1. Help Center
  2. Cryptocurrencies
  3. Cryptocurrencies

What is The Open Network (TON)?

Modified on:

  • Ticker: TON
  • Network: The Open Network
  • Category: L1
  • Address: View on TONScan

About The Open Network (TON)

The Open Network (TON) is a decentralized Layer 1 blockchain initially developed by Telegram and now governed by an open-source community. TON is designed to provide scalability, security, and a user-friendly infrastructure, leveraging dynamic sharding technology to enhance transaction efficiency and ecosystem growth.

TON powers its ecosystem with Toncoin (TON), which facilitates low-cost transactions, network security through staking, and the development of decentralized applications (dApps). With its seamless integration into Telegram, TON makes blockchain technology available to a global audience of over 950 million users, driving innovation in payments, gaming, and DeFi.

 

Key Points of The Open Network (TON)

  1. Telegram-Integrated Blockchain
    TON is integrated into Telegram, allowing users to access blockchain services such as payments, dApps, and asset transfers without leaving the app. This integration simplifies blockchain adoption for end-users and provides an expanding opportunity for developers.

  2. Scalable and Cost-Efficient
    TON’s blockchain currently processes dozens of transactions per second under normal conditions but has demonstrated the ability to scale up to 104,715 TPS in a public test audited by CertiK. Transactions on TON are fast, secure, and cost a fraction of traditional methods, making it ideal for both retail and enterprise use cases.
  3. Growing Ecosystem
    TON supports a diverse range of applications, including DeFi platforms, gaming dApps, and decentralized social tools. Its MiniApps ecosystem offers a user-friendly experience, allowing developers to deploy applications that integrate seamlessly with Telegram.

FAQ

What is Toncoin (TON) used for?
The Toncoin (TON) is the native cryptocurrency of The Open Network and is used for:

  • Paying for transactions and network services.
  • Securing the network through staking and validator operations.
  • Participating in TON’s governance decisions.
  • Supporting decentralized applications and smart contract execution within the TON ecosystem.

How does The Open Network (TON) differ from other Layer 1 blockchains?
TON sets itself apart with its:

  • Dynamic Sharding: Enables efficient scaling by splitting the blockchain into smaller, independent shardchains that process transactions simultaneously, reducing congestion and improving efficiency.
  • Telegram Integration: Provides direct access to over 950 million users, ensuring mass adoption.
  • Low Transaction Costs: Offers fast, cost-effective transactions suitable for everyday use.

How can I buy TON on Bitso?
Buying TON on Bitso is simple:

  1. Log in to your Bitso account.
  2. Select “Buy/Sell.”
  3. Choose the fiat currency (e.g., MXN) or cryptocurrency (e.g., USDC, USDT) you wish to exchange for TON.
  4. Enter the amount you want to exchange and select TON as the crypto to receive.
  5. Review the details and confirm your purchase.

How can I send Toncoin (TON) from Telegram to Bitso or vice versa?
To send $TON from Telegram to Bitso or vice versa, follow these steps:

From Telegram to Bitso:

  1. Open your TON wallet within Telegram.
  2. Select “Send” and enter your Bitso wallet deposit address for TON.
  3. Confirm the transaction, and the TON will be transferred to your Bitso account once confirmed.

From Bitso to Telegram:

  1. Log in to your Bitso account and select “Withdraw.”
  2. Enter the recipient address for your TON wallet in Telegram.
  3. Specify the amount of TON you wish to send and confirm the withdrawal.
  4. The TON will appear in your Telegram wallet shortly after the transaction is processed.

Always double-check wallet addresses before confirming any transactions to avoid errors.

 

Disclaimer

This Help Center article is for informational purposes only and does not constitute investment advice. Cryptocurrencies like TON are subject to market volatility and risks. While Bitso lists TON on The Open Network, users should conduct their own research (DYOR) and assess their risk tolerance before trading. Invest responsibly and stay informed.

Was this useful?

Related articles