What is the Open Network and Toncoin (TON)?

Updated December 26, 2022 at 9:32 am

Toncoin (TON) is the native token of The Open Network (TON), a decentralized blockchain network developed by encrypted messaging platform Telegram.

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What is Open Network (TON) developed by Telegram?

Open Network (TON) is a blockchain decentralizedwhose arguments are a ultra fast operation and the ability to manage (in principle). several million transactions by the second.

TON network, both scalable and providedwas launched by messaging giant Telegram in 2018 to democratize its payment system.

This is the first known project Telegram Open Networktherefore, it is a blockchain and cryptocurrency developed by the Durov brothers (founders of Telegram).

The project is finally finished Telegram has been disconnectedafter some Problems with the SEC (Security Exchange Commission) and a reporting ICO 1.7 billion dollarsand received the name Open Network (TON).

After this, YOUR Foundation raised close 250 million dollars with well-known investment funds such as Kucoin Venture, Mexc Pioneer to name just a few, heralds great enthusiasm for the project.

The idea of ​​the project actually make a revolution and integrate payment systems cryptographicintegration with a powerful payment system blockchain in the world famous app, Telegram.

More this way 500 million people can use TON so a new chapter in the crypto world.

All this, of course, is accompanied by great advances in blockchain technology, e.g cleavage chainsextreme speedmodel Proof of Stakeor integration local payment to various applications.

In fact, TON’s dream is to host millions of users on its network. Therefore, TON adopts an architecture too many chainsto achieve this mass adoption goal.

Toncoin technology

TON not only a payment systembut also a complete infrastructure can to decentralize various services. To achieve this, TON is based on development different technologies.

Proof of Stake and Sharding for very high scalability

TON is a three-layer network. At the first level we have masterchainit works thanks to a powerful algorithm Proof-of-Stake (PoS) gives very high speed, scalability and security.

This channel is the main channel of the TON network and is currently active. In other words, when any transaction is performed in TON, executed on the main chain.

Second level included workflowsthese are strings secondary who is join masterchain and may contain up to X^X different concatenated strings.

Finally, third level includes broken chains. Shardchains is part of business chains and their role is to encourage them scalability, divide the work and parallelize.

Thus, the scale of TON increases in levels is much higher Much more than we can currently find at chains like Polkadot or Solana.

This is possible thanks to the bottom-up approach that TON uses for their shardchain, and what they call the result The Infinite Fragmentation Paradigm (infinite sharing paradigm).

The whole system works in one way completely decentralized (via P2P protocol), it does censorship resistant and different attacks from which the network can suffer.

A network without self-healing, “hard hooks”.

Another key feature of the TON blockchain is that it self-healing mechanism. Network updates due to fragmentation (masterchain) can be included conflict with subnets (Business chains and chains).

In this case, the self-healing mechanism is responsible Ensure the proper functioning of the TON networkeven allows it rewrite the blocks to solve the problem.

There was no point in rewriting delete the previous blockbecause there will be data in this block used and will be linked to a new block that enables data review any time.

Thus, TON is protected against blockchain threats and at the same time avoids the problems that a hard fork in its structure might cause.

Fast data routing in Toncoin

One of the biggest challenges blockchain networks have to address is the growth of P2P (Peer to peer), networks and, as a result, the difficulty of sending network information to all parts of it according to already accepted consensus rules.

Mobilize all this information effectively masterchain TON and his workflows it was very complicated.

Therefore, the project was developed solution to a problem known as Instant Hypercube Routing (IHR), a protocol for communication this allowed all TON nodes to quickly and efficiently share information about their blocks and transactions.

Thus, the entire network maintains the synchronization of data necessary for its proper functioning, as TON’s PoS protocol and its sharing system expect to generate a block on the network every five seconds.

Decentralized, private and secure storage (TON Storage)

TON is the Storage network data storage TON is integrated with network nodes. In other words, each TON node can place a decentralized data storage point on the network.

The idea of ​​TON Storage is that this network can act as a type large hard drivewhere can you save necessary information operation of dApps or other blockchain or non-blockchain applications with access to this network.

TON Storage will be based on one system DHT (similar to that used in Bitcoin) exchange information between nodes and enable a decentralized access data all the time.

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Privacy and Anonymity with Toncoin’s Default (TON Proxy).

One of TON’s greatest achievements has been its commitment to conservation maintain privacy and anonymity of its users.

For example, a common problem in networks Proof-of-Stake that is, all their stakeholders must publish an address where the total amount of coins in play can be clearly seen, such a situation discloses information which shouldn’t be public.

TON is a proxy of sorts proxy layer (anonymization). Network for TON nodes. This allows for the creation of decentralized VPN services and blockchain-based TOR alternatives to achieve anonymity and protect online privacy.

with the union p2p network (Peer-to-Peer) TON and TON DNS, TON proxy offers decentralized applications. immunity from censorship.

DNS and network services (TON DNS)

Another important point in TON’s activity is its DNS system and its services decentralized. Decentralized DNS allows everyone to be on the network domain name associated with said payment address or service.

can be an example of the ease of use of this type of functionality in services such as Ethereum Name Services (ENS) where you can register domain names for decentralized websites or cryptocurrency payment addresses for the Ethereum network or other compatible ones.

Token Toncoin (TON)

Toncoin is the native token of the TON network. It has many functions:

  • Gas bills for transactions and interactions with smart contracts.
  • Ability to execute local network operations.
  • deployment of new staking nodes for masterchain or for workflows and broken chains.
  • use in decentralized management protocols.
  • Payment for access to network resources. For example, to access a decentralized storage system (TON Storage), a DNS service (TON DNS), or services hosted on the TON Services layer, Toncoin is the token used to pay for everything.

The maximum emission of Toncoin is X billion tokens, and a special system must be used to circulate them: mining Mining using Proof of Work.

The reason for this system is that initially billions of X tokens were issued and a smart contract called ” the giver ” releases X TONs daily rewards for miners.

It is designed for smart contract measure and reward miners’ computing performance. The process is designed for miners to produce TONs that can circulate on the blockchain (otherwise they will be stuck).

After successful mining, the miner can take these chips and use them on the network to payuse smart contracts or create nodes authentication for the system PoS. The mining protocol used for TON is specifically designed to take advantage of CPUs and GPUs while being ASIC resistant.

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The result

Toncoin is strategically positioned to become one of the most popular cryptocurrencies is important and most of all effective of Challenge. As Telegram builds its decentralized blockchain ecosystem, it has the potential to leverage TON more. 550 million active users of an encrypted messaging platform.

Overall, the Open Network (TON) project and the Toncoin token offering interesting solutions for the future of distributed networks.

With the innovations brought, TON is clearly among the top class projects reliability like big projects like Polkadot, Solana or Ethereum.

Otherwise, Telegram plans to create a cryptocurrency exchange for jail-free walletsThe Open Network project may gain attention in the near future.

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