Toncoin (TON) Initiative and Its Digital Currency

The masterminds behind the Toncoin initiative, Pavel and Nikolai Durov, have brought to life a network known as The Open Network (TON). Back in 2018, they introduced a blueprint for their digital currency, the Telegram Open Network (GRAM), which unfortunately faced setbacks in being launched due to opposition from regulators in the United States. Nevertheless, with the code’s open source characteristic, there emerged other individuals interested in further developing the project.

At present, TON stands out as one of the most sought-after initiatives in this particular domain.

On December 22nd, 2021, Pavel Durov enthusiastically shared an update on his Telegram channel, expressing his anticipation for the project’s advancements and optimism for future innovations. He conveyed strong faith in his team’s capacity to craft something remarkable. Consequently, this communication resulted in a notable surge of 50% in the TON token’s value within a brief time frame.

The Background of The Open Network

Following a successful private funding round in 2018, the GRAM initiative raised $1.7 billion. The comprehensive white paper laid the foundation for all fundamental blockchain components. The network commenced testing operations in the spring of 2019, with the second network version going live in November.

Nevertheless, just before that, in October, the US Securities and Exchange Commission (SEC) brought forward allegations against Telegram concerning an unregistered token offering during the initial coin offering (ICO) in various nations including the United States. In light of the unresolved legal matters, the company has opted to delay the actual launch date. Autonomous developers have chosen to push forward with this positive initiative, expanding upon the preexisting open-source code. They are not the solitary participants. Presently, we are enthusiastic about a project initiated by the Newton community, led by Anatoly Makosov and Kirill Emelianenko. These two individuals have already clinched multiple competitions organized by Telegram for developers. Subsequently, they were joined by other developers from diverse parts of the world.

In the beginning of May 2020, the commencement of a fresh enterprise took place embracing traditional principles and concepts. Presently, the blockchain system is operating at full capacity, with the inauguration of the TON-ETH bridge. This provides users with the opportunity to convert their native TON tokens into TONCOIN (ERC-20) via the TONBRC bridge.

Key technical elements encompass

9 principal constituents of TON:

• The launch of the TON Blockchain, an adaptable, sophisticated, and versatile platform featuring smart contracts, microtransactions, and various distinctive functional facets tailored specifically for the venture. For instance, immediate routing of hypercubes. Despite its swiftness and security measures, the blockchain remains consistently reliable.
• The traditional TON P2P Kit operates through a range of approaches for interacting with the blockchain, making updates, and submitting transaction verification requests. It exclusively refreshes data pertinent to the user’s preferences and accommodates a variety of decentralized services.
• Presently, TON Storage is at a 50% completion stage. This innovation is tailored for managing decentralized storage of various data like files, block archives, state snapshots, and more. Users can directly tap into this resource when it functions as a torrent tracker.
• Currently, TON Proxy is accessible 75% of the time. This tool enables the concealment of network participants’ IP addresses and identities. Its primary utilities include facilitating the secure transfer of significant cryptocurrency amounts and acting as a defense mechanism against DDoS assaults.
• TON Services have been introduced, offering tailored services through a user-friendly interface accessible via web browsers or mobile gadgets. By utilizing customer-assured services, users can generate smart contracts on the Open Network.
• TON DHT: When it comes to TON Storage, you can opt for a seed-sharing platform, TON Proxy passageway, or a distinctive tag for TON Services.
• At present, the preparedness level of TON Payments stands at 90%. This platform furnishes multiple avenues for microtransactions designed for swift asset transfers within the network and remuneration for TON Services.
• TON DNS operates with a 90% uptime guarantee. It generates user-friendly names for profiles, servers, offerings, and agreements.
• This program is capable of being merged with various other programs for data exchange purposes.

The Open Network is currently halfway through its development process and Workchains platform will be an integral part of it. The ecosystem comprises of two components – the primary chain known as Masterchain and auxiliary chains called Workchains. Each of these chains operates under its own set of regulations governing addresses, transactions, creation of smart contracts, and other functionalities. Despite their individual rules, these chains can seamlessly interact with each other, abiding by an immutable code of conduct.

TONCOIN digital currency

One of the prime instances of this interoperability is the TONCOIN digital currency. Users are required to utilize The Open Network’s native cryptocurrency for executing transactions, covering fees, and deploying smart contracts on the network.

The motivation for verifiers in the TONCOIN Proof-of-Stake network serves as a driving force. Apart from these routine tasks embedded in the basic functionality, the currency fulfills various distinctive functions within the environment.

• Establishment of supplementary digital currency platforms and e-wallets
• Utilization of TON Services apps for service payments
• TON Storage provides the option to compensate for decentralized data storage
• Payment for TON DNS domain names and hosting websites on the web
• Payment option is now extended with the option to utilize TON Proxy.

As stated by the organization, individuals possessing TONCOIN are empowered to engage in decentralized decision-making: they are granted the ability to cast votes either in favor of or against modifications to the protocol. An emerging digital currency is presently under development and is soon to be accessible to the general public. Known as The Open Network (TONCOIN), the initiative has garnered backing from Pavel Durov, who has endorsed its progression. The project is making commendable advances, with essential functionalities already deployed and others ranging from 50% to 90% completion. A structured plan is in place, alongside the availability of native wallets to users on different platforms.

With the ability for token exchange on both the Ethereum network and Binance Smart Chain, users have the option to use specialized bridges for transitioning across different standards. This network strives to offer unparalleled speed, extensive coverage, and a wide range of beneficial functionalities.