The Open Network is a decentralized blockchain platform initially developed by the messaging app Telegram. It aims to provide a fast, scalable, and user-friendly blockchain ecosystem that supports a wide range of decentralized applications (dApps) and services. The vision is to create an internet of decentralized networks that can seamlessly interact with one another, thereby enhancing the efficiency and accessibility of blockchain technology.
Toncoin ($TON) is the native cryptocurrency of The Open Network. It serves multiple purposes within the TON ecosystem, acting as the primary medium of exchange for transactions, payments, and fees. Users can utilize Toncoin to pay for services, execute smart contracts, and participate in network governance. Additionally, Toncoin incentivizes network participants, including validators who secure the network by processing transactions and maintaining blockchain integrity.
The TON blockchain is designed to be highly scalable, capable of processing millions of transactions per second thanks to its unique multi-blockchain architecture. This architecture allows for the creation of numerous sub-chains, each handling a specific set of tasks, thus distributing the network load and avoiding congestion. The platform also emphasizes security and decentralization, ensuring that users retain control over their data and assets.
Toncoin and The Open Network aim to foster a vibrant ecosystem where developers, businesses, and users can collaborate and innovate. By providing a robust infrastructure, TON seeks to bridge the gap between mainstream adoption and the decentralized world, making blockchain technology more accessible and practical for everyday use.
Here is the connection between Telegram, The Open Network, and Toncoin:
Development by Telegram: The Open Network was originally developed by Telegram, with the goal of enhancing the efficiency and scalability of blockchain technology. The project aimed to integrate seamlessly with Telegram’s existing infrastructure, providing users with a robust decentralized ecosystem.
Renaming and Rebranding: After facing regulatory challenges, Telegram decided to step back from the project. Consequently, the Telegram Open Network was rebranded as The Open Network, and the associated cryptocurrency, initially known as Gram, was renamed Toncoin.
Current Management: The development and management of The Open Network are now handled by the TON Foundation, a community-driven organization. Despite Telegram’s withdrawal, the foundational technology and vision conceived by Telegram continue to drive the network’s evolution.
Integration with Telegram: Toncoin is integrated with Telegram in various ways. For instance, users can use Toncoin for commission-free crypto transfers within the Telegram app and interact with Telegram Mini apps using the TON Wallet. This integration facilitates easy and seamless cryptocurrency transactions for Telegram users.
Earlier today, South Korea-based blockchain analytics firm CryptoQuant said that The Open Network (TON) has emerged as one of the most popular blockchains in recent times, showcasing significant growth across various on-chain metrics. CryptoQuant’s report highlighted the steady rise in The Open Network’s activity, emphasizing its increasing adoption and usage.
CryptoQuant notes that one of the key indicators of this growth is the TON Transfer Volume USD. This metric tracks the total value of transactions conducted on the TON blockchain, measured in USD. According to CryptoQuant, the transfer volume ranges between $5.0 billion to $10.0 billion, which is noteworthy when compared to Bitcoin’s average daily transfer volume of approximately $50.0 billion. CryptoQuant says that for a blockchain that is only four years old, achieving 10% of Bitcoin’s transaction volume is a remarkable milestone, demonstrating TON’s strong transactional capacity and user trust.
Another significant metric, as pointed out by CryptoQuant, is the Holder Count, which reflects the number of on-chain token holders of TON. Over the past year, apparently the number of TON holders has skyrocketed from 2.9 million to 32 million. This tenfold increase within a year underscores the growing popularity and widespread acceptance of the TON token, according to CryptoQuant. Such rapid growth in holder count indicates a robust and expanding user base, contributing to the overall health and dynamism of The Open Network ecosystem, as emphasized by CryptoQuant.
On-chain metrics of $TON are going parabolic!“The transfer volume ranges between $5.0B ~ $10.0B. For comparison, #Bitcoin's average daily transfer volume is around $50.0B. This indicates that #TON has already achieved between 10% Bitcoin's capacity.” – By @JA_Maartun Read… pic.twitter.com/56VjsAGOwL
— CryptoQuant.com (@cryptoquant_com) June 20, 2024
At the time of writing (1:48 p.m. UTC on June 20), $TON is trading at around $7.18, up 3.6% in the past 24-hour period, making it the tenth most valuable cryptoasset with a market cap of roughly $17.57 billion.
Source: TradingView
Featured Image via Pixabay