A cryptocurrency called Toincoin makes use of cutting-edge blockchain technology to guarantee speed, security, and efficiency while facilitating transactions. The native token of The Open Network, a layer-1 blockchain renowned for its speedy transaction processing and scalability, is called Toncoin (TONNE). TONNE is currently run by the TONNE Foundation, having been created initially by the same group who created the Telegram chat app. Toncoin, the currency that powers the Open Network ecosystem, is used to stake to secure the network, pay transaction fees, and take part in network governance.
It enables a wide range of decentralised services and applications (DApps) within the network, including as nonfungible tokens (NFTs), decentralised finance (DeFi), and more. With a strong community and extensive roadmap, TON is working to position itself as a promising player in the evolving blockchain landscape.
The Open Network’s constituents and the history of TONNE.
The Telegram Open Network (TONNE) was introduced in 2018 by the Durov brothers, Nickolai and Pavel, who envisioned a scalable blockchain to accommodate Telegram’s large user base. However, Telegram gave up on the project in 2020 because of regulatory issues brought up by the US Securities and Exchange Commission (SEC), which saw Toncoin as a security. The development of the project was taken over by the TONNE community, which renamed it The Open Network and gave Toncoin, its native token, to it.
TONNE has expanded despite the early setback because of its community and the potential of the underlying technology. Over time, it has grown into a comprehensive project encompassing TONNE payments, TONNE DNS, TONNE storage, TONNE proxy, and TONNE space:
Uses of Toncoin
Toncoin serves a range of functions inside The Open Network ecosystem, as explained below.
1.Payment method: Peer-to-peer (P2P) transactions using TON allows for quick and safe payments between users without the involvement of intermediaries.
2.Execute transactions: For processing transactions on the TON chain, a user needs to pay a transaction fee, which is used to reward validators for validating transactions.
3.Staking: Users can participate in network security by staking their TON tokens. The project rewards stakers with TON tokens for their contributions.
4.Enabling smart contracts The Open Network powers the functioning of DApps constructed on the TONNE blockchain, which frequently rely on smart contracts for their fundamental functionality, by using its native cryptocurrency, TONNE, as a utility token.
5.Governance: Holders of TON tokens can participate in The Open Network’s governance by voting on proposals affecting the platform’s development and future direction.
6. Incentives: Developers and users can earn Toncoin by participating in different TON ecosystem activities, such as contributing to projects, producing content or rendering services.
How to buy TON
Here is an overview of how one can buy TON through different mediums in simple steps:
1.Using centralized exchanges
Purchasing TON through a CEX is a straightforward process. As of June 2024, TON isn’t supported on other prominent exchanges such as Coinbase, Binance and Kraken. Here is a step-by-step guide on how to buy Toncoin using an example of Gate.io:
Step 1: Choosing a cryptocurrency exchange
When buying TON, the first step is to select a reputable centralized exchange that supports Toncoin. Users should consider features such as security measures, user experience, fees and regulatory compliance.
Step 2: Create an account
The next step is to create an account on the exchange chosen. Users can usually sign up by providing their email address as a user ID and creating a password. Centralized exchanges require identity verification to comply with Know Your Customer (KYC) regulations.
Step 3: Deposit funds
Users can deposit funds into their exchange wallet once the account is set up and verified. They can deposit fiat currency, such as U.S. dollars or euros, by linking their bank account or using a credit or debit card. Alternatively, they can deposit another cryptocurrency, like Bitcoin or Ether and swap it for TON.
Step 4: Buy TON
One can buy TON via the “Buy Crypto” tab on Gate.io. The exchange allows users to purchase a cryptocurrency via debit or credit card or Gate.io crypto debit card. In the “Buy” tab, users must enter the amount they wish to spend on the cryptocurrency and finalize the purchase.
2.Using decentralized exchanges
DEXs provide the users with complete control over their assets. If a user wants to purchase TON using DEXs, they can select a DEX native to Toncoin, such as STON.fi. Alternatively, they can choose a popular DEX supporting TON and buy it with fiat currency or swap it against some other cryptocurrency.
To buy TON on a DEX, users can follow the steps below. Please note that the process assumes that a buyer already has a compatible wallet like MetaMask set up and funded with cryptocurrency that can be used to trade for TON (usually BNB or another token on the BNB Smart Chain).
Step 1: Connect your wallet to PancakeSwap
Navigate to the official PancakeSwap website.
Click on the “Connect” button, which is usually found at the top right of the homepage.
Choose your wallet provider (e.g., Trust Wallet) from the list and follow the prompts to connect. Users may need to approve the connection from their wallet app.
Step 2: Add TON to the wallet
Users must manually add TON to the wallet if it is not already visible.
The option to add a custom token is in the tokens section.
Step 3: Swap for TON
Go to “Trade” on the sidebar and select “Exchange” or “Swap.”
Choose the input currency and select TON as the output currency.
Enter the amount, set the slippage tolerance and confirm the swap.
Approve the transaction and wait for confirmation.
Step 4: Receive TON tokens
When a user confirms the transaction, the TON tokens appear in the wallet.
How to purchase TON with several trading strategies .
Token swapping on sites like Gate.io, spot trading, and peer-to-peer (P2P) transfers are just a few of the ways that users can purchase TONNE.
1.Spot trading: One must choose the trading pair that includes TONNE in order to purchase TONNE through spot trading. Gate.io will start offering TON/USDT, TON/ETH, and TON/TRY in June 2024. Customers have the option of placing a limit order, which enables them to specify the price at which they wish to purchase TONNE, or a market order, which executes instantly and purchases TONNE at the going rate. Only once the target price is reached is the limit order executed. TONNE will show up in the buyer’s exchange wallet after the transaction is complete.
2.P2P exchange: The buyer and seller must register on the bitcoin exchange and finish the KYC procedures before they may conduct a P2P transaction. The sender lists the cryptocurrency for sale, the asking price, and the accepted payment methods on their ad. Until the payment is confirmed, the exchange retains the cryptocurrency in an escrow account. The buyer pays the vendor after accepting the deal. The transaction is completed when the buyer receives the crypto after payment has been verified.
3.Switching On a cryptocurrency exchange: swapping is the process of immediately trading one coin for another. Which two cryptocurrencies the user wants to swap first is up to them. The quantity of cryptocurrency they wish to swap is then indicated. The conversion rate and any associated expenses are decided by the platform. The exchange handles the swap, adjusting the designated quantity of the original coin to the required amount, as soon as the user confirms the transaction.
4. Using Telegram and bots: Buying TON using the Telegram wallet involves a simple process, thanks to the integration of the “@wallet” bot within the Telegram app.
In conclusion, a number of variables must be considered when determining whether TONNE is a wise investment, including as the solid technology that underpins it, its potential for high transaction throughput, and the vibrant Telegram user community.
Its focus on anonymity and decentralisation is also in line with the preferences of the majority of cryptocurrency users. Investors confront risks related to the cryptocurrency industry, including market volatility and regulatory concerns.
In addition, the initiative is still in its infancy. TON’s continued evolution is essential to its success. Toncoin’s regulatory issues with the SEC are significant because of its connections to Telegram’s failed cryptocurrency project, Gramme. These problems can have an effect on the people who trust and invest in the coin.
Before making any investment decisions about TON, investors should conduct thorough research, considering both the technological promise and associated risks.