What is Toncoin (TON)?

📌Toncoin (TON), a decentralized first-layer blockchain, was developed by the encrypted messaging platform Telegram in 2018. The abandoned project was taken over by the TON Foundation. Then, its name was changed from "Telegram Open Network" to "The Open Network".

📌Since 2020, Toncoin has been developing thanks to the contributions of a non-profit support group and an independent community that calls themselves the TON Foundation. Formerly known as Gram, Toncoin is the native cryptocurrency of the TON network.

📌Who is the Founder of Toncoin?

In its initial stages, the blockchain platform was created by brothers Nikolai and Pavel Durov. It was also developed by the Telegram team. Telegram planned to launch an on-chain token called Gram and establish a platform for decentralized applications (dApps).

When Grams received too much attention, problems arose. The project was banned by the US Securities and Exchange Commission (SEC). Grams were considered a security and the SEC blocked the issuance of Gram tokens.

The Telegram team added all the necessary features and turned TON into a full-fledged product. However, in 2020, Telegram CEO Pavel Durov left the project and development was handed over to independent crypto enthusiasts.

From the very beginning, the project was created with open source code so that anyone could contribute to the development process. The current network was initiated and developed by community members Anatoliy Makosov and Kirill Emelianenko, who were initially called NewTON and later the TON Foundation.

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