Hive community, welcome to this new article in the already well-known Token Review column.
Today we will talk about the telegram cryptocurrency (albeit improperly): TonCoin.
The previous time we talked about the Zig Token, if you missed it, you can find it here!
The project comes to life in 2018 from Telegram developers, who implemented the TON (Telegram Open Network) blockchain and, thanks to the ICO, with two private financing institutions managed to gather a $2 billion portfolio.
On the TON blockchain, Gram tokens are created and public token sales begin, but these will be halted in October 2019 following some audits by the Securities and Exchange Commission (SEC).
The reason given by the SEC is that Gram tokens are not registered securities.
Because of this report, the TON project in May 2020 has to close down; the closure let’s say is an appearance, in fact the Durovs had started an open source project and the sources are available on GitHub.
That being the case, some independent Telegram communities continued the development of the project until the platform was born.
In May 2021, the token changed its name (also the blockchain, which became The Open Network) and became Toncoin, an “alternative” crypto but born within the TON Community and became the heir to TON under the web domain Ton.org.
The result is a true coin that is completely decentralized and totally untethered from Telegram.
The main goal of the project is to have an extremely high TPS rate (Transaction Per Section) (despite using a blockchain) and enviable ease of use.
As mentioned just above, TON is completely untethered from the Telegram application, but the project has been carried out by communities orbiting Telegram itself, so the core purchase and transfer applications have also been developed in the form of BOTs that launch within the Telegram application.
These applications are the Wallet and the Crypto bot:
Of course, there are also dedicated applications:
Coin is available on various centralized exchanges:
It is also possible to exchange it on dApps (decentralized exchanges):
Let’s get into the core and fundamental feature of this project that makes it special in its kind.
TON is a multi-chain project, meaning that different blockchains are used in order to increase the scalability of the project while maintaining security.
The principle on which the entire blockchain is developed is a 2-Layer solution , but with one major difference: the part of the transactions that would be sent as management to Layer 2, are not “lost” once concluded, but remain recorded; in fact, a second blockchain is used.
First key to having some speed of validation is the method used; in fact, it does not use a Proof of Work (PoW), but a Proof of Stake (PoS). We all remember very well the transition that took place a few months ago with Ethereum, which through the Beacon project, went from a PoW to a PoS, giving rise to Ethereum 2.0.
There are basically 2 blockchains in this project:
- Master Blockchain (Masterchain)
- Working Blockchain (Workchains).
Workchains, are in turn divided into Shard Blockchains (Shardchains).
Let’s see what roles the various blockchains play and how they are leveraged for really high performance in terms of TPS.
The Masterchain contains all the important and vital data of the protocol, like parameters, current values.
All the details (addresses) of the validators and coin stakes quantities for validations.
All the data of the various Workchains and Shardchains.
Workchains contain all transaction information and the various smart-contracts are recorded.
Each Workchain can have different “rules,” thus addresses with different formats, different transaction formats and even different Virtual Machines (VMs) dedicated for dedicated smart-contracts.
For this reason, the TON blockchain can be called heterogeneous in the same way as EOS and PolkaDot.
Shardchains are nothing more than a subsequent fragmentation of Workchains and therefore retain the same characteristics of the Workchain from which they originated.
This type of blockchain development is called vertical; in practice, each block of the Masterchain becomes a Workchain that contains all the transaction information.
For further clarification, I refer you to the Ton.org White Paper: White Paper
As a testament to what has been said about the speed of this blockchain, I include an excerpt from the Ton.org website, where there is a comparison between TON, ETH2.0 and Solana.
Screen su coinmarketcap
Fundamental data of tokenomics
What’s your opinion on TON?
See you next week with the next project I will analyze!