Episode #4
Here's what you need to know about Toncoin in simple words: 👇
Plan for today:
Main idea
Team
Investments and partnerships
Figures and tokenomics
How does TON work
TON ecosystem
TA
Let's dive in:
~ Main idea ~
The project aims to build an ecosystem with decentralized storage and services, domain names, and an anonymous network.
Also, one of the main goals is to create the fastest blockchain for transaction processing, and scaling for payment transfers.
~ Team ~
Pavel Durov - Co-Founder
Nikolai Durov - Co-Founder
Andrew Rogozov - Founding Member
Steve Yun - Founding Member, President of TON Foundation
And other board and marketing members.
~ Investments and partnerships ~
Toncoin has raised a total of $16M in funding over 6 rounds.
Famous names among the partners include DWF Labs, Animoca Brands, MEXC, Mask Network, Runa Capital, and one of the recent ones is KuCoin Ventures.
~ Figures and tokenomics ~
Top-15 rank on CoinMarketCap
The price on 12/01/2024 is $2,14
Circulating supply: 3,456,582,393 $TON
Total supply: 5,101,045,878 $TON
Market cap: $7,406,644,214
As for tokenomics, it's a bit interesting:
Roughly speaking, token management is behind not many validators.
In fact, the management can be called centralized as strange as it may sound, since most of the TON coins are stored on several wallets.
But is it that bad?
I tend to think this model is pretty good.
The founder has colossal experience in creating products and the corresponding success, it is not profitable for him to destroy the whole system at once, at the start.
The top 100 wallets own 94% of the total amount of tokens, that's what I was talking about.
But at the moment we know that 1/5th of the total supply has been locked until 2027.
In simple words, token $TON simplifies asset transfer with wallet addresses and allows for in-app purchases without platform fees.
The wallet is closely integrated into Telegram and every user can already use it.
~ How does TON work ~
The components of the TON network:
Master chain
Working chain
Shard chain
This structure speeds up task execution and allows the network to avoid the accumulation of untested blocks.
This system reminds me something of DOT.
~ TON ecosystem ~
TON Blockchain - the heart of the blockchain is the master chain, able to process hundreds of thousands of transactions per second, the fastest boss ever.
TON Payments - a micropayment network to pay for services provided by TON Services.
TON DNS - works similarly to ENS. The principle of operation is the same - simply put, it gives a name to your wallet instead of a set of chaotic symbols.
TON Proxy - Hides IP addresses of TON network nodes, works as a proxy - decentralization, the principle of Web3.
TON Storage - a file custodian on smart contracts, fully decentralized.
TON Services - provides interfaces for users to interact with applications.
TON Workchains - a web of chains, allowing all existing blockchains to be combined into a single decentralized network.
The project wants to empower 500 million users to own their digital identity, assets, and data.
It's scheduled to be done by 2028 by establishing the Web3 ecosystem via Telegram Messenger. By the way, it is quite feasible, considering the recent trend of Telegram's popularity growth (you've heard of Notcoin, right?).
One of TON's major achievements is its transaction rate per second - a world record.
Blockchain is still leading in this parameter at the moment.
I'd add that the ecosystem is evolving and intends to be tightly integrated into the mass adoption.
Given Telegram's plans to attract new users for the next year, it could be a promising project.
Moreover, these are potential new users of the Web3 network.
~ TA ~
Looking at the technical analysis, it's hard to say anything concrete, but since the project is global, I would consider a potential upside to $5-10$.
Given the bull market, it will be easier than we think.
That was my fourth episode.
It's my mission to provide specific info on Web3 projects to expand this space.
I'm doing it because, at the beginning of my journey, I would have been happy to find all the info in one pile.
In this work, I tried to close the maximum questions that may have arisen when getting acquainted with Toncoin.