Toncoin (TON) is a decentralized blockchain platform that was initially created by Telegram but later taken over by the TON Foundation. It was renamed from "Telegram Open Network" to "The Open Network". The development of Toncoin has been carried out by a group of non-commercial supporters and enthusiasts known as the TON Foundation since 2020. Toncoin, formerly known as Gram, is the native cryptocurrency of the TON network.
The main goal of Toncoin is to provide users with an easy-to-use application for buying, sending, and storing funds. Users pay transaction fees and use Toncoin to settle payments and validate transactions. The network utilizes the proof-of-stake (PoS) consensus model to ensure scalability and reliability.
The platform aims to offer fast, transparent, and secure payment services with minimal fees and third-party applications. The developers aspire to create a complete ecosystem with decentralized storage, decentralized services, a domain name system, an anonymous network, an instant payment platform, and efficient transaction processing.
The Open Network is a community-driven blockchain that prioritizes serving the needs of typical consumers. One notable feature of TON is its ability to process and validate a high number of transactions per second (TPS). During a contest in September 2021, the network achieved a record of 55,000 TPS, though the actual TPS could be much higher. This scalability enables the project to grow rapidly without compromising performance, while also being environmentally friendly.
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