Toncoin

<p>Nowadays, when the word &#34;blockchain&#34; is blaring from every corner, and only the laziest crypto creator hasn&#39;t launched their own blockchain (high five if you have too), it&#39;s hard to know what to pay attention to. So today, we want to tell you about something truly remarkable. At the heart of this project are Telegram creator Pavel Durov, a talented team, modern blockchain technology, community love, and promising prospects. Yes, friends, The Open Network (TON) is not your average read-and-forget project.</p><p>Similar: <a href="https://hodlfm.com/education/what-is-cardano/" rel="noopener noreferrer nofollow">What is Cardano? Explainer</a></p><h2 id="header-0">Introduction to Toncoin and its Origins</h2><p>TON&#39;s origins go back to Telegram, under the leadership of Pavel Durov, aiming to develop a blockchain platform that seamlessly integrates with its messaging service, offering secure, rapid, and scalable applications.</p><p>In 2018, Telegram released the whitepaper for the Telegram Open Network (TON), which attracted significant attention and investment through a highly successful Toncoin ICO that raised $1.7 billion. The project set out to integrate multiple services, including a DNS (domain name system), a VPN (virtual private network), and a platform for decentralized applications (dApps).</p><p>However, the project faced significant legal challenges when the U.S. Securities and Exchange Commission (SEC) intervened, claiming that the sale of the native TON tokens, Grams, constituted an unregistered securities offering. This led to a court ruling that effectively stopped the project in 2020. Following this, Pavel Durov announced that Telegram would cease its involvement in the project.</p><p>Despite Telegram&#39;s departure, the project thrived thanks to Toncoin community updates. Blockchain developers and enthusiasts worldwide united to continue advancing TON&#39;s technology under new names, such as Free TON, and later, simply The Open Network. This collaborative effort preserved the project&#39;s vision and expanded its capabilities without Telegram&#39;s direct involvement.</p><p>Toncoin cryptocurrency, the native token of The Open Network, serves a diverse range of functions within its ecosystem. Its primary function is processing transactions within the network, including cross-chain Toncoin exchanges, where it is used to cover transaction fees. In addition to processing transactions, Toncoin facilitates the operation of dApps, serving as the network&#39;s fuel.</p><h2 id="header-1">Key features and technological underpinnings</h2><p>Toncoin blockchain technology has a setup called an adaptive infinite-sharded multi-chain architecture. Basically, it’s like a network of mini-blockchains all working together. Each account starts in a small chain, then these small chains group into bigger ones called shard chains. These shard chains can talk to each other and handle transactions at the same time, making the whole system super scalable and flexible.</p><h3 id="easy-message-delivery-and-fast-routing">Easy Message Delivery and Fast Routing</h3><p>TON has an innovative way of handling messages and transactions without making everything wait in line. This means stuff gets done faster because transactions can happen similarly. Ton has a hypercube routing thing that makes sure messages travel the shortest path possible, so everything runs smoothly and quickly.</p><h3 id="cross-shard-transactions">Cross-Shard Transactions</h3><p>One of the coolest things about TON is how it handles transactions across different shards. It’s like being able to transfer money between different banks instantly. This keeps the network fast and efficient because it’s always communicating seamlessly between shards.</p><h3 id="dynamic-sharding-for-scalability">Dynamic Sharding for Scalability</h3><p>TON is super intelligent about adapting to traffic. If a lot is going on, it can split into more shard chains to handle the load. If things calm down, it can merge them back. This dynamic sharding keeps the network running smoothly no matter how busy it gets.</p><h3 id="proof-of-stake-pos-consensus">Proof of Stake (PoS) Consensus</h3><p>TON uses Proof-of-Stake to keep things secure and efficient. Unlike Bitcoin’s energy-hungry Proof-of-Work, PoS picks validators based on their stake in the network. This method is greener and makes transactions faster and cheaper.</p><h3 id="ton-virtual-machine-tvm">TON Virtual Machine (TVM)</h3><p>The TON Virtual Machine (TVM) is like the brain of the network. It runs smart contracts, which are basically self-executing agreements. Think of it like Ethereum’s version but adapted for TON. It handles everything from processing transactions to managing data, and it’s designed to be super secure and versatile.</p><p>TVM keeps getting better with updates that add new features and improve performance. This means developers can create more complex and efficient smart contracts, pushing the network to support billions of users and transactions.</p><p></p><h2 id="header-2"><a href="https://hodlfm.com/education/what-is-toncoin-explainer/" rel="noopener noreferrer nofollow">READ MORE ON HODL FM</a></h2>

What is Toncoin? Explainer

Table of Contents

hodl.fm

Další články publikované 24. 7. 2024

What are Stablecoins? Top Stablecoins to Watch in H2 2024

Veteran Trader Champions Bitcoin, Says US Dollar ‘Is Being Destroyed’

IBIT stock soars 20% in 2 weeks as Bitcoin ETF sees $534M inflows

Road To $200: Crypto Pundit Reveals Key Levels To Watch For The Solana Price

BlackRock's Bitcoin ETF Inflows Surpass Major Tech Stocks in 2024

MEW Coin Gains Significant Attention in the Crypto Market

Join our free newsletter for daily crypto updates!