What is Toncoin? Toncoin (TON) is an ultra-fast layer-1 Blockchain network originally invented by the founders of Telegram. cryptocoin.com In this article, we answered questions such as what is Toncoin, what it offers, what is TON, what it does, how to get it. Let’s examine this network working with high scalability together.
What is Toncoin?
Launched by the founders of the privacy-focused and open-source messaging app Telegram, Toncoin (TON) is a layer-1 blockchain network. This network has low gas fees, user-friendly applications and high scalability. According to the website, the project has high scalability as well as fragmentation. However, it is mainly designed for the development of Web3 applications. Launched in August 2021, TON has grown steadily since then. So much so that today it is the 31st largest project by market value.
Toncoin has a flexible architecture that allows it to grow without sacrificing performance and security. According to the website, the protocol has processed millions of transactions to date. Working with the Proof-of-Stake consensus mechanism, the network claims to be faster than both Ethereum 2.0 and Solana. It also says that it surpasses the aforementioned networks in terms of efficiency and versatility. It has been proven many times today that Toncoin is extremely fast.
What does Toncoin offer?
As a decentralized layer-1 Blockchain network, Toncoin owes its scalability to “Blockchain sharding” technology. This is a method that makes it possible to use multiple Blockchains on the same network. Accordingly, each Blockchain in Toncoin has its own use case. One provides governance while the other can handle registration. Currently, TON’s network consists of master, work and shard chains. This spreads the work across multiple chains and makes it possible to achieve high speeds.
Sharding is already used by other popular projects like Zilliqa. Also, Ethereum, which is among the leading networks, plans to implement it in the near future. Besides sharding technology, Toncoin also improves its scalability with the Proof-of-Stake consensus mechanism. Accordingly, the network uses network validators through a process called “stake”. These validators secure the network. PoS is a much more energy efficient mechanism than other methods.
What is TON? What does it do?
TON, the native cryptocurrency of Toncoin, is an altcoin. Users can receive and send this cryptocurrency via the Telegram app. However, developers can use TON to produce their own decentralized applications. However, users can use applications within the ecosystem for TON payment. Finally, TON can also be used for purposes such as governance and staking. Transactions with altcoins incur very low gas costs. In contrast, transactions take place within seconds.
What is Toncoin? How to get TON?
With a market cap of over $2 billion at the time of writing, Toncoin is listed on OKX, MEXC, BingX and FTX exchanges. Interested investors should access one of these exchanges. They can then acquire the asset by following the steps to become a member and purchase for TON.
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