The Open Network (TON) is a layer-1 blockchain launched in 2018 with the main goal of creating a decentralized system, which ensures security, processes transactions quickly, and minimizes costs for users. TON is đeveloped by two Durov brothers, Pavel Durov and Nikolai Durov, founders of Telegram Messenger. The original name of TON is Telegram Open Network.
In 2017, Pavel and Nikolai Durov, two co-founders of Telegram, announced plans to develop a TON blockchain and raised $1.7 billion from two token sales. However, in the third quarter of 2019, Telegram was sued by the SEC for selling unregistered tokens.
The lawsuit closed in March 2020, the SEC was the winner so Telegram had to pay a fine of $18.5 million and abandoned the TON blockchain project. The Telegram Open Network was later taken over by two developers, Anatoliy Makosov and Kirill Emelyanenko, and was renamed The Open Network, making it a completely decentralized platform.
Although Telegram is no longer involved in TON development, it still supports and integrates products of this blockchain into its app.
TON Payments is a payment system based on the TON blockchain, where transactions are performed off-chain, allowing payments to be made quickly and at low costs.
TON Proxy allows users to access the TON blockchain through the use of decentralized VPNs, giving decentralized apps immunity to censorship.
Similar to Ethereum Name Service, TON DNS is also a domain naming service that helps make crypto wallets, smart contracts or websites more user-friendly and easier to use. This platform provides users with human-readable names instead of using complex character strings of wallet addresses or smart contracts.
TON Storage is a decentralized storage project launched by TON in early 2023 that aims to allow users to exchange files of any size, backed up and encrypted without the need for a centralized server.
TON Wallet is the official wallet of the TON ecosystem, allowing users to store TON and TON721 standard tokens. TON Wallet is currently available on many different operating systems such as Android, IOS, Window and MacOS.
- Token name: Toncoin
- Ticker: TON
- Blockchain: Ethereum, Binance Smart Chain (BEP20), TON
- Total supply: 5,047,558,528 TON
Token use cases
- Pay transaction fees, TON network fees.
- Voting power to support or oppose changes in the parameters of the protocol.
- Payment for services in the TON ecosystem such as TON Services, TON Storage, TON DNS, TON Proxy, etc.
- Use as rewards for validators.