The game-changing TON and the Open Network Overview
Discover Toncoin, the native token of The Open Network (TON), a decentralized Layer 1 blockchain. Toncoin is an eco-friendly token designed for payments, fees, and confirmation, boasting fast transactions, low fees, and a flexible architecture. This review covers information about the cryptocurrency's origins, competitors, potential uses, development plans, and token economics.
- Fully diluted market cap: $3,488,495
- Total supply: 5,047,558,527.7 TON
- Max. supply: 400,000,000 TON
- Circulating supply: 1,221,401,181 TON
- Market cap: $11M
- Volume (24h): $5.66M
- November 2019. The project launched the testnet2, activating 5b-coins minting, while a small part, namely 1.45%, was distributed between testers and developers.
- May 2020. After the SEC prohibited Telegram from distributing Grams among investor pools, the project's creators made the decision to halt the TON ecosystem development.
- May 2021. The platform held a vote among network participants, and most testnet2 votes backed the transition to a higher mainnet level. In the meantime, the Proof-of-Work Giver approach has continued to distribute coins among network members.
Proof-of-Stake (PoS) as a validation algorithm for the TON
- Validator share to maintain the blockchain reached: 217 168 292
- The upward trend in TON user accounts in the network over the past six months: +321%
Toncoin's closest competitors
- Ethereum. It is the second-largest cryptocurrency by market cap and one of the most established smart contract platforms. Despite using PoS as a validation algorithm, the network has limited upscaling and high fees, allowing Toncoin to offer more profitable solutions for the end user.
- Cardano. It is a third-generation blockchain project geared towards scalability, sustainability, and security, making it one of Toncoin's main competitors.
- Polkadot. The project enables cross-chain communication between different blockchains and guarantees regular intranet communication. The unique architecture and focus on interoperability put the project in a solid position to compete with Toncoin.
- Solana. Solana is another close competitor to Toncoin. The platform boasts low fees and high-speed transactions using PoH (Proof of History), an advanced consensus mechanism.
Use Cases of Toncoin
- Validator rewards for maintaining the blockchain
- Payments within DApps on the blockchain
- Cost for ledger shared data storage
- Fee for the usage of TON Proxy
- The expense of the TON DNS solution
- Voting in TON's on-chain governance initiatives
Besides, the TON token can also be used as payment for generating new work chains or to pay a commission for on-chain transactions between chains.
- 2018 - the project launch. The Telegram team molds the Telegram Open Network - their own layer-1 chain solution.
- 2018 marked the beginning of the project's private investment round. During this round, the founders of the project were able to secure $1.7 billion by selling TON tokens.
- 2019 - Telegram launched two TON testnets in Q1 and Q4 of 2019. The first testnet materialized in the spring of 2019, and users witnessed open-source code. The next testnet2 was successfully launched on November 15, 2019.
- 2019 pending litigation with the US SEC, and, as a result, TON is postponed until all legal discrepancies are resolved.
- May 2020 - Telegram calls it quits on testnet2 support and TON development, acquiescing to compensate backers for their $18.5 million investment.
- 2020-2021 - The engineering team resumed active TON development based on the previously approved design defined in the original TON documentation.
- May 2021 - shift to the mainnet. While Testnet2 has shown stable performance for a long time, the network community voted for the Mainnet level-up.
- Q3 2021 - Maturation and implementation of TON-ETH and TON-BSC bridges.
- Q4 2021 - Announcement of the launch of TON subscriptions and listing on top crypto exchanges.
- Q1 2022 - Launch of the TON Developer Program, | Reward Program for TON Nominators, | TON DeFi.
- Q2 2022 TON DNS announcement and launch of TON payments.
- Q3 2022 TON Websites and TON Proxy Solutions Revealed.
- Q4 2022 - Completion of the implementation of the TON Vault solution.
- Q1 2023 - The project plans to implement: Network configuration, | x100 Stress Test | Token Bridge | Tokenomics optimization voting | TON Awards 2022, | TON Connect and Tokens Guidelines & Tools.