram chat app, started the TON project in 2018. TON is made for quick, affordable, and simple transactions. The TON blockchain, which can process millions of transactions per second, has the potential to develop a true Web 3.0 with decentralized services including rapid payments, anonymous networks, decentralized storage, and DNS. In-app payments are the TON ecosystem’s most promising component.
To create a setting resembling the global banking systems, TON Coin was established. Users of TON Coin will essentially have more control over their money and use possibilities. Because the platform is decentralized, TON users will be able to manage their own operations in a more democratic manner, creating a setting for them to trade TON tokens with one another.
Based on the TON coin transaction procedure between users in an environment, the TON network system will function. The TON tokens will also have value outside of the system, and investors will benefit from the process of trading them for other coins on the market.
III. Striking Features of The Open Network
The Open Network (TON), a blockchain with important characteristics like those listed below, serves as the ecosystem’s hub.
- TON makes use of the Byzantine Fault Tolerance (BFT) consensus algorithm and the Proof of Stake (PoS) consensus mechanism.
- TON created its own virtual machine, known as TVM or TON VM.
- There are already 224 validators, 1.4 million wallets, and over 89 million transactions on the TON blockchain (a 238% growth in just six months).
TON also considers itself to be the more optimal blockchain in terms of scalability and transaction processing compared to the two major blockchains, Ethereum and Solana.
Up to now, TON is also developing an ecosystem:
TON Blockchain: At the heart of the ecosystem, blockchain was created with the mission of serving millions of users.
TON Services: Made up of many different small services, including:
- TON Storage: A distributed data storage platform.
- TON DNS: A service that assigns user-readable names to accounts, smart contracts, services, and nodes.
- TON Proxy: Anonymous network access and other services provided by TON.
TON Payments: Payment channel, instant transactions in the network of TON Blockchain, thanks to the application of off-chain payments.
TON Cross-chain Bridge: A cross-chain bridge between TON, Ethereum, and BNB Chain.
IV. Core Technology of The Open Network
Main components in the ecosystem
TON Blockchain
At the heart of the platform is the single blockchain with a scalable and flexible architecture consisting of a main chain and up to 292 associated blockchains. The leading approaches implemented in TON ensure that it will live up to the expectation of processing millions of transactions per second.
TON Payments
TON Payments is a micropayment platform and channel. It can be used for instant off-chain value transfers between users, bots, and other services. The protections built into the system ensure that these transfers are as secure as those on-chain.
TON Proxy
This is an anonymous layer/network proxy for TON nodes. Similar to I2P, it allows building decentralized VPNs and blockchain-based TOR alternatives to achieve anonymity and protect online privacy. Combined with TON P2P Network and TON DNS, TON Proxy provides decentralized applications with immunity to censorship.
TON DNS
TON DNS makes blockchain mainstream by assigning human-readable names to accounts, smart contracts, services, and network nodes. With TON DNS, blockchain browsing becomes similar to regular web surfing.
TON Storage
It is a distributed file storage technology accessible through the TON P2P Network. Think of a better version of Dropbox for the sake of simplicity. This torrent-like technology relies on smart contracts for availability and has strong potential for storing and exchanging large amounts of data.
TON Services
TON Services provides a flexible platform for third-party services. It provides smartphone-friendly interfaces for decentralized applications and smart contracts, as well as the same decentralized web experience as the regular web.
TON provides a searchable decentralized registry of services and applications.
TON Workchain
TON consists of masterchain and up to 232 workchains with different rule sets i.e. different formats of account and transaction addresses, virtual machines for smart contracts and underlying cryptocurrency, etc. , workchains can still interact using consistent ground rules.
Today, there are many active blockchains that are loosely connected to each other. Current efforts to use Bridging to establish interoperability between blockchains are expected to improve both performance and decentralization. With this design, TON allows the aggregation of all existing blockchains into a unified decentralized network.
V. What is TON?
1. Detailed Information about TON
Key Metrics TON
- Token Name: Toncoin
- Ticker: TON
- Blockchain: TON blockchain
- Contract:
- Ethereum: 0x582d872a1b094fc48f5de31d3b73f2d9be47def1
- BNB Chain: 0x76a797a59ba2c17726896976b7b3747bfd1d220f
- Token type: Native
- Total Supply: 5,047,558,528 TON
- Circulating Supply: 1,220,000,000 TON
2. TON Allocation
Fixed allocations are not shared by the project. 98.55% of the total token supply was initially distributed to early backers from the testnet stage via mining (Proof of Work). At that time, daily mining yielded about 200,000 TON. The project changed to distributed via PoS after two years.
3. TON Noticeable Milestones
Roadmap
2018
- Failing to find a suitable blockchain in the market to fulfill their ambitious ecosystem plans, Pavel and Nikolai Durov backed by a unique team of developers have embarked on their creation. TONcoin: next generation blockchain with Gram coin.
- The Telegram team raised $1.7 billion in a private ICO to launch Gram.
2019
- With great effort put into the project, the team completed the design and development of the core TON components and drafted documentation.
- The Telegram team launched the first TON test network in early 2019, then the code was open-sourced and testnet2 started on November 15, 2019.
- 11/10/2019 The US SEC announced an urgent action against Gram and obtained a temporary injunction against Telegram over an ongoing, unregistered US digital token offering and overseas has raised more than $1.7 billion in investment funds.
- Telegram argued that the SEC’s claims were unfounded but agreed to postpone the launch of the network and the coin until all legal issues are resolved.
- Investors have accepted Telegram’s offer to modify the launch date
2020
- Telegram has had a tough fight with the US regulator banning the release of Grams. All resistance seems futile.
- The Telegram team closed the project and stopped supporting testnet2 after receiving court approval of the settlements regarding the $18.5 million penalty. However, Telegram did not decline or accept the charges.
- The company then worked with investors and proposed a roadmap for capital recovery. After that, the developers and the independent team continued to develop and continue the project
- May 2020: Two known developers, Anatoliy Makosov and EmelyanenkoK, initiated the Newton open source community which aims to further develop and support TON on open source principles.
- Many developers who have never worked for Telegram, members of the open developer community, validators, winners of public TON Blockchain competitions, and crypto enthusiasts from around the world have joined them.
2021
- After studying the TON source code, architecture and documentation, Newton continued to develop according to the white paper and the original idea.
- Testnet2 remained stable for a long time and the community voted to rename it Mainnet. The Newton team, in turn, was renamed the TON Foundation – a non-profit community focused on further supporting and growing the network.
- Q3/2021 developed TON-ETH and TON-BSC Cross Chains
- Q4/2021: Listing Toncoin on the world’s leading exchanges
4. Use Cases of TON
TONCoin has a lot of potential and can be used in a variety of ways as the ecosystem develops, specifically as follows:
- For the handling of transactions and smart contracts, commissions are paid.
- Cross-chain transaction commissions in The Open Network (TON).
- Payment for services rendered by platform applications (TON Services).
- Payment for decentralized, secure data storage (TON Storage).
- Payment for hosting TON-sites and blockchain-based domain name registration (TON DNS) (TON WWW).
- Purchase of TON Proxy.
- Create new currencies by paying.
- remuneration for starting new workchains.
- To be eligible to validate transactions and create new blocks or coins, validators must stake TONcoin. In return for their rewards, validators receive capital loans.
- Approving or rejecting protocol changes.
VI. How to earn & own TON?
Despite having had various legal issues to deal with in the past, TONCoin is still a promising cryptocurrency. Currently, TONCoin is still not listed on Binance and Coinbase exchanges.
You can buy, sell and trade this token on decentralized platforms like UniSwap and PancakeSwap, or on the aforementioned centralized exchanges like FTX, Gate.io, OKEx with trading pairs like USD, USDT, ETH.
VII. Which Crypto Wallets are suitable for TON?
TON is a token developed on two platforms Ethereum and BNB Smart Chain, so you can easily store it on any e-wallet that supports these two platforms such as TrustWallet, MetaMask, etc. Besides, you also can store TON on the aforementioned exchange wallets.
VIII. TON Recent Developments
The current TONCoin is “unlike the previous TON, which is fully independent of Telegram,” according to Durov, the originator of the TON project, so investors shouldn’t be concerned. The current project has all the necessary components to create something truly epic, as well as the appropriate go-to-market tactics.
The total supply of TONCoin is 5 billion, with 1.2 billion currently in circulation. reached a $4 billion market capitalization on January 3, 2022. reached ATH (all-time high) in November 2021 at a cost of 5.84 USD.
Since TONCoin was only introduced in Q4 2021 and is still in its infancy, it can be risky because some of the project’s objectives might not have been achieved.
The project’s progress and its bold goal of building a user-friendly, decentralized blockchain environment have, nonetheless, attracted praise from the cryptocurrency community.
IX. Teams, Funds & Partners of TON
1. Team
From the early days, TON Coin was a project built by the Telegram development team. However, as of May 2020, several lawsuits between the US securities commission and the project construction team took place, which marked Telegram’s withdrawal from this plan.
The coin system’s founding members, TON
However, the management team is referred to as the TON Foundation; these people identify as nonprofit organizations. They gained knowledge of the working source system and the material in Durov’s ongoing publications relating to it, and they are still working on the TON coin today. In response to a request, TON Coin’s official domain name was changed to ton.org on 8/2021. Emelianenko and Makosov also received ownership of TON’s GitHub project. assist TON Coin’s development in the foreseeable future.
The two persons that created the basis for TON Coin in the early days of TON were a Russian mathematician and programming engineer named Nikolai Durov. It is well known that Durov is not a regular person; he has knowledge of blockchain platforms and programming. He worked at the VK company and gained experience while holding two doctorates in mathematics and programming. He and his brother Pavel Durov founded and built Telegram by the end of 2013, having previously worked at VK. He also took part in the early development of TON Coin.
2. Investment Funds
updating…
3. Partners
updating…
X. Where can TON information be updated?
Currently, Crypto users can fully consult, research, and analyze information about TON through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc.
These media are constantly updated with useful information, new activities, outstanding events of TON and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.
XI. FAQs about The Open Network
- Is TonCoin Network Secure?
- The consensus algorithm used by Toncoin Network can be described as a system that has the ability to withstand threats with so-called Byzantine faults. The Byzantine Fault Tolerance system has become relatively popular in the crypto world. Generally speaking, distributed ledger systems are created to administer a system; nevertheless, computer scientist Leslie Lamport’s Byzantine generals predate cryptocurrencies. The technique relies on a system where nodes can connect with each other directly by sending messages, however this does not apply to the network’s management functions. The Ton network’s authentication requirements protect its security while averting the necessity for a fork. The TON network is managed by its users, and any changes or developments must first receive approval from the users of the network in order to be implemented.
- How many TonCoins (TON) are in circulation?
The Telegram team has received funding through a dedicated private Gram service to fund the blockchain project’s growth. This is accomplished through a two-step regulatory framework covered by the Gram Purchase Agreement and designed as a futures contract that enables investors to get tokens once the TON network is operational. On the grounds that Grams will be equipped with utility once TONcoin goes live, and thus might not be regarded as a security, tokens are only sold to a select group of accredited investors, so the offering is not registered as a security by law.
The Ton Network was founded with a total of 5,000,000,000 tokens, and out of those, 4,983,944,249 TONCOINS are currently in circulation.
- What is TonCoin (TON token) used for?
Toncoin was created to give users access to features similar to those in the DeFi financial system. Users are essentially given greater options and control over their possessions in this situation. The community is democratically administered by a DAO made up of Toncoin holders because of its decentralized nature.
The TONcoin cryptocurrency, which is used to carry out transactions within the ecosystem, controls the TON network. The token also has value outside of the network and can be traded for profit with other cryptocurrency pairs like BNB and DOT.
- How to contact and update information on TON?
- Whitepaper: https://ton.org/whitepaper.pdf
- Website: https://ton.org
- Gifthub: https://github.com/ton-blockchain
- Telegram: https://t.me/toncoin
- Email: press@basicattentiontoken.org
Conclusion
In conclusion, trading operations for TON Coin happen quickly thanks to the platform’s fast transaction processing speed. This is a benefit of the TON system in comparison to other market rivals. TON is currently trading for around $1.6, with a daily trading volume of close to $6 million. This coin has an annual price that is appropriate for beginning investors, and it has good liquidity, which facilitates traders’ trading activities.
The above is Meta Lion’s comment on the The Open Network project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.
