Our news and prices column on the crypto world continues: the asset we will analyse today is the famous crypto adopted by the Telegram messaging network, Toncoin (TON).
Summary
Prices and market statistics of the crypto adopted by Telegram: TON
Guinness World Record the TON Foundation aims to break
TON Foundation stresses the importance of viewing the event as an educational opportunity
The integration of the TON wallet on Telegram
Prices and market statistics of the crypto adopted by Telegram: TON
Toncoin (TON) is a cryptocurrency that is part of the Ton project developed by Telegram, the popular instant messaging service.
The cryptocurrency was created to power the Ton blockchain network, which aims to provide a platform for decentralised services and blockchain applications.
The Ton project was conceived with the aim of overcoming the limitations of existing blockchain networks, such as Bitcoin and Ethereum, by implementing Proof-of-Stake (PoS) technology.
Toncoin has been the subject of attention and discussion in the cryptocurrency community due to its link to Telegram, a popular messaging application.
This link has helped to generate interest in the cryptocurrency, but it is important to note that the Ton project has undergone vicissitudes and changes over time.
It is important to research Toncoin and the Ton project in more detail as the cryptocurrency landscape is constantly evolving.
Toncoin, known by the ticker TON, has experienced a drop in value over the past week.
Market data indicates that the current price is USD 1.95 per TON. This value represents a significant reduction from the all-time high of USD 5.84, a decrease of 66.53%.
In the last hour, the price has increased by 0.07%, while in the last 24 hours it has decreased by 0.46%. Over the past week, the share price has fallen by 1.51%.
In terms of outstanding supply, there are currently 3,431,892,087.62 TON available on the market. Toncoin’s market capitalisation is USD 6.7 billion, with a trading volume of USD 15.1 million over the past 24 hours.
This data highlights the significant changes in Toncoin’s value, reflecting its recent performance in the cryptocurrency market.
Guinness World Record the TON Foundation aims to break
The TON Foundation has announced an ambitious goal: to break the Guinness World Record for the world’s fastest blockchain.
The goal was made public on 11 October by The Open Network Foundation (TON Foundation), which has started the process to obtain official recognition from Guinness World Records for this extraordinary achievement.
The public network performance test is scheduled to take place on 31 October 2023 at 15:00 UTC and is a crucial step in validating the speed, reliability and scalability of blockchain.
The growth trajectory of the TON blockchain since 2022 has been impressive. The user base has grown exponentially from 170,000 to an extraordinary 3.5 million addresses.
This remarkable increase has been accompanied by an increase in the number of TON validator nodes, which now stand at 350, making the network more decentralised and extending to over 25 countries.
Despite this rapid expansion, the TON blockchain has demonstrated remarkable reliability. To date, there have been no significant network disruptions, highlighting the robustness and scalability of the TON blockchain.
As it continues to evolve and compete for the title of the world’s fastest blockchain, it represents an unstoppable force in the blockchain space. The global blockchain community is eagerly awaiting the results of this momentous competition.
To bring this bold venture to fruition, the TON Foundation has partnered with Alibaba Cloud and other key players.
This partnership includes the launch of a dedicated TON blockchain network for performance testing, with 256 validator node servers. The entire testing event will be streamed live on live.ton.org, allowing interested parties to follow along in real time.
TON Foundation stresses the importance of viewing the event as an educational opportunity
Anatoly Makosov, Core Development Lead of the TON Foundation, enthusiastically expressed his anticipation for 31 October 2023, when the technical leadership of the TON blockchain can be confirmed, particularly in terms of its ability to scale.
This will be the first large-scale public test of TON’s performance, and the anticipation for the results is palpable throughout the community.
In addition, the TON Foundation recently partnered with Telegram and MEXC to bring decentralisation to the masses.
This partnership resulted in ‘TON Space’, a custom crypto wallet integrated directly into Telegram, offering priority access to TON projects and partners on Telegram’s global advertising platform, Telegram Ads.
Meanwhile, MEXC Ventures, a subsidiary of MEXC, a leading global cryptocurrency exchange, has made a significant investment in the Open Network, marking a significant financial commitment to the TON ecosystem.
The agreement also includes a strategic partnership with the TON Foundation. MEXC will provide marketing services and promotional support for TON-based projects, as well as a TON collateral lending service and the elimination of TON token-related trading fees.
Justin Hyun, Director of Growth at the TON Foundation, expressed his excitement for this partnership with MEXC, underlining the mutual commitment to facilitate global access to the decentralised Web3 ecosystem within Telegram.
These partnerships are a clear indicator of the TON Foundation’s ongoing commitment to bringing decentralised technology to the masses.
The integration of the TON wallet on Telegram
Telegram has announced the integration of a crypto wallet called TON Space, playing a significant role in the expansion of its presence in the cryptocurrency sector.
At a time when the crypto world continues to mature, the move represents a significant step for the popular messaging platform, which boasts a user base of 800 million monthly actives.
The self-custodial crypto wallet, developed by the Open Network Foundation, an organisation originally associated with Telegram’s founders, was announced during the Token2049 crypto conference in Singapore, an event that attracted over 10,000 attendees.
TON Space, the wallet in question, will soon be available worldwide, although there are a few exceptions, including the United States, a country that has taken a strict stance on the crypto industry, going so far as to promote the use of geofences to restrict user access to various cryptocurrency-related applications.
Despite these restrictions, the announcement of the integration led to a 7% increase in the price of the TON coin.
The significance of this integration goes beyond the financial aspect. It marks a revival of Telegram’s ambitions in the cryptocurrency sector, after a series of legal battles with the SEC forced it to separate from the blockchain foundation in 2020.
The renewed collaboration between Telegram and the TON Foundation is now aimed at building the Web3 infrastructure on top of the popular messaging platform.
The initiative aims to solve onboarding issues for users and create a smooth transition to the world of cryptocurrencies for the entire Telegram community.
In addition, TON blockchain-based projects will have a significant advantage by gaining priority access to Telegram’s advertising platform, Telegram Ads.
This will result in a significant increase in visibility and could attract a large new audience to the cryptocurrency world.
