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Telegram-backed cryptocurrency toncoin TON has rallied significantly in the past few days as the number of wallet holders continues to increase. Toncoin was developed in as a decentralised blockchain to improve the status of transactions. It was created by Nikolai and Pavel Durov, founders of social media app Telegram, and was later handed over to the open Toncoin community which has been developing it ever since.
The platform made headlines last month as popular hardware wallet SafePal announced it would be the first wallet to support the Toncoin blockchain and its native TON token before the end of the year, according to a company blog post. SafePal said:. Share this article Tweet Share Post.
Tags Cryptocurrency. Subscribe to Weekly Highlights The major market events for the week ahead right in your inbox. Trade Now. Swap short:. With this integration, TON users can store, send and receive Toncoin in a more secure and seamless way on the Open Network. Vote to see Traders sentiment! Market sentiment: Bullish Bearish. You voted bullish.
You voted bearish. Start trading. Try demo. Toncoin price prediction: What is toncoin TON? Bitcoin futures price: Can BTC price thaw continue despite crypto winter? The US Securities and Exchange Commission sues Telegram, accusing it of conducting an unregistered securities offering. Telegram argues that the SEC's claims were baseless, but agrees to postpone the launch of TON until legal matters are resolved. Despite disagreeing with the SEC's position, Telegram ultimately ceased the development of TON, paid a fine, and returned funds to the original investors in Because there was already a community interested in developing on the chain, there was enough excitement and valuable code from the original project that a group of independent developers took over TON and have brought it back into the wild without any ICOs.
Structurally, The Open Network is a proof of stake blockchain that is sharding-enabled for fast blocks, nearly instant finality, and very high TPS projections. According to the TON Foundation's own analysis of the blockchain, the network is ideal for gaming and social interaction. As it is described on ton. A community of open-source developers has supported the development of TON ever since, with the goal of staying true to the network design detailed in the original whitepaper.
Following Telegram's exit from TON, there were multiple competing development teams trying to get control of the project. The one led by Makosov formally asked for the ton. But I wish its team the same success.
Coupled with the right go-to-market strategy, they have all they need to build something epic. In an old CoinDesk article , Skuratov seems to indicate that Makosov was chosen to take over because his development team planned to follow Telegram's initial plan for the network:.
I think this raises some questions about just how independent TON really is from Telegram but that is speculation on my part at this point. So far, the community has launched a variety of applications built on The Open Network - most of these apps are geared toward NFTs and gaming in some form. According to that site, there are over 1. The biggest success from this blockchain so far seems to be through Telegram's sales of usernames and virtual phone numbers on a TON-based marketplace called Fragment.
The roadmap for the network is ambitious to say the least:. Essentially, it is trying to be everything all in one blockchain network. So far, adoption appears fast but still very small compared to other Layer 1 chains. Jurisdiction risk seems like the obvious one for Toncoin. I think there are fairly large concerns about how the SEC would view this project given the new team's roadmap seems to be still very much tied to implementation with Telegram.
The project's official Twitter handle has been suspended and one of the leading apps on the blockchain, Fragment, is blocked in the United States:.
This is in addition to all of the normal risks that come with any cryptocurrency. Those risks include macro headwinds as well as loss of confidence in the future of public blockchain from individual investors. It's also important to remember that this is an industry that is filled with fraud and scams. There isn't a lot of network data that is available and the roadmap seems very much tied to one specific social messaging app for onboarding users, namely Telegram.
Telegram seems to be the only company that is doing anything meaningful with the blockchain itself and there is plenty of competition in the Web3 space. I'd probably steer clear of this one for the time being even with DEX purchases. Decode the digital asset space with BlockChain Reaction. Forget about the dog money. With over 20, coins, malinvestment was begging to be purged.
But not every coin is disaster. In BCR I'll help you find the ones that have staying power. Service features include:.
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