Telegram Open Network (TON) is a next-generation peer-to-peer multi-blocking system with Gram cryptocurrency (GRM) incorporated by Telegram developers. The founders of TON intend to outperform existing blockchain projects, like Bitcoin and Ethereum, in terms of speed and scalability. They want to accomplish this using the Proof-of-Stake (PoS) consensus method, the Byzantine Fault Tolerant protocol, sharding technology, and smart routing mechanisms (Instant Hypercube Routing).
Originally built by the Telegram team, the blockchain platform was designed by the Durov brothers Nikolai and Pavel. Telegram planned to make an on-chain token called Gram and set up a platform for decentralized applications (dApps). Gram was receiving a lot of attention, which was causing problems. The U.S. Securities and Exchange Commission restricted its development (SEC). Gram was considered a security, hence the SEC prohibited the issuance of Gram tokens. The Telegram team took TON to an almost complete product stage. In 2020, however, Pavel Durov, the CEO of Telegram, departed the project and development was turned over to a group of independent crypto enthusiasts.
The TON blockchain was created with the goal of attracting billions of users (initially, the closed community of Telegram users). The founders of Toncoin started looking into blockchain solutions for Telegram Messenger back in 2018.
It is now utilized for transaction fees, to secure the blockchain through staking, to decide how the network grows, and to settle payments.
TON was also created for talented people. It welcomes grant applications from individual contributors, independent teams, non-profit organizations, academics, etc.
Infinite Sharding Paradigm- To achieve scalability, TON includes built-in sharding support: TON blockchains can split and merge autonomously in response to load fluctuations. This implies that new blocks are always generated rapidly, and the absence of significant lines helps to keep transaction costs low, even if some of the services utilizing the network become extremely popular.
Instant Hypercube Routing- TON blockchains use smart routing mechanisms to make sure that transactions between any two blockchains are always processed quickly, no matter how big the system is. The amount of time it takes to send information between TON blockchains goes up in a logarithmic way with the number of chains, so scaling up to even millions of chains will enable them to communicate at maximum speed.
Proof-of-Stake Approach- TON employs a Proof-of-Stake method in which processing nodes (validators) deposit stakes to prove their dependability and obtain consensus via a variation of the Byzantine Fault Tolerant protocol. This enables TON to focus the computing capacity of its nodes on processing transactions and smart contracts, enhancing the speed and efficiency of the network.
In addition to being used as payment for all digital and physical goods sold by individual merchants within the Telegram ecosystem and on other projects that integrate with TON, the TON coins (Grams) will be used as: Gas fees (commission) paid to TON nodes (validators) for handling transactions and smart contracts Stakes deposited by validators in order to verify transactions and develop new blocks and coins. Capital lent to validators in exchange for a part of their compensation. Voting power needed to support or resist changes to the parameters of the protocol Payment for services delivered by platform-built apps Payment for keeping data safely in a decentralized manner. Payment for the registration of blockchain-based domain names and hosting of TON-sites. Payment for concealing identity and IP addresses
| DATE | NEWS/EVENTS | IMPACT |
| 07/05/2022 | TerraUSD and LUNA both collapsed and as a result, a number of crypto platforms folded in the aftermath | -20% Decrease |
| 23/12/2022 | Toncoin cryptocurrency to be accepted by a trusted payment bot on Telegram | +82% Increase |
| 21/10/2022 | The Telegram username auction marketplace is almost ready to go live | +40% Increase |
The current generation of blockchains and DeFi don't have a universal distribution platform like the App Store for centralized apps. The Telegram Open Network has the potential to be a world-leading decentralized financial platform because of its massive user base, architecture that supports a multi-tier system of interoperable, value-storing blockchains, and elegant UI/UX that abstracts away blockchain complexity.
Toncoin