Toncoin (TON) is the token native to The Open Network (TON), a decentralized Layer-1 blockchain network developed by the encrypted messaging platform Telegram. Initially called Telegram Open Network, the project was abandoned in May 2020 following a lawsuit filed by the SEC.
TON has evolved from transaction-focused crypto into a full-fledged ecosystem with decentralized storage, services, a domain name system (DNS equivalent), an anonymous network, and an instant payment platform.
TON was designed to fuel Telegram’s blockchain ecosystem. It is used for transaction fees, securing the blockchain through staking, deciding how the network develops, and settling payments.
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Toncoin has been one of the most active cryptos in the last few weeks. This is largely influenced by the recent moves from Telegram in building a decentralized blockchain ecosystem.
On December 1st, we reported that Telegram was mulling building a blockchain ecosystem. As Telegram builds non-custodial wallets and decentralized exchanges for millions of people to trade and store crypto securely, TON looks to be the native currency.
Pavel Durov,…
