Toncoin (TON) is the native cryptocurrency of The Open Network (TON), which is a decentralized platform with a layer-1 blockchain. It integrates various components such as a Masterchain and multiple Workchains, including up to 2^32. The platform offers a decentralized network focusing on low transaction fees, efficient payment settlements, smart contract execution, and anonymous networking with TON Proxy.
Toncoin operates on a layer-1 blockchain architecture that consists of several components including the Masterchain, Workchains, and Shardchains for parallel processing. It uses a Proof-of-Stake (PoS) consensus mechanism coupled with a Byzantine fault-tolerant protocol, which enhances security and efficiency. Validators are selected based on their stakes, contributing to a decentralised governance model. The TON Virtual Machine (TVM) alongside smart contracts allows for flexible and dynamic decentralised applications.
Toncoin has numerous use cases including:
Toncoin was initially conceptualised by the co-founders of Telegram in 2018 under the project name Telegram Open Network. Despite raising $1.7 billion in its ICO, the project faced legal challenges from the SEC which led Telegram to abandon its direct involvement. However, the project was revitalised by independent developers in 2021, leading to the launch of The Open Network and the continuation of Toncoin. Significant adoption milestones include integration with Telegram in 2023 and inclusion on trading platforms like Revolut, marking its increasing market presence and expansion.