About Toncoin (TON)
Toncoin launched in 2018 as a decentralized Blockchain network from Telegram. Initially, it was known as the ‘Telegram Open Network.’ It, however, got rechristened to ‘The Open Network’ after Telegram’s Litigation suit with the SEC.
Since the suit, changes to the network have been moderated and overseen by a dedicated band of enthusiasts who fancy themselves as the ‘TON Foundation ‘.
Telegram originally intended that TON be used as native currency users can bank on to purchase items or transfer money on the telegram network. According to TON’s foundation website, It allows customers to complete quick, low cost transactions via its Blockchain.
The TON foundation acknowledges that its mission is to develop a decentralized service system, a domain name network, and decentralized storage and allow affordable/fast transaction processing services. Transactions are affordable and cheap when carried out via its ecosystem, all thanks to the developers’ oversight. Regardless of the volume, all purchases made via the Toncoin price today never exceed $0.01 in aggregate charges.
How Does Toncoin Work?
Though it is often regarded as a token, it’s, in fact, a coin. Toncoin, like Bitcoin, has its unique Blockchain and wasn’t built on an existing chain. There are several ways you can use it. These include paying for a decentralized data storage system, for DApps on its Blockchain, for a TON-backed Domain Name System, and for TON’s proxy and every transaction you can make within the TON’s ecosystem.
TON engages a Blockchain sharding system to complete transactions. Blockchain sharding involves subdividing the Blockchain network into multiples to facilitate effective transactions. Shards have been specially designed to guard against uncleared backlogs of unchecked blocks.
How to Buy Toncoin (TON)
There are a series of steps to take to purchase this token. We’ve broken these out below:
- Download a Metamask Wallet: Metamask enjoys greater support from third parties than other e-wallets. You can install the wallet right away from the App Store or Google Play Store on your smartphone. On a browser, you can get it by installing it right from the Chrome extension.
- Set up your Metamask: Register and submit every detail requested by Metamask to finish setting up.
- Buy Ethereum as Your Base Currency: Head over to your preferred centralized exchange and buy Ethereum at its current market value.
- Send the Purchased Ethereum to Your Metamask Crypto Wallet
- Choose a Decentralized Exchange (DEX): Here, you need only make sure that the DEX you’ve selected supports Metamask. There are several DEX on the internet you can pick from.
- Connect Your Metamask Wallet to the chosen DEX.
- Trade your Ethereum with the TON token at the current price of toncoin.