The development of cryptocurrencies does not stand still. Every year, more exciting projects worthy of our attention are being developed. Some close after a few years of development. And then they rise from the ashes. Today we will consider just such a project – The Open Network’s blockchain network.
History Of Origin
In 2018, the Durov brothers, the creators of Telegram and VKontakte, decided to develop a blockchain network with the subsequent integration of the Telegram messenger into it, and the network itself was to become a platform for various services and applications with the ability to conduct millions of transactions per second.
The original name was Telegram Open Network.
The project development required additional funds, and the Durovs managed to raise more than a billion US dollars by selling Gram tokens through closed sales for investors.
The project developed in April 2019 by an independent company TON Labs was founded, which is engaged in creating tools for TON application developers.
In September of the same year, a service was launched that displays the operation of test networks.
A month later, the US Securities and Exchange Commission began to put spokes in the wheels. Investors began to demand money back, and in May 2020, Pavel Durov announced that the project’s development was being curtailed due to constant pressure from the aforementioned regulator.
Reincarnation
Thanks to the open source code, development continued by the community, and on May 7 announced its launch of the Free TON project (later Everscale).
Around the same time, work began on The Open Network, which at the beginning of its journey was called “NEWTON”. The development team decided to follow the original path of the Durovs, using the principles and algorithms of the creators. After some time, the team changed its name to TON Foundation.
In June 2021, the domain and GitHub account were taken over by the TON Foundation, and in August, the TONCOIN cryptocurrency was listed. At the end of the year, Pavel Durov expressed his support in his telegram channel, but he himself emphasized that he has nothing to do with the project now.
Miners’ work provided the TON blockchain, and in the spring of 2022, when all the coins were mined, the developers switched the network to Proof of Stake.
How TON Works Today
The main goal of the TON network is to facilitate transactions with high throughput without loss of functionality and additional costs.
This year, the ability to work with NFT was integrated. Trading on platforms, storage and transfer of tokens within the Telegram ecosystem through an internal browser.
interaction with NFT through the Disintar marketplace bot
Including through P2P exchange bots, you can create checks and send cryptocurrency to the interlocutor right in the dialogue.
Prospects
Currently, the NFT community is not as developed as in Ethereum and Solana, and most projects are Russian-speaking. However, the potential for increasing the capitalization of the project and TONCOIN prospects is quite visible. In terms of investment, this is primarily because of the large-scale view of the developers: competitions are held for ideas that are interesting and suitable for the service, and it is planned to expand the functionality and expansion of the network with the possibility of deeper integration into various areas of life.
