The blockchain reigns supreme in the world of cryptocurrencies. The cryptocurrency industry would not exist as we know it today without this decentralized ledger. It may come as no surprise that IT companies who support encryption are interested in this idea given that it is believed that the blockchain allows for privacy for individuals.
August 31, 2023 at 9:22 am
Updated August 31, 2023 at 9:22 am
The beginning of everything
The messaging plstform Telegram is one such platform. The announcement that Telegram was developing its own blockchain, known as Telegram Open Network, would not have come as a huge surprise in 2018.
However, the US Securities and Exchange Commission (SEC) prohibited Telegram’s initial concept, which would have involved a native cryptocurrency called gram, in March 2020.
According to the SEC, the sale of the digital token would constitute a securities offering for which there would be no registration exemption.
Following this, Telegram formally abandoned the project, but two of its developers were present to, if nothing else, possibly rescue the day.
Anatoliy Makosov and EmelyanenkoK
TON’s development was taken over by Anatoliy Makosov and EmelyanenkoK through the Newton opensource community. Within a year, the neighborhood decided to rebrand the Newton community as The Open Network (TON) Foundation and completely launch it.
According to the project’s whitepaper, which is both user- and service provider-friendly, “The Open Network (TON) is a fast, secure, and scalable blockchain and network project, capable of handling millions of transactions per second if necessary.”
A highly scalable blockchain network that can execute transactions more quickly and cheaply than other networks, including Ethereum (ETH), is what the community-led initiative hopes to offer. Additionally, it intends to grow the network into an ecosystem that may offer other services including rapid payments, anonymous networks, domain name systems, and decentralized storage.
Toncoin, often known by its ticker symbol TON, is a native cryptocurrency that every blockchain must contain. The Open Network is one such blockchain. Transactions including incentives for staking and network validation are made easier by this coin.
This is significant because the proof-of-stake (PoS) consensus technique used by The Open Network. As a result, users can contribute blocks to the blockchain and receive rewards based on the amount of TON they possess. The weight of a person’s vote, which is again depending on how much TON they own, can also be used to vote on network improvements.
Later, Toncoin disclosed that the event featured more than 4.2 million tokens, “making toncoin the most successful cryptocurrency of this amazing program.” However, TON finally dropped alongside the 2022 bear market and gave up its prior gains during the year after peaking once more at $5 on December 25, 2021.
But in September 2022, when the Huobi exchange introduced a prize fund for TON traders, it started to climb again. The coin’s peak price was $2.04 on September 7, 2022.
On October 27, 2022, the cryptocurrency had another boom and hit a high of $1.98. The token had previously been listed on the KuCoin exchange’s trading bot product.
A market crisis was caused by the collapse of the FTX (FTT) exchange in November, but TON was able to outperform the market, with the exception of a fall to $1.33 on November 10. On November 19, a brand-new decentralized exchange (DEX) called STON.fi became live.
When Telegram said users could sign up without a SIM card by using toncoin, the cryptocurrency surged to a high of $2.86 on December 14 as a result. In the meantime, the SafePal cryptocurrency wallet revealed it would soon include the TON cryptocurrency.
TON’s stock price was trading at about $2.65 on December 19, 2022. It was the 20th-largest cryptocurrency by market cap, with a value of just less than $3.3 billion.
Is toncoin a good investment?
It’s difficult to say. Although TON has recently outperformed the market, we are unsure of how long it can keep doing so.
Depending on your investing objectives and portfolio structure, it may or may not be a viable investment. Capital is at stake while investing in cryptocurrencies because of their extraordinarily high risk. Do your own homework and never risk money you cannot afford to lose by investing it.
Will toncoin go up or down?
Right now, nobody can truly tell. While projections were generally positive as of 19 December 2022, prices may and do fluctuate and predictions are frequently inaccurate.
It is crucial to conduct your own research on a coin or token to see if it is a good fit for your investment portfolio in the very volatile world of cryptocurrencies. Among other things, your risk tolerance and the amount you plan to invest will determine if the TON coin is a good investment for you.
Never invest money that you cannot afford to lose because past performance is not a guarantee of future results.
Remember, investing in cryptocurrencies involves risks, and it’s important to conduct thorough research and seek professional advice before making any financial decisions.
(Please keep in mind that this post is solely for informative purposes and should not be construed as financial or investment advice.)