Bittime - Want to know about Toncoin (TON)? This crypto asset is well known among crypto enthusiasts as a token that was almost launched by Telegram. So, what is Toncoin (TON)? You can find out in this article!
However, Telegram stopped their crypto plans in 2020 after being sued by the SEC (the United States' financial regulatory body).
Now, Toncoin is back and increasingly in demand. You can buy it on well-known crypto exchanges, and it even has support from the founder of Telegram.
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This guide will explain everything crypto investors need to know about Toncoin and the $TON crypto asset, including how to buy it.
What is Toncoin?
Toncoin is a blockchain network that was originally created in 2018 by Telegram, a popular instant messaging application.
At that time, Telegram raised $1.7 billion in funding to build their new blockchain, which was intended as a competitor to Ethereum. The word "ton" in Toncoin is an abbreviation of The Open Network.
Also read: Toncoin (TON) Price Predicted to Increase in the Near Future!
However, before Toncoin was officially launched, Telegram stopped the project. The reason is that the United States Securities and Exchange Commission (SEC) sued Telegram over Toncoin, alleging that $TON was a financial product (security).
After Telegram left Toncoin, independent developers continued the project. Newton, which is now Toncoin, took over the ton.org domain name and Toncoin source code in 2021. That same year, Toncoin launched the Toncoin blockchain and the $TON token.
Although Toncoin is independent from Telegram, Telegram's founder and CEO, Pavel Durov, posted about the project on Telegram in 2021.
He supports Toncoin, but insists that Telegram no longer has any financial or technological ties to $TON.
What is the use of Toncoin?
The $TON token has several important roles on the Toncoin blockchain.
Payment of Transaction Fees
$TON is the only token accepted to pay for most transactions on the Toncoin blockchain and across blockchains.
Anyone using the Toncoin network has to pay $TON to process transactions, similar to users on the Ethereum blockchain having to pay $ETH gas fees.
Other Payments
$TON is also needed to pay for data storage on the Toncoin blockchain and for blockchain-based domain names. Toncoin is developing a proxy, and $TON is expected to be the means of payment to access the proxy.
Toncoin Governance
$TON is also used as a governance token for the Toncoin blockchain. All $TON holders can participate in voting on proposals for the future of the network.
- Toncoin's first vote occurred in February 2023, when users voted to freeze $TON found in inactive mining wallets. The result of the vote was that almost 20% of the Toncoin supply was frozen for 4 years.
Staking
Toncoin investors can also stake their $TON tokens to validate transactions on the network. This blockchain uses a proof-of-stake validation mechanism similar to Ethereum and other large networks.
Toncoin staking is currently available directly on the network or through several well-known crypto exchanges. Investors who stake $TON will get additional tokens as rewards.
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Tokenomics Toncoin (TON)
Let's talk about Toncoin (TON) tokenomics, which includes market capitalization, circulating supply, and inflation.
Market Capitalization and Circulating Inventory
At the time of writing, according to CoinGecko, Toncoin is in 8th place by market capitalization ($23 billion). The price is up 233% in the last year, although it is down 4% in the last 7 days. Currently, Toncoin is trading at $6.64.
Also read: Uncovering Toncoin's Potential: Analysis After Pantera Investment
The total supply of Toncoin is 5.1 billion TON, while the current circulating supply is 1.5 billion TON. The last Toncoin mining occurred in June 2022, marking a switch to a pure Proof-of-Stake (PoS) model.
Since then, all new coins have been in circulation via PoS validation. The total supply of Toncoin is expected to only increase slightly each year.
All Time Highest and Lowest Prices
Toncoin's record high ($7.65) was recorded in November 2021, shortly after its record low ($0.3906) in September 2021.
TON has proven to be quite resilient to broad market downturns. The price moved up gradually between June 2022 and April 2023. However, since April 24, the price has experienced a slow decline.
The Future of Toncoin (TON)
TON is an agile, high-performance network that allows its users to store assets and files, send payments, leverage decentralized applications, create sites, and more.
A practical focus and broad community support underlie its impressive growth in recent years.
The project is moving quickly towards its ambitious goal - the number of active TON wallets has reached 743,000. Fulfilling developers' dreams, Toncoin could eventually become "the first mass-market cryptocurrency."
Toncoin has great potential for the future, mainly due to the following factors:
Fast and Scalable Network
TON blockchain is capable of processing millions of transactions per second, which is significantly faster than traditional proof-of-work blockchain networks such as Bitcoin. This scalability makes TON suitable for a variety of real-world applications.
Design for Web3
TON is specifically designed to support decentralized applications (dApps) and smart contracts. This has the potential to make it the ultimate platform for developers building the future of Web3.
Active and Engaged Community
Toncoin has an active and growing community of users and developers. This strong community is important for the long-term growth and sustainability of the project.
Support from Telegram (indirectly)
Although Telegram is no longer directly involved in Toncoin's development, Pavel Durov's initial support and Telegram's large user base provide publicity and potential for wide adoption in the future.
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Conclusion
Of course, Toncoin's future is not completely free of challenges. Some factors to consider include intense competition in the blockchain space, increasingly stringent government regulations, and possible slow adoption from the general public.
However, with its advanced technology, strong community, and focus on real-world use cases, Toncoin has a good chance of becoming a major player in the blockchain ecosystem of the future.
How to Buy Toncoin (TON) on Bittime
You can buy and sell Toncoin (TON) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Toncoin (TON) is available on Bittime with the market pair TON/IDR. To be able to buy TON IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Toncoin (TON) on Bittime.
Monitor the price chart movements of Toncoin (TON), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
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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.
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