If you bought this coin at the beginning of the year so far, returns have reached 200%, although that seems modest compared to hundreds or even thousands of percent of memcoins. But they are very impressive when compared to Big Cap medals. Additionally, it was recently listed among Grayscale Research's Top 20 Projects to Watch Out for in Q3!
***Meet Toncoin (TON), the world's #8 cryptocurrency.
Toncoin (TON) is the token of the layer-one blockchain network, The Open Network (TON), which is supported by many developers, including non-profit organizations such as the TON Foundation.
Brief History: The Open Network (TON) was originally called the Telegram Open Network (TON), which was developed by the Telegram development team and had a network currency called “Gram”, but Telegram founder and CEO Pavel Durov later announced the end of its development of the TON blockchain. After having legal problems with the Securities and Exchange Commission.
This allows a community of developers and blockchain enthusiasts like the TON Foundation to come and develop further. Before the blockchain name was changed from “Telegram Open Network” to “The Open Network” and the coin name was changed from “Gram” to “Toncoin”, Toncoin used a consensus mechanism. Proof of Stake (PoS) to verify transactions and the person who performs the verification (validator) will receive a reward in the form of Toncoin.
The TON Foundation’s vision is to empower 500 million users to own their data, digital assets and digital identity by 2028. It will support developers in building the necessary systems and tools on the Telegram app.
***What makes Toncoin special?
The TON blockchain has a multi-level architecture built on the principle of sharding. The TON sharding feature involves the use of multiple subnetworks (shards) on the same blockchain. Each shard has a specific purpose. This allows the network to avoid the accumulation of unconfirmed blocks and significantly speeds up its work. This sharding technology allows TON to scale efficiently. This means that TON can theoretically process an almost unlimited number of simultaneous transactions at high speeds.
TON offers a Wallet payment solution that integrates directly with Telegram, enabling fast P2P transactions and cross-border payments. Additionally, additional services include TON Storage for private encryption, TON Blockchain via decentralized VPN, and TON DNS for ease of use. Label reading, and partnership with Tether, users can pay USDT on Telegram via Wallet at a low cost. All of this gives TON great potential to be a leader in Web3 technology in the future.
***TON offers returns of up to 227% year-to-date.
TON is currently the 8th largest company in the world with a market capitalization of US$18.8 billion. Interestingly, TON has returned as much as 227% year-to-date. It can be said that it outperformed every coin in ranks 1 to 7 that increased its returns by just double digits. While some currencies give lower returns. Not only that, if compared to the top 100 coins, TON ranks seventh among the coins that gave the highest returns from the beginning of the year to the present. It joins the ranks of AI-themed currencies dominating the space this year in terms of returns.
The price of TON reached an all-time high on June 15 at $8.24, and the current price of $7.61 is 7.67% away from its all-time high, and is currently listed on several exchanges such as Huobi Global, KuCoin, and Uniswap (V3). , Gate.io, OKX, etc.
***Ranked among Grayscale Research's top 20 projects with potential in Q3 2024.
Grayscale Research has released its “Grayscale Research Top 20” list of high-potential tokens that have the potential to grow in the third quarter. It turns out that Toncoin (TON) was included in the list of projects that received the adoption trends, Grayscale noted that the TON blockchain, a smart contract platform linked to the Telegram messaging app, is experiencing significant growth. Both in terms of the number of users, transaction volume, and fee revenue
***TON has received significant interest from Venture Capital.
Yogita Katri, senior editor at The Block, revealed the inside scoop on TON’s popularity among investors, especially major venture capital firms who are raising their first investment in TON two years after making the largest investment in the company’s history earlier this year. What he didn’t expect was that Pantera Capital wasn’t the only one interested in TON, but there were several other venture capitalists.
This includes Kingsway Capital, which holds the largest percentage of TON tokens in the wallet. They started amassing this token two years ago. Ryze Labs (formerly Sino Global Capital), another fund that holds a large amount of TON, started amassing TON for less than $1 and is currently the largest validator on the blockchain.
***Reasons why major funds are interested in TON tokens
Galaxy Ventures' Will Nuelle is optimistic about TON in the long term, citing its potential to facilitate future payments and financial applications through Telegram, and sees the TON blockchain as having the potential to create a first-layer “network effect” because it already has a large user base of its own. .
Ryze Labs sees growth potential in TON, noting that TON has the potential to be like China’s popular WeChat app. It combines features like mini-programs and cryptocurrencies. It’s also clear that TON could challenge Ethereum’s leadership in the future, however, the TON ecosystem is still in its early stages. There are still many fundamental elements that need to be developed.
Gaming company Animoca Brands sees Toncoin as a way to attract users to Web3. Games like Notcoin and Hamster Kombat, for example, which are built on the TON blockchain and accessible via Telegram, have been successful.
*** Challenges and risks
However, the challenges and risks facing TON are still high because the ecosystem is still in its infancy and the necessary tools and frameworks for developers are lacking compared to other blockchains. Having been in use for a long time, the TON network still lacks transparency and requires the development of additional block explorers and on-chain data providers. Most importantly, TON's success depends heavily on Telegram, which could be in jeopardy if Telegram goes down.
In short, Telegram's massive user base and investor support gave the TON token a market cap of $18.8 billion. Right now, the TON ecosystem is still in its infancy, so there is a high potential for the growth of the TON token and many things that need further development.
source: grayscale theblock.co com.coinmarketcap
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