The decentralized layer-1 blockchain, The Open Network, has its native cryptocurrency as Toncoin (TON). Toncoin cryptocurrency is an open-source blockchain which a lot of network contributors support such as the TON foundation which is a Switzerland-based non-profit organization.
From the year 2017, there has been a development of a codebase going on by the Telegram team for a blockchain network which was named Telegram Open Network (TON). The native cryptocurrency was named “Gram”. However, the founder and CEO of Telegram announced that Telegram will no longer be involved with the TON Blockchain in May 2020. Hence, Gram was never issued.
Total Supply: 5,110,814,063 TON
Maximum Supply: Infinite
Circulating Supply: 2,525,488,232 TON
Fully Diluted Market Cap: $34,353,788,767
Current Toncoin Price: $6.73
This Toncoin crypto news includes the fact that the circulating supply is set at 3.47 billion and the maximum will be 5 billion TON.
This Toncoin was initially designed to become a utility token so that the dApps in the ecosystem could be fueled. TON helps in building decentralized applications and can be used to pay the processing fees for transaction made and cross-chain transaction fees. Users can use this Toncoin crypto news also states that this cryptocurrency token can be used as a staking payment to make sure the blockchain remains secure.
Ethereum is considered as one of the first biggest blockchains which has smart contracts powering a lot of Web3 apps. It is also called the original smart contract king which was able to make blockchains so much more than just digital money. Due to smart contracts, Ethereum blockchain was able to power complex decentralized applications.
It is widely used and since there are various popular DeFi projects, NFTs, and games built on Ethereum, investors find it a safe choice.
However, TON, The Open Network cryptocurrency update shares that this new blockchain is fast and can grow very easily. It has the aim to become a highway for blockchain transactions and be able to handle a ton of users and apps without any delays.
There is a good competition where different blockchains are included and flaunt their strengths. But the speed and scalability of TON cryptocurrency makes it an interesting contender to watch.
There is a multi-level structure built in the Toncoin network based on the principle of segmentation or sharding. The sharding feature of TON includes using multiple shards or subnets on the same blockchain wherein every shard has a certain purpose. Accumulating unverified blocks can be avoided and the speed of tasks can be increased with this sharding technology. It also allows the TON crypto mining effective and efficient as it becomes scalable.
The capacity that Toncoin cryptocurrency offers for scaling and making sure the transactions are cheap and quick is another reason why Telegram validated TON as their official Web3 infrastructure. The mission of TON Foundation is to basically get 30% of all the Telegram users to TON by the year 2028.
Moreover, Wallet was introduced which is a TON-based platform which was directly integrated with Telegram providing the opportunity to make instant P2P transactions and borderless payments. Because Wallet provides crypto-based payment options, it allows users to make USDT payments while paying low costs with just one click which makes crypto as easy as texting.
