TON (The Open Network) is a popular public blockchain backed by Telegram, a popular social networking application with over 900 million users worldwide. This article will introduce TON’s technical architecture, economic model, ecosystem, advantages, and challenges, providing in-depth analysis of this public blockchain.
Table of Contents:
What is TON?
Development History
TON’s Technical Architecture and Features
TON’s Token Mechanism
Issuance and Consensus Mechanism:
Uses of TON:
Overview of TON’s Ecosystem
How to Purchase TON?
Advantages and Challenges of TON
Advantages:
Challenges:
TON’s Positive Outlook in 2024
Popular Projects on TON
TON (The Open Network) is a recent and highly anticipated public blockchain. With the support of Telegram, a popular social networking application with over 900 million users worldwide, and its unique technical architecture, TON has attracted widespread attention. Since the beginning of 2024, it has experienced a surge of over 350% and currently ranks as the 8th largest cryptocurrency by market capitalization, surpassing Dogecoin and ADA.
This article will delve into TON’s technical architecture, economic model, ecosystem, advantages, and challenges, providing a comprehensive understanding of the core features and development potential of this public blockchain.
TON is a Layer 1 public blockchain designed to provide an efficient, secure, and scalable blockchain platform for billions of users worldwide.
In 2018, Telegram intended to issue its own cryptocurrency and established the “Telegram Open Network” project. Through an Initial Coin Offering (ICO), it raised $1.7 billion, with the token name being $GRAM at the time.
However, in October 2019, the U.S. Securities and Exchange Commission (SEC) accused Telegram of illegal fundraising. Subsequently, Pavel Durov, the founder of Telegram, publicly announced in May 2020 that they would abandon the TON blockchain project and pay a fine of $18.5 million to the SEC.
In 2021, the project was taken over by community developers called newTON and renamed as the TON Foundation, with the project being renamed “The Open Network.” The native token is TON.
Since 2022, the ecosystem development has been accelerating and has received public support from Pavel Durov, with deeper integration with Telegram.
TON adopts a multi-layered structure, which enables it to have high scalability and flexibility. The main layers include:
Masterchain: The masterchain is the core of TON and is responsible for maintaining the state and consensus of the entire network. It records information and states of all shardchains and manages the security and integrity of the network.
Shardchain: TON distributes transactions and data across multiple shardchains using sharding technology, significantly increasing the network’s processing capacity. Each shardchain can process transactions independently, reducing the overall network load.
Workchain: TON supports multiple workchains, each with different rules and characteristics. This allows different types of applications and smart contracts to run on the same network, providing great flexibility.
Issuance and Consensus Mechanism:
TON’s initial total supply is 5 billion tokens. In June 2020, mining was made available to miners using Proof of Work (PoW), accounting for 98.55% of the total supply. The remaining 1.45% is allocated to the team, and the last TON token was mined in June 2022.
The current operating mode adopts the Proof of Stake (PoS) consensus mechanism, where stakers receive TON as rewards, with the token supply increasing at a rate of approximately 0.6% per year.
Uses of TON:
Transaction Fees: Users need to pay a certain amount of TON as transaction fees when conducting transactions on the TON network. These fees are distributed to validating nodes as rewards.
Smart Contract Execution Fees: Developers need to pay TON tokens to deploy and execute smart contracts to cover the cost of computational resources.
Staking and Governance: Users can stake TON tokens to participate in network governance and validator node elections, thereby earning additional token rewards.
For a quick overview of projects in the TON blockchain ecosystem, you can refer to Ton.App, which already includes over 750 applications, including staking, wallets, browsers, cross-chain bridges, public utilities, NFTs, social, gaming, decentralized exchanges, and gaming projects.
To browse leading projects in various fields, you can refer to TON’s ecosystem overview, covering staking, DEX, wallets, launchpads, NFTs, etc.
TON is currently listed on multiple mainstream exchanges and DEXs. At the end of April, the largest stablecoin USDT officially supported the TON network, allowing all Telegram users to directly send USDT to any user holding a TG account through the platform.
Deep Integration with Telegram:
With over 900 million users worldwide, Telegram’s deep integration with TON allows it to reach a wide audience in a short period, increasing user acceptance and participation.
High Scalability:
TON’s multi-layer architecture and dynamic sharding technology enable it to handle a large number of transactions, solving the scalability issues of traditional blockchains. The design of shardchains and workchains ensures efficient operation of the network even under high load.
Regulatory Risks:
The blockchain technology and cryptocurrency field face different regulatory policies and regulatory risks in various countries. TON must operate within different regulatory environments worldwide, which may pose compliance challenges.
Ecosystem Development:
Although TON has a strong technical foundation, building a rich and diverse ecosystem requires a significant amount of time and resources. Attracting more developers and projects to join the TON ecosystem is the key to its long-term success.
2024/05/12
Dark Horse in the Market! TON’s Total Value Locked (TVL) Surges 400% in the Past Two Months, Coin Price Rises 20% in a Week, Reaching a New All-Time High.
Reviewing the past two months, TON has indeed received significant news and partnerships. On April 19, Telegram’s founder Pavel Durov announced a partnership with leading stablecoin issuer Tether, and starting from April 20, the native USDt token was launched on The Open Network (TON) blockchain.
On May 2, Paul Veradittakit, the managing partner of Pantera Capital, explained in a post why Pantera invested in TON. He explained that Telegram has over 900 million monthly active users, and by leveraging Telegram’s vast user base and seamless user experience, along with the vitality of the emerging TON ecosystem, he believes TON has the potential to become one of the largest cryptocurrency networks.
2024/03/27
TON, the Telegram Community Public Chain, Takes Off. Can It Challenge Solana?
Recently, TON, the public chain, has finally started to make progress after a long period of stagnation, with the total locked value surpassing 78 million, reaching a new all-time high. In addition, a large number of Memecoins have emerged in its ecosystem, and the TON Foundation has announced the recruitment of a Memecoin ecosystem manager, indicating a strong development intention for the Meme ecosystem. However, this move has also sparked some controversy over whether Ton can replicate the Solana Meme craze.
2024/05/14
A Quick Look at the 14 Projects Newly Funded by the TON Foundation: GameFi, DeFi, Infrastructure…
Recently, the TON Foundation announced its latest grant project list to support innovation in Web3 social, gaming, DeFi, and other fields. The listing of Notcoin on Binance and OKX has further fueled the popularity of Ton ecosystem projects. This article will introduce the 14 businesses that have received the latest round of funding from the TON Foundation.
2024/03/27 TON’s Market Cap Surges to Top 12, Reviewing the Hottest New Projects in the Ecosystem
Backed by Telegram, Toncoin (TON) has shown strong momentum this month, reaching a new all-time high of $5.6 on the 25th, and rising to become the 12th largest cryptocurrency by market capitalization. This article will provide detailed explanations on how to set up a TON network wallet and assets, as well as the participation process in popular project launches.
2023/09/28
Overview of TON Blockchain Ecosystem Applications: 551 DApps Covering 16 Fields
Unlike most new public chains struggling to acquire new users, TON is backed by Telegram with 800 million users. The TON Foundation aims to bring 30% of Telegram users to TON, and it is expected to have 500 million active users on TON by 2028. If Telegram and TON are compared to a platform similar to WeChat, benefiting from a large user base, the applications built on TON are worth attention.
Related Reports:
Opinion Article: Deciphering the History of The Open Network (TON): From Defeat to Rebirth
In-Depth Analysis: Comprehensive Overview of TON’s Memecoin Ecosystem: Gram 20, Tonano, FairTON…
TON Phishing Scam! Wallet Displays “Received 5,000 U,” All Fake, Swindling 22,000 TON in a Few Days.