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Toncoin (TON), formerly known as Telegram Open Network, is a decentralized layer-1 blockchain that was abandoned by its original developers, Telegram, and taken over by the TON Foundation in 2018. The TON Foundation is a non-commercial group of supporters and an independent community of enthusiasts dedicated to advancing the technology.
Toncoin is the native cryptocurrency of the TON network, which aims to provide fast, transparent, and secure payment services through the integration of the platform into an easy-to-use application. Transactions on the network are validated through the proof-of-stake consensus model for scalability and reliability. The Open Network is community-driven with a focus on serving a typical consumer, offering a flexible architecture and a range of decentralized services such as a domain name system, anonymous network, instant payment platform, and efficient transaction processing.
With its fast processing and validation of transactions per second (TPS), TON stands out in the blockchain industry. In September 2021, the network processed a record 55,000 TPS during a contest and its current TPS could be in the hundreds of thousands or even millions. This feature enables the project to grow rapidly while maintaining performance and being environmentally friendly.
TON, previously known as Telegram Open Network, is a decentralized layer-1 blockchain with a focus on scalability, efficiency, and mass adoption. It has a multi-level structure built on sharding, where the network is divided into multiple subnets (shards) for specific purposes, speeding up tasks and avoiding unverified block accumulation. The TON network includes master, work, and shard chains.
TON offers various services to its users including TON Wallets, which allows for fund transfers and interactions with platform services, TON Services for dApp development and access to third-party apps, TON Storage for private encryption using the owner’s wallet private key, TON Proxy for accessing the TON blockchain via decentralized VPNs, and TON DNS for traditional websites to work within the network, providing short and readable names. With its efficient interaction between segments, the TON network boasts ultra-fast transactions, processing a high number of TPS.
