The Open Network was developed by the team that created the renowned messaging application Telegram, which is headed by the Durov brothers. It was designed with the intention to integrate blockchain and cryptocurrency capabilities within Telegram’s Telegram ecosystem.
Designed to be extremely adaptable and highly scalable, it claims that the TON blockchain claims to be able to handle millions of transactions every second, thanks to its unique multi-blockchain structure that utilizes a sharding mechanism that splits it into smaller and easier-to-manage parts in order to boost efficiency.
Initial issues in the SEC regarding the TON’s (or, at the time, Gram’s) $1.7 billion first coin offer prompted Telegram to end the project. It continues to be refined and implemented as a community-driven platform that has been led by the TON Foundation ever since.
How does the TON blockchain work?
The TON blockchain employs the proof-of-stake consensus method, which requires validators to verify transactions and generate new blocks. They are selected according to how much TON they have and will be prepared to be staked. This technique allows for a large processing rate while also being energy efficient. The platform also has advanced smart contracts that allow developers to develop decentralized applications based on the TON blockchain. TON is the primary cryptocurrency used by the TON blockchain. It is used to pay costs for transactions and staking and as a method of trading in the TON ecosystem.
The TON blockchain is based on an innovative multi-blockchain design that consists of a master chain as well as different work chains. It is also the primary blockchain that oversees the entire network and is home to crucial information like protocol changes or validator votes, as well as the creation of workchains. The work chains are individual blockchains that make up the TON network that can operate independently and process transactions. Workchains are customizable to suit different uses and instances.
Another aspect that is part of the architecture of TON includes what they refer to as “dynamic sharding,” or dispersing the blockchain’s data “into smaller pieces so that each set of nodes only needs to store and validate a subset of the data.” TON claims that this feature can theoretically allow for the expansion of the system’s thousands of transactions every second and efficaciously implies that TON is not a single blockchain but a network that is comprised of multiple blockchains.
What are the use cases of TON?
TON blockchain’s speedy processing and low costs are ideal for payment DeFi, a variety of decentralised applications that are concerned about overcrowding and expensive costs.
TON’s intelligent contract technology allows for the creation of apps across different industries, including gaming, social media, and supply chain management. TON sees its technology as helping in logistics management and supply chain management through the ability to track real-time items and prevent fraudulent transactions.
Another application can be TON storage, A decentralized file-sharing and storage solution for data. TON Storage works similarly to peer-to-peer sharing via the internet, which relies on torrents but uses the TON blockchain network to transfer in any format that is encrypted and backed up without the need for centralized web servers.
How has TON developed over the years?
Initially thought up and designed by the Durov brothers, who were the creators of Telegram, the TON blockchain was designed to be an advanced blockchain platform that could be which was integrated with the well-known messaging application. In the early months of 2018, TON received much attention via the ICO (ICO), which generated around $1.7 billion. However, the project faced its first major hurdle in the month of October 2019 after Telegram was sued by the U.S. Securities and Exchange Commission (SEC) filed an action against Telegram in which it claimed that the ICO was a non-registered securities sale.
In response to the legal action of the SEC, Telegram agreed to postpone the release of TON and ultimately took the decision to stop development in May 2020, remitting the funds to investors and agreeing to an agreement in agreement with the SEC. However, the open-source community continued to build TON independently. In the latter half of 2020, the TON project was handed over to a community of decentralized enthusiasts and developers called NewTON, who were anxious to keep the original idea of a flexible and scalable blockchain platform. In 2021, the company changed its name to become the TON Foundation.
Throughout the 2021-2022 period, The TON community made huge advancements in refining the architecture of the network, implementing dynamic sharding, and further improving its Proof-of-Stake consensus method. This culminated in the introduction of a variety of apps and services that were decentralized and developed upon the TON platform, which showcased its capabilities in areas like DeFi Data Storage and tokenization.
Telegram Messenger, even though it is no longer directly involved in the creation of TON, is continuing to provide support for the platform. As of September 20, 2023, Telegram introduced its TON Space self-custodial wallet to its Messenger platform, which was at the time home to more than 800 million monthly active users. On March 20, 2024, Telegram announced an advertisement revenue-sharing program for channel operators that will be paid out in toncoin and will feature a 50:50 split of revenue between the platform and channel owners.
On theMay 27, 2024, the value of all the assets locked onto TON reached 300 million in the first instance. It was more than ten times the rise from March. This is in the midst of an incentive program that rewards community rewards that were launched by the TON Foundation.
