What is TON coin?
TON coin is a cryptocurrency based on Telegram Open Network (TON), which was originally proposed by the founder of the instant messaging application Telegram.
TON coin is designed to create a high-performance blockchain system that aims to solve the speed and scalability issues of traditional blockchain technologies such as Bitcoin and Ethereum.
However, Telegram ended its direct participation in the TON project due to a legal dispute with the U.S. Securities and Exchange Commission (SEC). Despite Telegram’s exit, community developers and other independent teams continued the project and launched multiple versions based on the original idea of TON.
The past development history of TON and Telegram
TON Coin (Telegram Open Network) initially had a direct and close relationship with Telegram, but over time, this relationship has changed significantly. Here is a brief overview of the relationship between TON coin and Telegram:
Founding stage: TON was originally proposed by a team including the founder of Telegram, Pavel Durov. It is planned as part of the Telegram ecosystem and aims to expand Telegram’s functionality and turn it into a comprehensive blockchain platform.
Fundraising: Telegram raised a large amount of funds through private placements to support the development of TON. This has attracted the attention of regulators, especially the U.S. Securities and Exchange Commission (SEC).
Legal challenge: In 2019, the U.S. SEC filed a lawsuit against Telegram, alleging that its unregistered securities sales violated U.S. securities laws. This poses a major obstacle to the TON project.
Telegram’s withdrawal: In 2020, facing legal and regulatory pressure, Telegram announced its withdrawal from the TON project. Pavel Durov publicly stated that Telegram will no longer participate in the development of TON.
Independent Development: Despite Telegram’s withdrawal from TON, the community and independent developers continue to promote TON-related projects. These projects inherit the name and some of the technical concepts of TON, but are no longer directly related to Telegram officials.
Current status: Currently, multiple independent projects related to TON are operating, but they are all community-driven and not directly controlled or managed by Telegram.
TON coin features
Friendly interface and integration: Since TON was initially closely integrated with the Telegram application, it emphasized user-friendliness and seamless integration, allowing ordinary users to easily access and use blockchain services.
Built-in anonymity feature: Provides anonymity features to increase the privacy of transactions.
Community-driven and autonomous: After Telegram’s exit, TON’s development relies more on the efforts of the community and independent developers, which increases its community-driven and autonomous characteristics.
High-speed transaction processing: Designed to provide faster transaction processing capabilities than existing blockchains.
Smart Contracts and Decentralized Applications (DApps): Support the development of smart contracts and DApps, increasing the versatility of the ecosystem.
Decentralization and decentralization: Emphasis on decentralized architecture to improve system security and censorship resistance.
How to buy TON coins?
If you want to buy TON coins, the fastest way is to use a cryptocurrency exchange. Here are some common steps:
Choose an Exchange: First, you need to choose a cryptocurrency exchange that supports TON coins. Common large exchanges such as OKX, Bybit, Pionex, BitoPro, etc. all provide trading of this currency.
Register and verify account: After selecting an exchange, you will need to register and complete the account verification process. This usually includes providing personal information, email address and proof of identity.
Deposit Funds: After verifying your account, you will need to deposit fiat currency (such as NT$) or other cryptocurrencies into your exchange account.
Buy TON coins: Once the funds arrive, you can buy TON coins on the exchange. The usual market trading pair is TON/USDT.
TON wallet operation tutorial
So far, TON’s Wallet is the most convenient wallet service. The Wallet wallet allows the encrypted payment system to be directly integrated into your Telegram account. The following is the relevant operation tutorial:
Please note that currently users do not have access to their private keys and the Wallet uses custodial storage rather than a self-hosted wallet.
1. Open the Wallet wallet service (you must already have a Telegram account).
2. Click Start to start using it.
3. Click Open Wallet to create a wallet.
4. There are three main ways to recharge TON tokens into the Wallet:
Credit card: has the highest fees, but is the most convenient.
P2P: Buy and sell directly with users, but currently does not support New Taiwan Dollar.
Cryptocurrency top-up: Transfer tokens from exchanges or wallets with the cheapest fees.
5. Start operating the TON ecosystem.
TON popular ecology
Banana Gun Banana Gun
Specifically, Banana Gun is not a TON ecosystem, but one of Telegram’s applications, but it is currently the most popular Telegram trading robot on the market.
Banana Gun offers two services: trading and sniping. Currently only supports Ethereum, but plans to support more chains in the future.
Transactions: Allow users to purchase tokens that already exist on Ethereum.
Sniping: Allows users to trade in upcoming tokens before others do.
Since the operation is more complicated, please refer to the Banana Gun for detailed operations. What is the Banana Gun? How to play?
Extended reading: Why is the Telegram Bot track so popular? How does the future develop?
MegaTON Finance
MegaTON Finance is the largest decentralized exchange within the TON ecosystem and aims to leverage the characteristics of the TON blockchain to create a decentralized, secure and transparent financial ecosystem.
These services include liquidity mining, trading, and staking, where users can provide their assets to liquidity pools on the platform in exchange for trading fees and other incentives.
TONStakers
TONStakers is the largest liquidity staking protocol within the TON ecosystem. Users can stake their TON tokens through TONStakers to support the TON network and earn tsTON staking rewards.
Fragment
Fragment is a TON ecological and virtual number trading market. Users can use TON to purchase Telegram usernames and virtual accounts on the Fragment platform.
Since users need to bind their mobile phone number when registering for Telegram, if there is no additional mobile phone number available, they can directly use Fragment to purchase an anonymous virtual number to log in to Telegram.
TON Diamonds
TON Diamonds is a well-known NFT market within the TON ecosystem. Users can unlock advanced features through diamond NFTs issued by TON Diamonds.
For example, you can enjoy a minimum 0% commission when trading NFTs, be able to trade new products earlier than other users, and have the opportunity to join private communities, etc.
in conclusion
According to Telegram’s official statistics, as of early 2023, there were as many as 700 million monthly active users using Telegram.
Compared with other blockchain networks, the greatest development potential of the TON ecosystem is to easily move these active users from the existing Web2 to Web3 applications, eliminating the need for complex blockchain learning experiences.
Of course, since Telegram is one of the most popular social software in the world, the combined application of TON and Telegram will also be affected by regulatory regulations. Therefore, how can TON strike a balance between innovation and regulatory challenges in the future, and expand to the Web2 world? Practical application will be our focus in the future.