What is Toncoin (TON)? How it Works, Features & Roadmap

Who would have thought, Telegram, which is an encrypted message sharing site, was also developing blockchain and a crypto asset called Toncoin (TON). Even though management has now been transferred, this crypto asset is very interesting because TON is currently being developed by a group of non-commercial communities called the TON Foundation. So, so that you don't misunderstand, let's look at the explanation of what TON is, how it works, and what its uses are in the following review!

What is Toncoin (TON)?

Toncoin (TON) is a decentralized layer-1 blockchain developed in 2018 by Telegram. Initially this project was called Telegram Open Network, but because this project was "abandoned", this project was taken over by the TON Foundation. Before changing its name to Toncoin, this coin was actually known as the original crypto from the TON network called Gram.

TON is focused on achieving broad cross-chain interoperability, while operating within an environmentally safe and secure framework. TON is designed to process millions of transactions per second (TPS), with the aim of reaching hundreds of millions of users in the future.

Designed as a distributed supercomputer, or “superserver”, the TON blockchain intends to provide a variety of products and services to contribute to the development of a decentralized vision for the internet of the future.

Recently, TON even managed to make history in the world of blockchain by setting a new record as the fastest blockchain in the world. In public testing, TON was able to record a speed of 104,715 Transactions Per Second (TPS), proving that it is the most scalable and fastest blockchain currently.

Ecosystem

Having extraordinary transaction speeds to date, it is not surprising that many crypto projects have decided to be in the TON blockchain ecosystem. Some large projects that are included in the TON ecosystem, for example, are Moonpay, Safepal, and CertiK. 

Seeing the various innovations that TON continues to carry out as a layer-1 blockchain, it is interesting to see how this project ecosystem will develop in the future. However, even though it has various large projects in its ecosystem, TON is currently able to occupy position #111 on the CoinMarketCap site based on its market capitalization as of November 21, 2023.

Source: https://blog.tonstarter.com/the-open-network-ton/

Who is the Developer Behind TON's Success?

Initially, the TON blockchain platform was created by Nikolai and Pavel Durov, and developed by the Telegram team. Planned to be an on-chain token called Gram and build decentralized applications (dApps), the project ran into problems and even had its development banned by the US Securities and Exchange Commission (SEC). This is because Gram is considered a security by the SEC. 

Even though it was developed with a nearly complete product, in 2020, Telegram CEO Pavel Durov left the project and its development was handed over to independent crypto enthusiasts entirely. After that, the TON network was launched and developed by Anatoliy Makosov and Kirill Emelianenko, members of a community called NewTON (TON Foundation).

What are the uses of TON tokens?

As the main token on the network, TON is not just a crypto asset, but the lifeblood of a vast and ever-growing ecosystem. Below are a number of uses for the TON token:

• Ecosystem Facilitator. The goal is to empower the development of decentralized applications (dApps).
• Transaction fees. It serves as a fee for processing transactions and is essential for cross-chain exchanges.
• Betting Media. Since its use in staking payments ensures the protection of the blockchain and its various services, it plays an important role in blockchain security.
• Decentralized Data Payments. Toncoin can also be used as payment for decentralized data storage and TON DNS/TON Proxy and to cover other costs in various decentralized services.
• Governance Tools. Toncoin offers a way for community members to voice their preferences, allowing them to vote on the trajectory of development and change within TON's governance framework.
• Rewards System. This serves as a token of appreciation, rewarding validators for their contributions. By supporting validators with their tokens, nominators can also earn rewards, further decentralizing power dynamics.

Roadmap

Reporting from the official TON website, in 2023 they will at least divide their development period into 4 quarters. Starting from the Token Bridge to the separation between collateral and validators are some of the main focuses in TON's development this year.

Source: https://ton.org/roadmap

How to Buy TON Tokens on Bittime

After knowing what Toncoin (TON) is and how it works, are you interested in buying and investing in this crypto asset? You can do it at Bittime. TON token is available on Bittime in TON IDR pairing. 

 Below is a guide on how to buy TON tokens on Bittime. 

1. Register an account at Bittime using an active email. 
2. Complete the identity verification process.  
3. Once the account is verified, open the Bittime application.
4. Select the Market menu or click the graphic icon. 
5. Select IDR pairing to buy TON tokens with Rupiah.
6. Click 'Buy'.
7. Select the order type to use. Limit orders, market orders and stop orders are available.
8. Enter the nominal rupiah to buy TON.
9. Click the 'Buy TON' button. 
10. A notification pop up will appear. Read it carefully and click 'Confirm'. 
11. Enter the six digit Transaction PIN.
12. The application will display a successful order notification. 

Apart from buying TON tokens, you can also buy various crypto assets such as BTC, ETH, SOL, ADA, AVAX, DOGE, and many others. Don't forget, keep monitoring the price chart movements of TON, BTC, ETH, SOL, today to find out crypto market trends on Bittime. 

Crypto asset buying and selling transactions on Bittime are easy, safe and instant. Bittime is officially registered and supervised by Bappebti and Kominfo. 

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.