1. What is TON (The Open Network)? TON (The Open Network) is a decentralized Layer 1 blockchain created using technology designed by the community for Telegram. TON is renowned for its ultra-fast1. What is TON (The Open Network)? TON (The Open Network) is a decentralized Layer 1 blockchain created using technology designed by the community for Telegram. TON is renowned for its ultra-fast
What is TON?
1. What is TON (The Open Network)?
TON (The Open Network) is a decentralized Layer 1 blockchain created using technology designed by the community for Telegram. TON is renowned for its ultra-fast transaction speeds, low fees, user-friendly applications, and environmental friendliness.
TON is designed to be a distributed supercomputer, also known as a "super server," capable of processing millions of transactions per second (TPS), with the goal of eventually reaching adoption by hundreds of millions of users.
2. TON Development History
In 2018, Telegram founders Pavel and Nikolai Durov initiated the Telegram Open Network project, exploring a blockchain solution suitable for Telegram.
In 2018, the Telegram Open Network raised approximately $1.7 billion through an ICO (at that time, TON's token was named Gram), making it one of the largest cryptocurrency offerings ever.
In 2019, the Telegram team released a series of documents detailing the design of the TON blockchain.
In October 2019, Telegram faced SEC charges of illegal fundraising, prompting the team to halt the mainnet launch of the Telegram Open Network until the legal issues were resolved.
In May 2020, the Telegram team paid a fine and reached a settlement with the SEC, agreeing to cease development of the Telegram Open Network project. They also announced the return of funds raised through the ICO to investors. The open-source development team NewTON took over the Telegram Open Network project, continuing the development of TON based on the original design detailed in the TON documents.
In 2021, the NewTON team renamed itself to the TON Foundation, and the project was rebranded as TON (The Open Network).
In 2022, the consensus mechanism of the TON network transitioned from POW (proof-of-work) to POS (proof-of-stake).
In 2023, the popularity of Telegram Bots like Unibot and Bananagun led to increased user interest in the TON ecosystem.
In August of the same year, the Telegram team announced at the Token 2049 conference the launch of a cryptocurrency wallet based on the TON network, available for use by 800 million users on Telegram, causing the price of TON project tokens to surge.
In September 2023, MEXC Ventures announced a strategic investment in TON to jointly explore the development of the entire blockchain ecosystem.
In April 2024, Tether announced a collaboration with TON and the issuance of the stablecoin USDT on the TON network.
As of now, TON has become the ninth-largest blockchain project by market capitalization globally.
3. TON Network Key Advantages
3.1 High TPS and Low Gas Fees. The TON network aims to become a widely used blockchain for over a hundred million users, capable of processing millions of transactions per second (TPS) on-chain, making it one of the fastest public blockchains currently available. At the same time, TON network's gas fees are negligible, providing a user-friendly experience.
3.2 Robust Scalability. The TON network employs sharding technology, allowing multiple chains to process transactions in parallel, thus achieving ultra-high TPS and meeting the demands of large-scale applications.
3.3 High Security. TON uses a BFT PoS consensus algorithm, where participants need to stake a certain amount of tokens to participate in network maintenance and validation. Validators are randomly selected to create new blocks and sign and broadcast them. If a validator fails to perform their duties, they will lose their stake and be removed from the validator pool.
4. Toncoin (TON)
Toncoin is the native token of the TON network. It is used for transaction fees, proof-of-stake staking to maintain blockchain operations, voting on network development decisions, and payment settlements.
Toncoin initially issued 5 billion tokens, with 1.45% held by the team. The remaining tokens were mined through a POW mechanism. Toncoin has an infinite annual inflation rate of 0.6% to reward validators.
Thanks to the development of the TON network and increased market attention, the price of Toncoin has been rising. In April 2024, the price broke through $7.50, setting a new all-time high. According to CoinMarketCap data, Toncoin is currently ranked 9th by market capitalization, with a market cap of $21.7 billion and a current price of $6.24.
5. How to Buy TON Tokens
MEXC has listed both spot and futures trading for TON tokens, allowing you to trade directly and easily.
Open the MEXC App, click on the [Search Bar] at the top of the homepage, enter TON, and select the TON/USDT trading pair under the [Spot] category. Then, enter the K-line page. Click [Buy], then enter the [Total] or [Amount] in the [Market] order mode. Finally, click [Buy TON] to complete the order.
You can also choose different order types, such as [Limit], [Stop-Limit], or [OCO] to buy TON in the spot market.
If you are skilled at earning profits from short-term market fluctuations, you can also trade TON/USDT perpetual futures on the platform. Based on your predictions of future market trends, you can open positions. It is recommended to set up TP/SL orders in advance to protect your personal assets from excessive losses due to market volatility.
Disclaimer: This information does not provide advice on investment, taxation, legal, financial, accounting, consultation, or any other related services, nor does it constitute advice to purchase, sell, or hold any assets. MEXC Learn provides information for reference purposes only and does not constitute investment advice. Please ensure you fully understand the risks involved and exercise caution when investing. The platform is not responsible for users' investment decisions.
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