Toncoin (TON) is a decentralized layer 1 blockchain developed in 2018 by the encrypted messaging platform Telegram. The project was later abandoned, taken over by the TON Foundation, and renamed from 'Telegram Open Network' to 'Open Network'.
Since 2020, this technology has developed thanks to a group of non-commercial supporters and a community of independent enthusiasts who call themselves the TON Foundation. Toncoin, previously known as Gram, is the native cryptocurrency of the TON network.
The original idea was to integrate TON into an easy-to-use application that allows users to buy/send/store money. Customers pay transaction fees and use TON for payments or transaction verification. Toncoin uses a proof-of-stake (PoS) consensus model for the scalability and reliability of the network. According to the project's website, this platform provides customers with fast, transparent, and secure payment services, facilitating transactions with minimal fees and third-party applications.
The developers' mission is to build an official ecosystem with decentralized storage, decentralized services, a domain name system (equivalent to DNS), an anonymous network, an instant payment platform, and fast/affordable transaction processing.
The Open Network is a community-driven blockchain with a flexible architecture focused on serving ordinary consumers. TON stands out for its ability to process/validate transactions per second (TPS) quickly. In September 2021, the network processed a then-world record of 55,000 TPS (transactions per second) in a competition, although the current TPS can reach hundreds of thousands or even millions. This feature allows the project to grow rapidly while avoiding performance loss. At the same time, the project is environmentally friendly.