TON blockchain by TON Foundation is a newly emerging ecosystem that is set to revolutionize modern-day interactions and business with its advanced technology and features. Launched in 2020, here’s all you need to know about this chain.
As blockchain technology advances, many new networks have been introduced. If you want to know what TON blockchain is, how it works, and what it’s known for, this guide is perfect for you.
What is TON Blockchain?
TON The Open Network is basically a fully decentralized Layer-1 blockchain offering scalability and security that can handle almost a million transactions per second with its fast processing speed. It is built upon a proof-of-stake consensus mechanism in which users act as validators to stake tokens and approve transactions in the blockchain.
TON blockchain was first launched in May 2020 as a solution to bring together many blockchains and the internet to pioneer the next-generation network. It is easy to use and environment-friendly, making it one of the best network choices among many others.
According to the team, TON is the blockchain of blockchains because it not only connects different decentralized networks but also processes transactions of as many users as it can. Its smart contract is built to exchange data with smart contracts of other blockchains seamlessly, the same way the internet works.
History of TON
TON was first presented as a whitepaper and a lite paper by Telegram Group as an application that would facilitate users to buy, sell, and trade tokens but later turned into a proper blockchain network.
The project was initially called Gram and offered as an Initial Coin Offering (ICO) which managed to raise record-breaking funds worth $1.7 billion.
However, before the official release of ICO, there were a lot of Twitter scams happening, so Telegram CEO Pavel Durov announced they will use a special method to give away coins. Telegram aimed to receive approval from SEC to launch Gram as tokens and not as securities but this didn’t end well, so the team decided to abandon participating in blockchain development and refunded the investors.
In 2020, the community, known as the TON Foundation, continued the project to create the ultimate Open Network, introducing the true functionality of TON, which catered to the consumer market rather than the investors.
The development of this chain was quite easy because all of the code was shared on GitHub, so the community’s developer team took it into their hands to further bring it to the practical shape that it is now.
How does it work?
Like Ethereum, hundreds of computers are connected to TON as users act as “nodes” instead of one controlling party to process transactions within the blockchain. In other words, data is equally distributed among all users as proof of the process. It’s actually better than the internet because in Web2, only tech giants control the data and they get to decide where to use it.
Blockchain technology democratizes the system, while TON aims to make this more connected by bringing all networks together. There can be many sets of rules so every blockchain can share messages with multiple chains the same way it shares within it itself.
There are currently two chains in the TON ecosystem: MasterChain and BaseChain.
MasterChain is used to synchronize and execute transactions between multi-chains. “…nodes in the network need a way to fix some ‘point’ in a multichain state and reach a consensus about that state.” The blocks in this chain contain data from multiple networks connected.
BaseChain is where all the everyday transactions take place at a cheaper gas fee.
Proof of stake
As mentioned above, the blockchain runs on the proof of stake mechanism in which users act as validators to process transactions and store them on the blocks. People who have the most staked tokens are randomly picked and act as nodes to approve transactions to get rewarded for their services.
Like other blockchains, TON also processes transactions using smart contracts which run on TON Virtual Machine or TVM built on the stake principle. Smart contracts facilitate approving transactions easier and quicker.
TON Blockchain Features
Since TON is built with advanced open-source technology, it is designed for decentralized storage, decentralization applications, and decentralized transactions. Other than that, many other features make this network special.
TON has its own storage system that is more advanced than usual chains. It offers private encryption to both private and public storage with high security.
Like Ethereum, TON also has its own domain name service “.ton” that people can own on the chain. TON DNS is basically a readable name simplified from a long string of machine-generated numbers, for example, apple.ton, pen.ton, and bread.ton.
Users just need to register their unique names on the blockchain, and then These names can be used for crypto wallets, smart contracts, accounts, and other compatible platforms.
TON blockchain also offers proxy services that have compatibility with HTTP Proxy which can be used to access TON sites and other connected networks. This ensures users’ anonymity and also simplifies opening dApps.
Toncoin is the native token of TON that was initially launched as an alternate Gram but later became the main coin of the chain. The maximum supply is 5,000,000,000 TON coins and has been actively trading in the marketplace even today.
Users can buy Ton coins from the exchanges such as ByBit, OKX, Bitget, etc. for trading and also perform transactions within the blockchain using it.
Toncoin Price Prediction
Toncoin has been doing quite well as a blockchain-native token. The network is expected to grow more with prices reaching high as it adopts more NFTs and dApps.
According to Coincodex, the rates are predicted to increase by 4.40% and the market sentiment shows Neutrality, which means investors are both bearish and bullish about its worth in the market.
Wallets built on the TON blockchain allow users to store, buy, sell, and trade digital assets. It is a decentralized platform with fast-transaction speed, cheaper gas fees, and quicker payment processes without any third-party involvement.
There are two types of wallets that the TON Foundation offers: Custodial and Non-custodial.
In a custodial wallet, the owners’ private keys are held by a third party and don’t have complete ownership over their digital assets namely @Wallet and Crypto Bot.
Non-custodial means the owners control 100% of their assets that can only be accessed through the private phrase key which are TON wallet, Tonkeeper, SafePal, Tonhub, Coin98 Wallet, MyTonWallet, and OpenMask.
TON blockchain features many decentralized applications where users can enjoy Web3 services. The following are the most well-known TON Apps:
Getgems is the NFT marketplace built on The Open Network blockchain. It is the first trading platform in the TON ecosystem where creators and artists can showcase their work and collectors can buy using Toncoin, adding up to its utility in the market.
Some of the famous collections listed on Getgems are Telegram Usernames, Annihilation, TON Diamonds, Rich Cats, Whales Club, TON Punks, and many more.
TON Diamonds is the first NFT to be deployed on the chain, designed by Lottie-animation in the shape of diamonds, with each collectible having a unique combination of traits.
Disintar.io is a virtual space where users can build their own rooms and use NFTs to decorate them. Like metaverse platforms, this is a small project where creators can sell their digital items on the marketplace for users to buy and use them.
Each user gets their own virtual room connected with a smart contract on the chain. These rooms come in different sizes to be bought to accommodate the NFTs. The network also plans to add other features such as connecting Disintar.io rooms with DNS so that every room can have its own name based on the domain name.
TonSwap is a decentralized exchange on the TON blockchain where users can swap tokens at a cheaper fee and fast transaction. Although it is not as popular as other DEXs, it’s most suitable for Toncoin holders because it is compatible with it.
Currently, the BETA version of TonSwap is available for users to use.
Ton blockchain is relatively less popular compared to Ethereum or Solana but its unique infrastructure has attracted many eyes. Other networks focus on investors or solely have Web3-based technology, while TON aims to be the bridge that connects all blockchains and the internet together.
Toncoin is also trending at a good price and the neutrality among investors regarding its price prediction shows there is a possibility of this blockchain emerging as a successful project in Web3.
Now that you know everything about Ton blockchain, you can easily navigate through and utilize it for your own needs.