The Open Network (TON) is the third-generation proof-of-stake blockchain designed for lightning-fast transactions.
As the boom of blockchain technology-based projects has been continuously increasing in today’s digital era, TON is a project that is ultra-cheap, both user-friendly and service provider-friendly, as well as fully operational.
Launched in 2018 by the pair founders of Telegram Messenger, the Durov brothers, the project then has been taken over and powered by TON Community.
TON is developing as a huge distributed supercomputer or a huge superserver hosting and providing a variety of services in the blockchain world.
What Makes TON Special
In addition to the ability of processing millions of transactions per second, the ecosystem in the TON blockchain can also support to create a emerging Web3.0 Internet generation with decentralized storage, anonymous network, DNS, instant payments and various decentralized services.
The TON blockchain is unique with a scalable and flexible architecture including a master chain and up to 292 accompanying blockchains.
The approaches and methods implemented in TON allow the platform to process millions of transactions per second. There are also Turing complete smart contracts, upgradable formal blockchain technologies, multi-cryptocurrency value transfer, support for micropayment channels, on-chain payment networks, and many more.
TON is built on the advanced Proof-of-Stake consensus. Validator nodes use deposit stakes to guarantee their dependability and reach consensus through a variant of the Byzantine Fault Tolerant protocol.
As a result, this resource saving mechanism not only allows the platform to focus nodes computing power on handling transactions and smart contracts but also provides better speed and efficiency.
Meanwhile, smart Hypercube routing mechanisms ensure swift exchange between any two blockchains no matter the network size. it’s also scaled to millions of chains without impairing the processing speed thanks to the logarithmic relation between data transfer time and number of blockchains.
In order to avoid unnecessary forks, TON has a self-healing mechanism to make new valid blocks on top of any invalidated blocks. Therefore, this can save resources and guarantee that valid transactions are not discarded from unrelated errors.
Compared with other blockchains in the space, TON stands out because of its scalable and flexible architecture and the third- generation proof-of-stake.
It doesn’t stop there, TON is designed to a first fifth-generation blockchain project which is also a BFT PoS-multichain project, mixed homogeneous/heterogeneous, with support for custom workchains, with native sharding support, and tightlycoupled which is especially capable of forwarding messages between shards almost instantly while preserving a consistent state of all shardchains.
With that goal, TON is going to be a truly scalable general-purpose blockchain project, capable of accommodating essentially any applications that can be implemented in a blockchain at all.
TON provides a versatile platform for third-party services. Its interfaces are friendly for users to use and are available for decentralized apps and smart contracts, as well as decentralized browsing.
A number of wallets are available. Users able to send and receive funds in seconds, the wallet also allows them to sell and exchange TONs via various Dapp providers, or monitor price changes while keeping peace in mind with security features.
Also, users are able to experience special simple and intuitive interface wallets on the various devices such as wallets for Windows, Linux, web, android, or MacOS making users easily store, send, and receive TON coins while always staying in full control of their data.
There’s the TON Wallet Plugin for Google Chrome where users can keep their assets safe and secure. Only just after a simple and clear installation process, users will have access to TON dApps.
As mentioned before, since the founders of TON also founded Telegram Messenger, you can use Telegram as your regular cryptocurrency wallet with the common features such as purchase cryptocurrency by bank card and receive, exchange, as well as send cryptocurrency to other wallets instantly.
Currently, the wallet is supporting Toncoin and BTC, and more new cryptocurrencies are being added. Users are able to buy crypto by bank card with limits within minutes. Payments are accepted in USD, EUR, and RUB.
Your app chat is also your multicurrency wallet. Users can store, send, pay, receive TON, BTC, USDT, BUSD, USDC and BNB coins right in Telegram with an internal wallet.
Users can sell or buy coins using local payment methods through safe deals without any risks for 1% fee.
Typing ‘@CryptoBot’ in any chat to create a check from the message input field for sending coins to any Telegram user or to to create an invoice for requesting and accepting payments in crypto.
The Binance Smart Chain is integrated to store, send, and receive BEP20 coins like USDT, BUSD, USDC and BNB. As BSC provides lower transaction fees and 3-second block time, it can save both time and money for TON users.
Other coming particulars are almost done in testing phases and are going to be introduced in next few months like TON Payments and TON DNS.
TON Payments is a platform designed for micropayments and a micropayment channel network or known as lightning network.
It can be used for instant off-chain value transfers between users, bots, and other services without the need to commit all transactions into the blockchain, pay the associated transaction fees. These transfers are also ensured as on-chain transactions.
TON DNS assigns human-readable names to accounts, smart contracts, services and network nodes. Therefore, TON DNS browsing blockchain brings an experience similar to browsing the Internet.
The Toncoin is the main cryptocurrency of the TON blockchain as well as empowers basic works on the chain. Users can also get the coin through exchanges or some third-party services such as FTX, OKEx, EXMO, Wallet Bot, NeoCrypto, Mercuryo, Crypto Bot, Uniswap, PancakeSwap, Dodo, gate.io, or Biswap.
At the present, Toncoin is distributed via special giver smart contracts which use a proof of work mechanism. Anyone can mine pow-givers and receive coins. However, a miner needs to iterate over a large number of hashes to receive a reward and to find a proof-of-work.
In order to mine the Toncoin, the PoW Giver contract has a computational puzzle as a challenge. Users need to resolve and then they will be rewarded with a fixed number of coins. Another new challenge will be generated and it will only be solved by brute-force numbers.
If a puzzle is resolved too soon, the PoW Giver contract will increase the complexity level that will take more power needed to resolve it.
On the other hand, if resolving took too much time, the complexity level is reduced. There’re 5bn Toncoins transferred to Proof-of-Work Giver smart contracts.
Set to be launched in 2022 Q1, the Staking feature is a service that allows lending stakes to owners of validator nodes.
As a result, a Toncoins holder can lend coins to a hardware owner for starting a validator node. The profit then will be shared between the parties.
The service smart-contract guarantees that the borrowed coins will only be used for validation and the revenues will be shared following the conditions agreed.
In the future, Toncoin has been developing as not only a huge potential of Toncoin but also numerous ways to use it.
Keep Watching TON
Many blockchain projects are constantly developing and improving to bring profits as well as the best utility experiences for users, one of them is TON.
The blockchain platform is a scalable multi-blockchain architecture capable of supporting a massively popular cryptocurrency and decentralized applications with user-friendly interfaces.
You may be interested in TON – so just click here to learn more!
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