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Can you believe that Telegram, one of the most popular social media platforms, actually created a cryptocurrency? That’s right. Think of the possibilities—you can send, receive, and buy just with the use of an app everyone knows. Mass adoption is guaranteed, but how has this experiment performed so far?
What is Toncoin?
Toncoin is the native cryptocurrency of the Telegram Open Network ecosystem. It was designed to seamlessly integrate with the Telegram app for users to exchange value. It is obviously more than just performing usual transactions. The network supports smart contracts and dApps as well as governance, which are a standard these days. Unlike Bitcoin, Toncoin works as an extension of the Telegram ecosystem. Its goal? The app aims to simplify the lives of its users.
The idea for Toncoin and its development started with the ambition for Telegram to be something more than a messaging platform. It needed a cryptocurrency for day-to-day transactions between Telegram users. Despite the challenges with the SEC, the TON project was born under the custody of the TON Foundation. These were the origins of a fast, secure, and scalable network.
Why use Toncoin?
While Toncoin is exceptional when it comes to transaction speeds and costs, this is not a particular reason for using it. The ones that are unique for this network are ecosystem integration and the community. What’s so special about these? Thanks to its ties with Telegram, TON is available on Telegram. Think that instead of asking for a long address, sending crypto can be as easy as typing a message. Crypto doesn’t have to be difficult, and TON proved it. Articulating that the community is large is not enough. There are close to a billion users of Telegram, each with simple access to these features.
The Telegram app isn't the only place you can use Toncoin. It’s an independent and decentralized blockchain, so you can send your TON to any of the supported wallets and explore dApps on your own.
How Toncoin works
Toncoin was built on top of blockchain technology. As a result, the Toncoin network is a public distributed ledger, which is transparent by design. It utilizes proof of stake, where validators participate in the validation process. It’s more energy efficient and promotes decentralization.
The sophisticated blockchain architecture of TON sets it apart from older generation blockchains. The network operates in parallel chains, also known as shardchains. The design enhances transaction processing and makes it possible to process up to 1 million transactions per second.
The network’s decision-making process is managed by the community. TON enables holders to vote on the network improvement proposals and other changes. By democratizing the process, the network evolves in a way that reflects the interests of its community.
Toncoin's timeline
The genesis of an idea dates back to 2017 when Telegram announced a plan to develop its own blockchain network. In 2018 the TON whitepaper was released, and an ICO was conducted with an astonishing figure of $1.7b raised, making it one of the largest ICOs in crypto history. The next year the development progressed and the testnet went live. Unfortunately, the same year, the SEC filed a lawsuit against Telegram, alleging that the Toncoin ICO was an unregistered security offering. In 2020, mostly due to regulatory pressure, Telegram abandoned the project. In the following years, a new entity called the TON Foundation was formed as a community initiative to develop the project independently. Key partnerships were established, TON gained mainstream adoption, and it was integrated into Telegram, concluding it as a successful project.
The risks of Toncoin
TON’s risks involve the usual ones, such as market volatility, which is common in cryptocurrencies. While Toncoin utilizes various code review processes, no blockchain is safe from vulnerabilities. Potential risks include, for instance, smart contract bugs or 51% network attacks, which aren’t out of the question. Regulators may also start bothering TON in the future.
Telegram’s integration is key for future success. As long as there’s cooperation between these two, competitors don’t stand a chance. Unless Telegram is forced by regulators to remove TON, further growth and multiple opportunities are on the horizon.
Why Toncoin matters
Toncoin is another step towards a more decentralized world with social media being managed not by the founders, but by the people. With the release of a fully functioning TON blockchain, a milestone has been reached. While many like Facebook have tried and failed, Telegram made it possible with the help of the community. Don’t wait! Download Telegram and start using the new social and borderless currency today.
