
Animoca Brands Invests in TON Ecosystem
Animoca will leverage TON Play, a TON-based gaming infrastructure that allows projects to launch directly onto Telegram.
$2.35
1H
0.17%$0.0040
24H
-0.47%$0.0111
7D
-3.70%$0.0903
30D
-3.70%$0.0903
Toncoin (TON) is a decentralized layer-1 blockchain developed in 2018 by the encrypted messaging platform Telegram. The project was then abandoned, taken over by the TON Foundation, and renamed from “Telegram Open Network” to “The Open Network”.
Since 2020, the technology has been developing thanks to a non-commercial group of supporters and an independent community of enthusiasts who called themselves the TON Foundation. Toncoin, formerly known as Gram, is the native cryptocurrency of the TON network.
The original idea was to integrate TON into an easy-to-use application that allows users to buy/send/store funds. Clients pay transaction fees and use TON to settle payments or validate transactions. Toncoin utilizes the proof-of-stake (PoS) consensus model for network scalability and reliability. According to the project website, the platform provides its customers with fast, transparent and secure payment services, facilitating transactions with minimal fees and third-party applications.
The developers’ mission is to build a full-fledged ecosystem with decentralized storage, decentralized services, a domain name system (DNS equivalent), an anonymous network, an instant payment platform, and affordable/fast transaction processing.
The Open Network is a community-driven blockchain with a flexible architecture and focus on serving a typical consumer. TON stands out due to the fast processing/validation of transactions per second (TPS). In September 2021, the network processed a then-world record of 55,000 TPS during a contest, although the current TPS could be in the hundreds of thousands or even millions. This feature allows the project to grow rapidly while avoiding performance losses. At the same time, the project does not harm the environment.
Animoca will leverage TON Play, a TON-based gaming infrastructure that allows projects to launch directly onto Telegram.
Future3 Campus, in partnership with The Open Network (TON) Foundation, has today announced the launch of The TON Bootcamp, an incubation program to foster mini-app development within TON’s Web3 ecosystem in Telegram.
CEO Durov spent $200,000 to buy Toncoin in order to pre-acquire Telegram Premium subscriptions in a giveaway for 10,000 Telegram users.
The rise of TON began gaining momentum in September, coinciding with the introduction of the TON wallet within the Telegram messenger platform.
The Open Network Foundation has announced a strategic alliance with Mantle Network, a leading Ethereum Virtual Machine Layer 2 solutions provider.