Toncoin (TON) emerged as a decentralized layer-1 blockchain in 2018, originating from the encrypted messaging platform Telegram. Originally named "Telegram Open Network," the project underwent a transition, being assumed by the TON Foundation and rebranded as "The Open Network."
Since 2020, the technology has seen continuous development, driven by a non-commercial group of supporters and an independent community known as the TON Foundation. Toncoin, previously identified as Gram, serves as the native cryptocurrency within the TON network.
The initial vision aimed to seamlessly integrate TON into a user-friendly application, enabling users to effortlessly buy, send, and store funds. Clients engage in transactions by paying fees and utilizing TON for payment settlements or transaction validations. Toncoin employs the proof-of-stake (PoS) consensus model to enhance network scalability and reliability. As outlined on the project website, the platform delivers swift, transparent, and secure payment services, streamlining transactions with minimal fees and without reliance on third-party applications.
The developers' mission extends to constructing a comprehensive ecosystem, featuring decentralized storage, services, a domain name system (DNS equivalent), an anonymous network, an instant payment platform, and efficient transaction processing with affordability and speed.
The Open Network distinguishes itself as a community-driven blockchain with a versatile architecture, specifically tailored to cater to the needs of the average consumer. Noteworthy is TON's rapid processing and validation of transactions per second (TPS), with a record-setting 55,000 TPS achieved in September 2021 during a contest. The current TPS could potentially reach hundreds of thousands or even millions, facilitating the project's rapid growth without compromising performance or environmental impact.
