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Binance Launches 56th Project on Binance Launchpool: Toncoin (TON).

WHAT IS TONCOIN (TON)?

Toncoin (TON) is a decentralized layer-1 blockchain developed in 2018 by the encrypted messaging platform Telegram. The project was later abandoned, taken over by the TON Foundation, and renamed from "Telegram Open Network" to "Open Network".

Since 2020, the technology has been developed by a group of non-commercial supporters and an independent community of enthusiasts calling themselves the TON Foundation. Toncoin, formerly known as Gram, is the native cryptocurrency of the TON network.

The initial idea was to integrate TON into an easy-to-use application that allows users to buy/send/store coins. Customers pay transaction fees and use TON to pay or validate transactions. Toncoin uses a proof-of-stake (PoS) consensus model for network scalability and reliability. According to the project website, the platform provides customers with fast, transparent, and secure payment services, facilitating transactions with minimal fees and third-party applications.

The developers' mission is to build a full-fledged ecosystem with decentralized storage, decentralized services, domain name system (DNS equivalent), anonymity network, instant payment platform, and fast/affordable transaction processing.

Open Network is a community-driven blockchain with a flexible architecture and a focus on serving ordinary consumers. TON stands out for its ability to process/validate transactions per second (TPS) at a rapid pace. In September 2021, the network processed a then-world record of 55,000 TPS (transactions per second) in a competition, although current TPS can be in the hundreds of thousands or even millions. This feature allows the project to grow rapidly while avoiding performance losses. At the same time, the project is environmentally friendly.


FOUNDER OF TONCOIN

Initially founded by brothers Nikolai and Pavel Durov and developed by the Telegram team, the blockchain platform planned to launch an on-chain token called Gram and establish a platform for decentralized applications (dApps).

Grams have received a lot of attention, and this is starting to cause trouble. The development of Grams has been banned by the US Securities and Exchange Commission (SEC). Grams are considered securities and the SEC has banned the issuance of Gram tokens.

The Telegram team brought TON to a near-finished product state. However, in 2020, Telegram CEO Pavel Durov left the project and development was handed over to independent crypto enthusiasts.

From the beginning, the project was created as open source so that anyone could continue to develop it. The current network was released and developed by Anatoliy Makosov and Kirill Emelianenko, members of the community called NewTON (later the TON Foundation).

WHAT MAKES TONCOIN UNIQUE?

TON has a multi-level structure built on the principle of sharding or sharding ("blockchain within a blockchain"). Sharding involves using multiple sub-networks (shards) on the same blockchain, where each shard has a specific purpose. It allows the network to avoid the accumulation of unverified blocks and speed up tasks. The TON network consists of main chains, worker networks, and shard networks.

Developers focus on scalability, efficiency, and mass adoption. Due to well-established interactions between shards, the network provides extremely fast transactions, verification, and processing of large amounts of TPS.

The TON network provides the following services: TON Wallet, a built-in wallet function designed to transfer funds and interact with platform services, and offers two types of wallets: custodial and non-custodial; TON Services allows developers to create various dApps while users can access third-party applications through a user-friendly interface; TON Storage provides the benefits of private encryption using the private keys in the owner's wallet; TON Proxy uses all platform components and allows customers to access the TON blockchain via a decentralized VPN; TON DNS (decentralized name system) enables traditional websites to operate within the TON network, allowing users to create short, readable names.

HOW MANY TONCOIN (TON) COINS ARE IN CIRCULATION?

The TON network has a native token, Toncoin, with a circulating supply of 1.22 billion TON and a maximum supply of 5 billion TON.

Toncoin is designed to power the ecosystem. It can be used to build decentralized applications (dApps), act as a transaction processing fee, as a cross-chain transaction fee, and as a staking payment to secure blockchains and services. The list of use cases also includes payments for decentralized data storage, TON DNS/TON Proxy, and other fees in decentralized services. Validation fees are also paid in TON. Additionally, people can vote with TON for changes and developments in TON's governance program.


HOW IS THE TONCOIN (TON) NETWORK SECURED?

The network uses a proof-of-stake (PoS) consensus mechanism to validate transactions. Furthermore, Toncoin is used to reward validators. Nominators can also provide tokens to validators and receive rewards. Validators and nominators are managed by smart contracts, providing additional security to the network. Smart contracts are executed by the TON Virtual Machine (TVM).

TONCOIN BRIDGE

Toncoin Bridge is a bridge that allows you to transfer Toncoin between TON Blockchain and Ethereum, as well as between TON Blockchain and BNB Smart Chain.

DETAILS ABOUT TONCOIN LAUNCHPOOL

  • Token Name: Toncoin (TON)

  • Current total supply: 5,110,422,426 TON

  • Launchpool Reward: 7,650,000 TON

  • Toncoin Network Explorer: tonviewer.com , tonscan.org , tonscan.com

  • Participation conditions: KYC account required

  • Hard hourly limit per user: 

    • 1,354.68 TON in BNB pool

    • 239.06 TON in FDUSD group

Supported pools:

  • Staking BNB : reward is 6,502,500 TON (85%)

  • Stake FDUSD : Reward is 1,147,500 TON (15%)

  • Farming time: 07:00 (VN) 08/15/2024 to 06:59 (VN) 09/03/2024.

Wish you all success in joining launchpool and making a lot of profit.

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