What is The Open Network (TON)?

The Open Network Coin (TON) is the second major attempt to launch a social media-focused cryptocurrency, following Facebook's failed Diem project. As the $TON coin was being developed, the team encountered regulatory challenges that clarified why many social media platforms have been slow to embrace digital currency payment systems.

What is Toncoin (TON)?

Launched by the Telegram team in 2018, Toncoin (TON), which stands for The Open Network, is a decentralised blockchain network often called the "blockchain of blockchains." It aims to provide a scalable and robust system capable of supporting millions of users. Despite early legal challenges that caused Telegram to step away, TON has continued its development and has since been rebranded and maintained by the TON Foundation.As a Layer 1 blockchain, TON functions similarly to major networks like Solana and Ethereum, using a proof-of-stake (PoS) consensus mechanism for efficient transaction validation and network security. Designed to handle millions of transactions per second, TON offers a fast, reliable, and secure decentralised experience, ensuring smooth operation and high performance for users.

Toncoin (TON) is the native cryptocurrency of the network, used for transactions, staking, and governance. Validators use Toncoin to secure the network and validate transactions, maintaining its reliability and performance.

The History of The Open Network (TON)

Telegram is a private company best known for its "Messenger" app, an encrypted messaging service with over 900 million users that has become popular in the cryptocurrency community. In 2018, Nickolai and Pavel Durov, aimed for an effective blockchain to support the massive users on Telegram. They launched Gram, what would later become known as The Open Network (TON) after a total sum of $1.7 billion was raised through a private ICO. After the raise, the main components of the blockchain, together with the whitepaper were developed. Gram launched in 2019 as a test in preparation for the main launch.

Later that year, the project was transferred to independent developers from an open-source community known as Newton. Clever Nod, Anatoly Makosov, Kirill Emelyanenko, and other developers from around the world who later joined the effort assumed leadership roles, continuing Ton's development under the NewTon Foundation. Eventually, the community voted to fully launch the project and rebrand the Newton community as The Open Network (TON) Foundation.

How Does TON Work?

TON operates through a combination of unique architectural elements and consensus mechanisms to provide fast, scalable, and secure transaction processing.

Architecture

TON has a layered structure:

Masterchain

The Masterchain manages all essential data for the protocol, including key parameters and their current values. It oversees the chain's overall functionality, such as validator addresses and coin stake amounts for validation. Additionally, it contains all the data related to the various work chains and shardchains.

Workchains

The Workchain stores all transaction information and the various recorded smart contracts. Each workchain operates independently and can follow its own set of rules, resulting in differences in address formats, transaction formats, and Virtual Machines (VMs) tailored for specific smart contracts. Because of its diverse ecosystem, crypto enthusiasts often refer to the TON Blockchain as a heterogeneous chain.

Shardchains

Shardchains are a blockchain scaling solution where the network is divided into smaller, more manageable units called "shards." Each shard functions as its own mini-blockchain, processing a portion of the network's transactions and smart contracts. This division allows the blockchain to handle multiple transactions simultaneously, greatly enhancing its overall capacity and speed.

Shardchains help alleviate congestion and boost efficiency, making the network more scalable. On Ton, shardchains are smaller segments of Workchains, designed using a "vertical development" architecture. This design enables the network to process transactions more efficiently within these fragmented parts, resulting in faster and more scalable operations on the Ton blockchain.

TON Virtual Machine (TVM)

The TVM runs smart contracts, ensuring they execute consistently and securely across the network.Consensus Mechanism
TON employs a Byzantine Fault Tolerant (BFT) method called Block-Proof of Stake (BPoS). Validators stake Toncoin (TON) to validate blocks, requiring a majority of honest validators for approval.

Sharding

Each Workchain is divided into multiple Shardchains, allowing transactions to be processed simultaneously, boosting throughput and scalability

Smart Contracts and DApps

TON supports smart contracts and decentralised applications (DApps) for various uses, including DeFi, gaming, and social media.

Interoperability

TON enables asset transfers and transactions across different workchains and shardchains, facilitating smooth interactions between DApps and enhancing the ecosystem.

What Makes TON Unique?

TON (The Open Network) sets itself apart with a range of groundbreaking features that address key challenges in the cryptocurrency space. Its design focuses on high efficiency, low costs, and broad usability, positioning it as a versatile and valuable asset. Here’s a closer look at what makes TON stand out:

1. High-Speed Transactions: Processes transactions swiftly, enhancing overall efficiency and user experience.

2. Low Fees: Offers minimal transaction costs, making it a cost-effective choice for users.

3. Scalability: Built to handle increased demand and user growth seamlessly.

4. Versatile Applications: Supports a diverse array of decentralised applications and services.

5. User-Friendly: Engineered for ease of use, encouraging broader adoption and integration.

Flexibility in Smart Contracts

In the fundamental concept of blockchain, all data stored is inherently immutable, as exemplified by platforms like Ethereum, where immutability is a cornerstone feature that enables a wide range of services, including logistics tracking and legal document storage and processing.Unlike most blockchains where smart contracts are immutable, TON allows developers to modify smart contract code post-deployment, offering greater flexibility and adaptability.

What are TON’s Services?

TON Storage

TON Storage offers a decentralised storage solution similar to Dropbox, with added encryption using the user's private key.

TON Sites

TON Sites enable users to launch decentralised websites on the TON network and can be accessed through a TON crypto wallet and web browser.

TON WWW

TON WWW refers to the collection of web pages and services accessible via the TON network. TON WWW utilises TON Proxy and TON Sites to create a decentralised and secure browsing experience.

TON DNS

TON DNS is a service designed to make crypto wallets, accounts, smart contracts, and other services more user-friendly. TON DNS simplifies addressing and accessibility of various resources on the TON network.

Ton Bridge

Ton Bridge facilitates the conversion of TON coins between different blockchain networks.What Makes TON Valuable?

What Makes TON Valuable?

Toncoin (TON) is the native cryptocurrency of the TON network, deriving its value from several functionalities:

Mining Rewards

Validators are rewarded with newly minted TON for securing the network and maintaining its integrity.

Currency and Transactions

TON is used for all transactions within the TON ecosystem, including storage, retrieval, and staking.

Governance

TON holders can participate in governance, voting on proposals that shape the future of the network.

Growing Ecosystem

With the growing number of users and developers on TON, the demand for Toncoin is expected to increase, driving its value up.