What is the TON Cryptocurrency
TON (Telegram Open Network) is a blockchain created by the developers of Telegram that facilitates smart contracts. The network is exceptionally scalable, offering high speed and minimal fees, making it a compelling option in today’s landscape of less efficient chains. Only a month ago, the average fee for a single Bitcoin transaction reached an unprecedented peak of $127.
Initially, TON was created directly by the Telegram messenger group, who also undertook token sale rounds for the initiative in early 2018. However, the Securities and Exchange Commission (SEC) intervened, declaring the token sale transactions to be unregistered securities.
At that point, the token was intended to be called Gram, and US residents engaged in the transactions. This action displeased the SEC, which objected to the pre-sales of tokens totaling $1.7 billion. Consequently, the Telegram team withdrew from the initiative, paid a penalty of $18.5 million, and reimbursed the collected funds. The development of TON on a decentralized model was subsequently assumed by the community.
The founding members of the Telegram Open Network highlight the inadequate connection among contemporary blockchains like Bitcoin, Ethereum, and BNB Chain. While these networks provide robust security and user confidentiality, their transaction speeds often fall short.
As a result, the open-source community is endeavoring to fabricate a next-generation network in the form of TON, which was conceived as a blockchain for other blockchains. This indicates that the Telegram Open Network can expand its capacity to increasingly attract fresh users, execute transactions, and amalgamate diverse individual blockchains.
With TON, a smart contract in one network will have the ability to communicate with applications on other blockchains and gain access to files and websites. Advocates of the project refer to this strategy as the merging of the blockchain universe with the internet.
Below is a relevant video outlining the characteristics of The Open Network. Overall, the project ecosystem encompasses the TON blockchain, its virtual machine, payment platform, TON DNS, storage provisions, and TON sites.
The native cryptocurrency at the heart of this is Toncoin (TON). As indicated on the project’s official website, Toncoin is poised to become the future of the currency landscape and is utilized for executing operations within The Open Network, engaging with games and NFTs linked to this blockchain, and other platforms, a comprehensive list of which can be found here.
The Exchange Rate of TON Cryptocurrency
Currently, there are 3.474 billion TON in circulation, whereas the total supply of the cryptocurrency caps at 5.106 billion coins. The yearly inflation rate is 0.6 percent, which is comparatively low against other widely-used cryptocurrencies.
The exchange value of TON is $6.65, while the market cap of the cryptocurrency stands at $22.9 billion. This positions Toncoin in the tenth spot in the overall ranking of cryptocurrency market caps.
In the last twelve months, Toncoin’s price has surged by 251 percent. This surpasses the respective increases of Bitcoin and Ethereum, which recorded 162 and 103 percent, yet falls short of Solana’s impressive 801 percent rise for the year.
The rationale for continued appreciation of the cryptocurrency lies in the expectation that the ongoing market expansion phase will represent Toncoin’s inaugural genuine bull run, typically yielding favorable responses from investors towards new significant ventures.
Additionally, The Open Network serves as a primary-level blockchain foundational to a comprehensive ecosystem of functional applications, establishing it as a unique initiative that has successfully implemented its utility in the tangible world.
Where to Acquire Toncoin (TON)
Toncoin (TON) can be found on well-known exchanges such as OKX, Bybit, Gate.io, and KuCoin. Below is the respective ranking of these exchanges determined by trading performance over the last 24 hours.
The cryptocurrency is absent from major trading platforms like Binance. Thus, the potential for future positive response to Toncoin remains subject to its listing status.
Top Wallets for Toncoin (TON)
Numerous wallets are accessible for operating with Toncoin, each offering distinct functionalities. Some are centralized with a focus on user-friendliness, while others allow complete control over the cryptocurrency.
A comprehensive list of alternatives can be found on this page. We’ve curated and tested three applications tailored for various user categories: a foundational option, a more sophisticated wallet, and a choice for long-term asset storage.
Fundamental Option — TON Wallet within Telegram
Toncoin can be utilized directly in the Telegram messaging application. To initiate, simply search for @wallet and activate the wallet via the “Start” button. The wallet interface will seamlessly launch within the application.
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The wallet permits users to send and receive digital currency, swap tokens, and even carry out transactions on P2P platforms for the purchase and sale of cryptocurrency using fiat currency.
The standard Wallet in Telegram represents a centralized solution. This is evident from the absence of a seed phrase for managing cryptocurrency assets with alternative applications. Primarily, it serves as an exchange that facilitates transactions upon user request and grants access to coins associated with the specific profile in the messenger.
For added ease, the wallet’s access can be protected with a password and Face ID. In the event of a forgotten password, it is recoverable through email.
You are capable of transferring cryptocurrency to both a Telegram user and any external wallet connected to the blockchain. It is crucial to highlight that the transfer recipient in the messenger does not need to activate the wallet to receive it. They can enable it later to access the coins at any point. We uncovered an archived transaction from December 2023 only in May.
The fee for withdrawing Toncoin to an external wallet is relatively steep, totaling 0.05 TON or 32 cents. The confirmation of the transaction typically takes a few minutes.
In general, the scenario mirrors the experience found on any centralized exchange platform.
Advanced Option — Tonkeeper
Download Tonkeeper: Android / iOS / MacOS-Linux / Chrome / Firefox
Tonkeeper functions as a non-custodial wallet, which signifies that the user has complete control over the coins’ management. This is corroborated by the availability of an option to import an address during the initial setup of the program.
To commence using Tonkeeper, simply generate a password that will be utilized to verify transactions. You can
“`import a seed phrase later, which will additionally necessitate the password.
The software permits you to stake TON as either a complete validator with 10,000 Toncoin or as a minor investor with merely one coin. In reality, you’ll need a minimum of 2.2 TON in your balance to stake.
The final tab in Tonkeeper showcases available applications. For instance, there exists Tokenstore for acquiring game cards using TON and TonMobile, which enables the purchase of an eSIM with the same digital asset.
For user-friendliness, transactions can be authorized using Face ID. The layout is typically straightforward and uncluttered, and the interaction pattern resembles that of other contemporary wallets such as Phantom, where the right tab is dedicated to Web3 applications.
The Most Secure Option — MyTonWallet with Ledger hardware wallet
Download MyTonWallet: Android / iOS / Windows-MacOS-Linux / Chrome
For dependable long-term storage of coins, well-known hardware wallets are available. In the context of Ledger devices, they include a distinct security chip that is detached from the internet and verifies each transaction offline.
This suggests it cannot be swayed by the internet. As Ledger hardware wallets’ displays are also disconnected from the internet, users are able to see the true amounts and addresses of the wallets where cryptocurrency will be sent before any transactions take place. If a smartphone or PC gets compromised by a virus and attempts to covertly alter the recipient’s address, the hardware wallet will continue to exhibit the accurate data. The user can then observe the modification and avert the loss of funds.
TON can similarly be stored using Ledger devices. This is achieved without native cryptocurrency support, making it unfeasible to create a corresponding wallet in Ledger Live. Instead, a combination of the TON application on the hardware wallet along with the MyTonWallet program is utilized.
For diversity, we opted for MyTonWallet as a browser extension for Chrome. Nonetheless, this is not the sole method for interacting with hardware wallets and TON. For instance, the preceding wallet, Tonkeeper, also accommodates Ledger devices both as an application and as a distinct web program.
Connecting a Ledger device can occur upon the initial launch of MyTonWallet. The relevant button can be found at the bottom right.
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The wallet facilitates both the reception and dispatch of coins, along with large-scale TON staking.
The application additionally allows engagement with various Web3 platforms, though does not provide support for NFTs when connected to a hardware wallet.
As previously mentioned, hardware wallets present a trustworthy solution for keeping coins safe, as they necessitate physical validation of each transaction via buttons. Nonetheless, this does not imply that users of these devices are immune to hackers’ attacks.
Primarily, the risk arises from social engineering tactics, where individuals are deceived into taking actions — for instance, authorizing engagement with a malicious contract or simply transferring crypto to an address indicated by a scammer — or revealing sensitive data.
Moreover, funds may be lost if the application that the user had engaged with and granted permissions becomes compromised.
Consequently, specialists advise retaining substantial quantities of crypto within hardware wallets as complete cold storage. This entails that such wallets are utilized solely for the purpose of dispatching and receiving coins, not for interfacing with smart contracts. In this way, a compromise of the latter will not jeopardize the safety of coins stored on the hardware wallet, effectively rendering the latter secure.
For individuals looking to utilize blockchain applications, it is advisable to set up a distinct hot wallet and maintain minimal amounts there. Should this address be compromised, it will not impact the security of the primary crypto reserves.
Below is the Ledger Nano X hardware wallet demonstrating the TON application in operation.
Here, the device requests confirmation for the transaction to transfer all TON from the address.
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If you possess significant quantities of coins and intend to retain them for an extended period, it is certainly advisable to think about acquiring a hardware wallet. Moreover, it’s recommended to utilize it for cold storage, which entails not authorizing engagement with any smart contracts.
Multicurrency Wallets
Numerous multicurrency wallets currently offer support for TON coin. We strongly advocate for non-custodial alternatives where only you have access to the private keys. Always keep in mind the fundamental principle of crypto: “not your keys, not your coins.” You can utilize the Atomic Wallet, which is compatible with both desktop and mobile devices, providing you the flexibility to manage your TON Wallet wherever you are.
To commence using Atomic Wallet, all you need to do is create a wallet. You will receive your 12-word phrase, which can be utilized to restore or import your assets into another wallet. Following this, you establish a password that will allow you to access your wallet and verify transactions.
How to Mine TON in 2024
Anyone equipped with a graphics card can generate Toncoin (TON). This is made possible through a new system that automatically converts rewards into TON on the 2Miners pool.
Here’s how it works: you initiate mining for cryptocurrencies such as Ergo (ERG), Clore.ai (CLORE), Ravencoin (RVN), Ethereum Classic (ETC), Kaspa (KAS), EthereumPOW (ETHW), or Neurai (XNA), inputting a TON network address in the reward address field. The total rewards are then automatically exchanged for Toncoin and dispatched to the designated wallet.
Imagine you have an Nvidia graphics card and wish to accumulate TON in anticipation of future appreciation in the coin market. In that case, select one of the specified coins — for instance, Ravencoin — and navigate to the relevant help page of the 2Miners pool.
For Nvidia graphics cards, it is advisable to employ Gminer or T-Rex miners, which can be found in this archive protected by the password “2miners.”
Download the tool and verify the fundamental settings of the .bat file. For Gminer, the configurations appear as follows.
miner.exe --algo kawpow --server rvn.2miners.com:6060 --user YOUR_WALLET_ADDRESS.RIG_ID
pause
Consequently, to collect TON, simply replace the wallet address with the corresponding format, such as UQDBrSEOIq5X78ghOTQIn6QzjXYrcqPvxpqavMIYC6j_rqBl.
As a result, the configurations will now resemble this.
miner.exe --algo kawpow --server rvn.2miners.com:6060 --user UQDBrSEOIq5X78ghOTQIn6QzjXYrcqPvxpqavMIYC6j_rqBl.RIG_ID
pause
Once you initiate mining, all that is left is to wait for payouts. Additionally, you have the option to visit the 2CryptoCalc calculator page, which can assist you in selecting the most profitable coins from the list for your hardware.
Join our mining community on Telegram. In this space, we engage in discussions surrounding cryptocurrency mining, staking, and other relevant subjects.
