Although Bitcoin has taken center stage when talking about any kind of cryptocurrencies, this is still a young and open field to explore. As such, there is plenty of room for contenders and emerging technologies to claim their share of the market. Today, we will give you a primer on TON coin, Telegram’s very own take on the decentralized blockchain network.
A cryptocurrency that runs on its own network with a focus on efficient workload distribution
Unlike many other cryptocurrencies that run on other established blockchain networks, TON crypto is a native token that runs on the TON network. Since scalability is at the heart of its design, it can easily accommodate millions and even billions of users at the same time.
The name stands for “The Open Network”, a decentralized layer 1 blockchain network. What makes this particular one interesting is the fact that the workload is optimized and thus spread throughout multiple chains. This was a key feature of its design with the goal of avoiding a situation in which an excessive amount of workload would be placed on a single chain.
Among other things, the network utilizes a proof of stake mechanism, a much more resource-efficient alternative to its proof of work counterpart. In addition, TON network provides lightning-fast transaction speeds, low gas fees, and flexibility when it comes to the design of its architecture.
TON wallet gives you complete control over your crypto funds
To give the investors complete control over their TON coins, there is TON wallet, a crypto wallet with noncustodial architecture. In other words, this type of wallet employs advanced mechanisms to make sure that no one else but its rightful owner gets to access what’s inside. Since it comes with an intuitive and easy-to-use app, its users praise it due to having these precise qualities.
Similarly to other crypto apps, your TON wallet gives you two essential components; a unique wallet address and your unique seed phrase. In other words, whenever you find the need to recover your wallet, you’re going to need to provide the right passphrase consisting of 12 keywords. And whenever you want to request payment in TON coins, you will need to provide your wallet address.
You can think of your TON wallet as a virtual bank account. Unlike traditional bank accounts, however, it will never ask you for your personal details. Thanks to encryption, anonymity is ensured even when executing transactions.
Ideally, you want a safe, anonymous, and reliable place to store your cryptocurrencies that also comes with low transfer fees. TON wallet meets the criteria.
An ecosystem that stands on its own two feet
Unlike many other cryptocurrencies, TON coin has an intended use. Did you know there’s a TON ecosystem that allows you to pay for its apps and services with TON coin? Furthermore, its holders get to have a voice as far as its development direction goes – the more you hold, the more you get to influence the direction of the project.
To make its adoption seamless and straightforward, Telegram allows you to purchase and send its native crypto straight from the popular chat app. In case you’d like to swap other crypto coins for it, you’ll find the fees on the affordable end of the spectrum – an average transaction will cost you around the $0.05 mark or even less.
Conclusion
In summary, TON coin is Telegram’s take on the crypto market that’s privacy-oriented, has low transaction fees and lightning-fast transaction speeds, plus it has a practical use on top of it all. Sending and receiving the crypto can be as easy as scanning a QR code through an intuitive app that’s easy to use even if you don’t have a technical background. Its holders also get to participate in important decision making discussions, thus ultimately having a say in where development should be headed.
Does all of that make it a worthy candidate for investment purposes? That’s something only you can decide.
