Toncoin is the native cryptocurrency of The Open Network (TON) blockchain. It was founded in 2018 by the Durov brothers- Pavel and Nikolai Durov, who are also the founders of the Telegram instant messenger app. Telegram raised $1.7b in a private sale of TON tokens (then called Grams) in one of the largest cryptocurrency offerings ever. TON is a community-driven, layer-one blockchain network created to offer quick, affordable, and energy-efficient transactions.
The Telegram team released a series of documents detailing the design of the TON blockchain. Telegram spun up two TON testnets - one in Spring 2019, and the second in November 2019.
Then Telegram team launched the first TON testnet in the spring of 2019, after which the code became open-source, and testnet2 went live on Nov. 15, 2019.
But in October 2019 The US Securities and Exchange Commission sued Telegram, accusing it of conducting an unregistered securities offering. Telegram argued that the SEC's claims were baseless, but agreed to postpone the launch of TON until legal matters were resolved.
In March 2020 amid its ongoing battle of attrition with the U.S. regulator, Telegram finally decided to call it quits. In May 2020 The Telegram team ceased the development of TON and support of testnet2, paid an $18.5m settlement, and agreed to return funds to investors.
Until May 2021 Testnet2 remained stable for a long time and the community voted for renaming it Mainnet. The new TON team, in turn, is renamed as TON Foundation — a not-for-profit community focused on further support and development of the network.
As the TON ecosystem expands, Toncoin's impact on the new economy and Web3 will become more prominent. Toncoin can be used as follows:
1. Processing fee for transactions smart contracts
2. Payments services provided by apps built on the platform
3. Lending capital to validators to earn interest
4. Cross-chain transaction fees
5. Toncoin is integral to TON's on-chain governance program
6. Payment for blockchain-based domain names (DNS)
7. Validators' stakes required to maintain the blockchain
TON blockchain got full NFT integration, smart contracts support, tokenization, social networks, messaging apps, cross-chain bridges, and internet protocols, including TON DNS, TON Proxy and TON Websites, and TON blockchain storage.
Toncoin (TON) can be purchased at those centralized exchanges:
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