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What you should know about blockchain by Telegram team

by Abigail Bautista

The Open Network project, also known as TON, has recently gained significant popularity with the launch of a wallet on Telegram. However, the path to success for this project has been long and difficult, often overshadowed by its recent achievements.

The TON Foundation, a non-profit group of supporters and an independent community of enthusiasts, has been developing a fully decentralized Layer 1 blockchain since 2020. The project was initially created by the Telegram team, with the Gram coin intended to be its native token.

In 2018, the ICO for TON collected nearly $3 billion in the first round alone. The following year, the TON testnet and a full node code were launched, with the main network planned for release in November 2019. However, the project faced a setback when the U.S. Securities Commission (SEC) intervened due to violations in the token sale. Telegram’s founder, Pavel Durov, announced the closure of the project and did not challenge the SEC’s injunction.

The vision for TON was to integrate it into an easy-to-use application that would allow users to buy, send, and store assets. The platform aimed to provide fast, transparent, and secure payment services with minimal fees and third-party applications. The developers also had a broader mission of creating a full-fledged ecosystem with decentralized storage, services, an anonymous network, and more.

The TON ecosystem consists of four main elements: the layer 1 blockchain, the TON DNS domain name system, the TON storage system, and TON websites. The project also has its native token called Toncoin (TON), which serves as a connecting link within the ecosystem.

In terms of finance, TON’s total value locked (TVL) in the DeFi sector is relatively low, and there is a lack of dapps and poor development in the NFT segment. However, TON ranks 10th on CoinMarketCap by market capitalization, largely driven by the popularity of its Telegram wallet.

The Open Network is closely connected to the Telegram crypto project. The Telegram team supports TON and has utilized its blockchain for services such as a short domain name service. Telegram users have had access to the crypto wallet since January 2022, enabling them to buy, sell, and exchange cryptocurrency within the messenger. Fragment auction platforms based on TON blockchain technology have also been used for the sale of digital assets, which accumulated a total value of $120 million.

With the launch of the cryptocurrency wallet in Telegram, the platform is now positioned to compete with the Chinese messenger WeChat, where users can already make payments. This move further solidifies Telegram’s position as a multifunctional platform that goes beyond just messaging.

Overall, the Open Network project, or TON, has faced numerous challenges on its path to success. However, with the recent launch of a wallet on Telegram, it has experienced a surge in popularity and is poised to become a more significant player in the blockchain and cryptocurrency space.

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