What is Toncoin?

Have you ever heard of Toncoin (TON)?

It's a blockchain that was developed back in 2018 by a group of talented developers at Telegram, which is a popular encrypted messaging company. Originally, the blockchain was called Gram and it experienced explosive growth in 2020. However, things took a turn when the U.S. Securities and Exchange Commission (SEC) decided that Gram was a security, which caused a bit of a stir.

In response to the ruling, Telegram's CEO, Pavel Durov, decided to separate from the blockchain and handed it over to a group of passionate crypto enthusiasts. They decided to change the name of the network to "The Open Network" or TON for short.

Nowadays, TON is developed by the TON Foundation and is actually one of the top 25 cryptocurrencies in terms of market capitalization!

But what can TON be used for, you ask? Well, it actually has a bunch of different use cases!

For example, TON can be used for decentralized applications (dApps), secure messaging, and even for creating and exchanging digital assets. It's an exciting blockchain with a lot of potential, so it's definitely worth keeping an eye on!

Quick Facts

• TON (also known as Toncoin) is a Layer 1 blockchain that was originally developed as Gram by the Telegram team.

• TON was created to be a network where decentralized applications (dApps) could be built.

• TON is now developed by the TON Foundation, after Telegram CEO Pavel Durov separated from the blockchain in response to a ruling by the U.S. Securities and Exchange Commission (SEC).

Who founded Toncoin?

Picture this: two brothers, Nikolai and Pavel Durov, set out to create a network where decentralized applications (dApps) could be built. They called it Gram and it was open-source from the get-go. The Telegram team - the same folks who brought you the ultra-secure messaging app - were the ones responsible for bringing Gram to life.

Now, you might be wondering why a messaging app company would be interested in blockchain and cryptocurrency. Well, it turns out that Telegram and crypto actually have a lot in common!

Both use advanced encryption methods to keep things super secure and private. With Telegram, even governments can't snoop on your messages. This commitment to privacy and security aligns perfectly with the crypto world.

But Gram's journey hit a snag in 2020 when the U.S. Securities and Exchange Commission (SEC) ruled that it was a security. The Telegram team decided to part ways with the blockchain and handed it over to a group of dedicated crypto enthusiasts. The new team renamed the network "The Open Network" (TON) and continued building on its potential.

Now, TON has a bunch of cool use cases, including dApps, secure messaging, and digital asset exchange.

How Does TonCoin Work?

TON is a blockchain network that uses a sharding principle, which allows for multiple subnets on the same blockchain. Each subnet has its own specific purpose, which reduces delays and speeds up transactions. This innovative network is flexible and can process millions of transactions per second, thanks to its Turing complete smart contracts.

One of the standout features of TON is its self-healing vertical blockchain mechanism, which makes it reliable, fast, and scalable.

This means that the network can easily adapt to changing demands and handle a high volume of transactions without any issues.

Users of TON can access a Toncoin wallet (custodial and non-custodial), which makes it easy to transfer funds and interact with platform services.

Developers can use TON Services to create decentralized applications (dApps), and users can access third-party apps through a user-friendly interface. Additionally, TON Storage offers private encryption for secure wallet storage using a private key.

What influences Toncoin’s price?

There are several factors that can influence the price of TON coin (TON), just like any other cryptocurrency. Some of these factors include:

1. Market demand and supply

The basic rule of supply and demand applies to cryptocurrencies as well. If the demand for TON is higher than the supply, the price will likely go up. Conversely, if the supply is higher than the demand, the price may decrease.

2. Network adoption and usage

As TON is a multi-blockchain platform that enables various use cases, the adoption and usage of its network can affect its price. More usage of the network, such as increased trading volume, can positively impact the coin's price.

3. Competition

TON is not the only multi-blockchain platform out there. The presence of competing projects with similar features can affect TON's price. If TON offers unique features that other projects don't, it may have an advantage in terms of price.

4. Regulatory changes

Like all cryptocurrencies, TON may be impacted by regulatory changes. For example, if a country bans the use of cryptocurrencies or introduces strict regulations, it may affect TON's price negatively.

5. Overall market sentiment

Finally, the overall market sentiment towards cryptocurrencies can also impact TON's price. If the general mood in the cryptocurrency market is positive, it may boost TON's price, and vice versa.

Toncoin Circulation and Supply

Toncoin currently has 1.22 billion TON coins in circulation, which is the number of coins that are available in the market. The maximum supply of TON coins is 5 billion, which means that once all the coins are mined or released, there will be a total of 5 billion TON coins in existence.

Where to Buy Toncoin (TON)

Toncoin can be purchased on various cryptocurrency exchanges such as KuCoin, BitMart, and Huobi Global, among others. These exchanges provide a platform for users to buy, sell, and trade TON coins with other cryptocurrencies or fiat currencies. Users can also buy TON coins from a wallet, such as a MetaMask wallet, by connecting to a decentralized exchange (DEX) compatible with TON.

How to buy Toncoin

If you want to buy Toncoin, you can do so from a crypto exchange or directly from a wallet. Here's how you can buy it from a MetaMask wallet:

1. Download and install MetaMask

If you're on a desktop computer, get the MetaMask Chrome extension. If you prefer a mobile app, download it from the iOS App Store or Google Play Store. Alternatively, you can visit the official MetaMask website and download the app or extension.

2. Set up your MetaMask wallet

Register your wallet using the extension or mobile app, and make sure to keep your seed phrase safe and note down your wallet address.

3. Buy Ethereum

Log in to your crypto exchange account, such as Binance, and purchase Ethereum as your base currency.

4. Transfer Ethereum to your wallet

Withdraw the Ethereum you bought from Binance, set Ethereum as the network, provide your wallet address and the quantity of Ethereum you want to transfer, and click the withdraw button.

5. Choose a decentralized exchange (DEX)

There are many DEXs on the market, so pick one that is compatible with your wallet. You can use a wallet other than MetaMask, too.

6. Connect your wallet

Once you have chosen a DEX, connect your MetaMask wallet to it.

7. Trade Ethereum with Toncoin

On the DEX, select TON as the coin you want to buy and Ethereum as payment.

8. Apply the swap

Once you have completed the previous steps, click on the Swap button to complete the transaction, and you will have successfully purchased Toncoin.

Final Thoughts on Toncoin

TON is a blockchain platform that has been gaining popularity in the crypto space. It has been adopted by many users due to its unique features such as sharding, self-healing vertical blockchain mechanism, and Turing complete smart contracts.

As of May 2022, the number of active Toncoin wallets has reached over 740,000, which is a significant increase from 200,000 in January of the same year. This growth in the number of active Toncoin wallets is a strong indicator of the potential of the TON blockchain to become a practical way of transferring funds.

In addition to the increasing number of Toncoin wallets, TON's future looks bright due to its community-driven nature. The platform relies heavily on the contributions of its community members, who constantly develop new applications and services for the TON ecosystem. This open-source approach has helped the platform to evolve and adapt to the changing needs of its users.

Furthermore, TON's focus on providing fast and reliable transaction processing has made it a preferred choice for many users. Its sharding architecture enables it to process millions of transactions per second, making it one of the fastest blockchain platforms in the market. This speed, coupled with the platform's ability to handle smart contracts, makes it an attractive choice for developers looking to build decentralized applications.

Overall, TON's future looks promising as it continues to attract more users and developers to its platform. With its unique features and growing community, it has the potential to become a major player in the crypto space.