What is The Open Network (TON)?
The Open Network, also known as TON, is a distinctive, community-driven blockchain that has a lot to offer. Telegram founded TON with the goal of bringing on millions of users and enabling energy-efficient, low-cost, and rapid blockchain transactions. Its entire feature set was created with common users in mind.
The Open Network is renowned for its adaptable design and scalability in addition to providing incredibly quick transactions, small fees, and simple software. Additionally, it respects the environment. Use this guide to find out more about TON’s past and current applications before investing in Toncoin, the network’s native asset.
How does TON function?
Now, back to the “1 million tps.” Right, that sounds insane. Well, the distinctive architecture of TON makes this possible. A “collection of two blockchains” makes up the TON blockchain. Several operational blockchains as well as a master blockchain (or masterchain) (or workchains). The protocol’s general data, validator data, workchain and shard data, and the hashes of the most recent blocks on the work- and shardchains are all stored on the master blockchains. On the other hand, the workchains have data on things like value transfers and smart contract transactions. The blockchain uses a proof of stake technique for consensus.
The workchains are unique since they can be divided up into shard blockchains (or shardchains). A subset of accounts’ transactions are handled by each shardchain. As a result, the likelihood of congestion on the network is greatly reduced. The horizontal partitioning of a database is referred to as sharding. In the case of blockchains, it lessens the strain on the network.
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Main features of Toncoin
Toncoin is renowned for its minimalism and strong emphasis on effectiveness. The end user’s experience utilising the token should be as simple as feasible. The development team behind TON has also put a lot of effort into implementing many of the cutting-edge features that distinguish the coin from other cryptocurrencies.
Proof of stake Mechanism
Blockchain networks that demand validators to complete transactions frequently use proof of stake consensus algorithms. Based on the size of the stakes they hold, validators can receive rewards using this energy-efficient technique. They are given a portion of the transaction fees rather than getting a new block added to the network.
It’s crucial to remember that the proof-of-work (PoW) consensus technique cannot be used to mine TON anymore. The last Toncoin was produced in June 2022, and the overall supply can only grow by a minimal proportion yearly. The PoS consensus technique used by TON keeps the blockchain operating smoothly.
Storage on TON
The idea of storing data on a blockchain is not new, but TON Storage goes one step further. It functions very 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.
Blockchain users always place a high importance on TON Proxy privacy. Users can access the TON blockchain through TON Proxy by employing decentralised VPNs and TOR-like networks. This makes it possible for users to access DApps without restriction.
TON uses smart contracts, like many other blockchain ecosystems, to process on-chain transactions quickly. Each TVM, or TON Virtual Machine, used to run a smart contract on the blockchain. Very complicated smart contract implementations are possible with TVM.
Apps & Services by TON
Smart contract-using DApps and services can be found on the TON blockchain. Developers can build new blockchain applications with the help of TON Services. These third-party programmes are accessible to users through an intuitive interface. A searchable database of all DApps and services available on the blockchain is also provided by TON.
StickerFace, which enables you to design your own NFT persona to use on the network, is one of the most popular apps on TON. On TON, a variety of games and applications support the use of this avatar. StickerFace has been working on including animations and 3D effects in addition to a large variety of wearable accessories for your avatar.
There are other well-liked NFT projects on TON besides StickerFace. You may acquire NFTs from digital artists with ease through the blockchain’s decentralized market place TON Diamonds. Simple notions are offered by other NFT art projects, such TON CATS and TON Hamsters. Here is a collection of distinctive NFT initiatives.
TON Wallets Toncoin and other digital assets from the TON blockchain can be stored in a variety of ways, with over 743,000 different TON wallets now processing thousands of transactions per day.
TON provides custodial wallet services and collaborates with a number of noncustodial wallets from outside parties. For users looking for straightforward answers, custody wallets are a smart option. Users that desire more control over their funds might consider noncustodial wallets.
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Main Aim of Ton
Toncoin’s main objective is to address the issues with Bitcoin and Ethereum, despite their popularity. People find it challenging to use cryptocurrencies for regular transactions due to high transaction fees, sluggish transaction speeds, and a steep learning curve. For instance, the gas costs to use the Ethereum blockchain vary a lot, and depending on the magnitude of the transaction, gas costs of over $100 are not unheard of.
The TON ecosystem was created to cater to the requirements of millions of people conducting routine business. TON is mostly utilised by consumers, as opposed to investors who use Bitcoin and Ethereum more frequently. It is intended to be included into an intuitive app, enabling users to buy, send, and store coins with ease.
TON’s adaptable design is one of its main benefits. Due to its cross-shard connections, the Open Network boasts ultra-fast transactions and was created to be extremely efficient and scalable. TON can successfully validate and process millions of transactions per second by supporting dynamic sharding and workchains. In other words, TON’s adaptable architecture enables continual growth without any performance degradation.