Cryptocurrencies have become more popular since Bitcoin (BTC) was released in the market, especially as they start to be accepted on a global scale. Now, there are several impressive assets that appeal to people’s interest because of their decentralised nature that provides users with more convenience than what fiat currency offers.
Aside from BTC, there are several other promising assets that have been making waves on the market. Among these is TON or Ton Coin which is an asset that used to be affiliated with Telegram but now works with The Open Network.
TON cryptocurrency was first launched in 2018 as Telegram’s project called Gram which continued to be developed until 2020. While at its peak, it earned massive earnings that equalled billions of dollars in sales. This also made it widely popular up to the point where there were several issues that surrounded its development.
Unfortunately, Telegram lost in court about one of the cases that have been raised. Given the fact that the coin already had a number of following, The Open Network picked up where Telegram left off and developed TON into a better version of Gram. If you haven’t heard about it before, here are a few things to learn more about this promising asset:
TON’s main objective
The TON ecosystem was created to cater millions of daily transactions. It is mostly used by consumers, unlike Bitcoin and Ethereum which are popular choices among investors. The coin can be described as something that can be integrated into an intuitive app that will allow users to buy, send, and store coins easily.
Some of TON’s main benefits include its adaptable design and ultra-fast transactions that were designed to be extremely efficient and scalable. As it supports dynamic sharding and workchains, it can successfully validate and process millions of transactions per second.
How it works
TON can be used for a variety of things, including making payments in decentralised applications (DApps). It can also accommodate billions of simultaneous users with the help of blockchain sharding. It divides a single blockchain into numerous smaller subnetworks (shards) to carry out activities more swiftly.
TON uses a proof-of-stake (PoS) consensus algorithm. This means that it validates every transaction to reward validators with corresponding rewards. The network also allows nominators to reward validators by lending them their tokens. In line with that, a nominator must join a pool and stake their assets to lend tokens. These will be managed by smart contracts that add a different level of security.
Special features
There are several impressive features that make TON an interesting coin to have. Among these are:
- TON Storage → The idea of storing data on a blockchain is not new, but TON Storage goes one step further. It functions similarly to Dropbox but provides the advantages of private encryption by using the private key from the owner’s wallet. This increases security for both private and public online storage.
- TON Proxy → Blockchain users always place a high importance on privacy. By using TIN, users can access the TON blockchain through TON Proxy by using decentralised VPNs and TOR-like networks. This makes it possible for users to access dApps without restrictions.
- TON DNS → This special feature can provide users with usernames that are easy to remember. They can be compared to social media handles since they are integrated into a number of domain names for simple access. This means that users can register these names and domains on the blockchain so they can easily access TON apps and wallets.
These are just some of the remarkable facts that you have to learn about TON cryptocurrency and the potential it holds. By understanding what the coin is about, you’ll be eager to learn how to invest in it and why it’s worth your time and money.
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Source: https://www.thecoinrepublic.com/2023/04/28/crypto-in-the-spotlight-ton/