One of the outstanding performers in the 2024 crypto market is Toncoin, a cryptocurrency with a unique background and innovative technologies. Created by Telegram’s developers, the Open Network (TON) has become a formidable blockchain that competes with others in the industry.
In this guide, we discuss Toncoin’s features and applications, including how to purchase it in the crypto market.
Origin of the Open Network (TON) and Toncoin
The journey of Toncoin started in 2018. The Durov brothers, Nikolai and Pavel, wanted a scalable blockchain capable of managing Telegram’s enormous user base. With the launch of Telegram Open Network (TON), Nikolai and Pavel created a blockchain to process millions of transactions per second without sacrificing privacy and efficiency.
Features of the Open Network (TON)
The Open Network (TON) consists of several elements that improve the use and capacity of its ecosystem.
TON Payments: Promotes fast, safe, direct peer-to-peer exchanges free from intermediaries.
TON DNS: A distributed domain name system enabling users to register their choice domain names inside the network.
TON Storage: Offers dispersed and safe data storage through scattered solutions.
TON Proxy: Allows users to access the network covertly, improving privacy by avoiding censorship.
TON Space: A distributed social network platform using blockchain technology for private and safe communication.
Use Cases for Toncoin
Within The Open Network, Toncoin has several purposes.
Method of Payment
Toncoin allows quick, safe, low-cost transactions between users. Its peer-to-peer features remove mediators, lowering transaction costs and improving privacy.
Transaction Charges
Users of the TON blockchain have to pay transaction fees in Toncoin for the network’s validators to guarantee the network’s seamless running by validating transactions.
Staking Options
Staking Toncoin allows users to participate in network security. Staking options help the network remain stable and reward users with extra Toncoins, enabling network security.
Smart Contracts
Within The Open Network, Toncoins facilitates the growth and running of distributed apps (DApps) through smart contracts. These smart contracts automate network tasks, including sophisticated transactions.
Ecosystem Governance
Toncoin holders can vote on ideas influencing the direction and growth of the platform, making them partakers of the network’s governance. This governance approach guarantees the community’s voice in determining the growth of the network.
Reward Systems
The TON ecosystem rewards users and developers who contribute to its growth with Toncoin. Such contributions include helping with projects, creating content, or offering services inside the network.
How to Buy Toncoin
You can purchase Toncoins through centralized exchanges (CEXs), distributed exchanges (DEXs), and Telegram bots.
Centralized Exchanges
Buying Toncoins from a centralized exchange is simple. Pick a reputable exchange, register, finish identification verification, and purchase Toncoin. Gate.io allows, for instance, Toncoin trading pairs, including TON/ ETH, TON/USDT, and TON/TRY. Then, you can move their Toncoins to a safe wallet upon purchase.
Decentralized Exchanges
Decentralized exchanges give consumers more control over their holdings. Purchasing Toncoin requires linking a compatible wallet like MetaMask to a DEX like PancakeSwap. The process involves adding Toncoin to the wallet, swapping another cryptocurrency for Toncoin, and confirming the transaction.
Telegram Bots
Through the @wallet bot, Telegram presents a unique approach to buying Toncoin. The Telegram software lets you set up a wallet, add money, and purchase Toncoin directly.
This approach is handy for existing Telegram users since you don’t need to leave the platform to make the purchase.
Investing in Toncoin
Investing in Toncoin requires carefully weighing several elements, including technological promise, market volatility, and legal context. Toncoin’s robust technology and solid user base make it a good prospect for a long-term investment portfolio.
Toncoin’s prior legal difficulties emphasize the need to keep up with legal changes. Hence, keep yourself up to date with regulatory news regarding Toncoin and the broader Bitcoin market.
Final Thoughts
Whether used as a payment option, staking tool, or governance token, Toncoin is a cryptocurrency worth watching regardless of its market performance. It has several applications and boasts a notable active community.