What is Toncoin (TON)? How Does It Work?

In this article, we’ve compiled everything you need to know about the Ton blockchain, which gained popularity through its integration with the Telegram app, and its native token, Toncoin. You can find answers to questions like “What is Toncoin (TON)?”, “How does Toncoin (TON) work?”, “How is Toncoin (TON) stored?”, and “Where can you buy Toncoin (TON)?” in this article.

The TON Ecosystem

The TON blockchain, founded by the Durov brothers, who are also the founders of Telegram, continued as an independent initiative under the management of the TON Foundation in May 2020 after facing legal issues with the SEC in 2019.

The TON blockchain aims to provide a fast, cheap, and effective blockchain infrastructure. In September 2023, it was integrated into the Telegram app, beginning to shape its products and user base through Telegram.

TON, which stands for “The Open Network,” is actually a structure that hosts several different initiatives. The TON blockchain serves as the main infrastructure that connects all these initiatives. Toncoin (TON) is the native token of the TON blockchain, used for transaction fees and in the consensus mechanism on the blockchain.

The main services within the TON blockchain include:

• TON Storage: Provides a data storage service similar to torrents but operates through a decentralized infrastructure thanks to the TON blockchain.
• TON DNS: Simplifies complex naming structures like traditional DNS services. It can be thought of as similar to the Ethereum Name Service.
• TON Proxy: Ensures user anonymity by masking IP addresses through VPN services.
• TON Payments: Serves as the general payment infrastructure on the TON blockchain, including payments for all services within the TON ecosystem and micro-payments for applications on Telegram using Toncoin (TON).
• TON Space: Provides the infrastructure for managing TON blockchain wallets directly through Telegram.

In addition to being the fundamental infrastructure on which the above services operate, the TON blockchain also provides a blockchain infrastructure that allows developers to create their own applications either directly on the TON blockchain or through Telegram.

How Does the TON Blockchain Work?

To provide both speed and low cost while also offering a highly flexible, developer-friendly infrastructure, the TON blockchain features a “Masterchain” and “Workchain” architecture.

The Masterchain is the main administrative layer of the TON blockchain. Critical information and decision-making mechanisms related to the blockchain are defined in this layer. The Masterchain has authority over key matters such as protocol changes on the TON blockchain, validator selection, and the configuration of the Workchains operating under it.

Workchains are structures that are independent within themselves but dependent on the Masterchain for key matters. This allows them to have their unique structures and approve transactions in a way that suits their framework. In short, entrepreneurs are granted the freedom to establish their own unique infrastructures within the rules of the TON blockchain. The TON blockchain can be described as an overarching blockchain that hosts many different blockchains within it.

To maintain the efficiency and speed of the TON blockchain, a sharding mechanism is used. This allows each validator to work with a portion of the data set without needing to hold the entire data set. As a result, the cost of being a validator is kept low, ensuring a sustainable infrastructure, while also increasing the capacity of the blockchain.

The TON blockchain, which uses a Proof of Stake (PoS) consensus mechanism, also enables smart contracts to operate on the blockchain through the TON virtual machine.

Get to Know More

• The TON blockchain was founded by programmer and mathematician Nikolai Valeryevich Durov and Pavel Durov, the founder of VK and Telegram. It is currently managed by the TON Foundation.
• The TON blockchain was integrated into Telegram in September 2023.
• In March 2024, Telegram announced that it would share half of its advertising revenue with channel owners, with payments made in Toncoin (TON).
• You can access the Toncoin (TON) website here.
• For detailed information about Toncoin (TON), click here to access the whitepaper.

How to Store Toncoin (TON)?

Toncoin (TON) operates on the TON blockchain. In addition to the cryptocurrency wallet within the Telegram app, you can store and manage your Toncoin (TON) balance with browser, desktop, mobile, and hardware wallets that support the TON blockchain.

How to Buy and Sell Toncoin (TON)?

To buy and sell Toncoin (TON) with Turkish Lira or Tether (USDT), you can use the BtcTurk | Kripto website or the BtcTurk | Kripto mobile app. If you are not a member of BtcTurk | Kripto, you can sign up immediately on our website or mobile application and buy Toncoin (TON). You can deposit Turkish Lira 24/7 using one of our seven affiliated banks.