Toncoin Price History: Initial and Current Price Flow

The TON blockchain is one of the most important steps forward in the field of blockchain technology in the past few years. It has many unique qualities that make it stand out from other products in the same category. We will talk about some of the most important parts of the TON blockchain and Toncoin price history in the sections that follow.

What is Toncoin ($TON)?

Pavel Durov, the CEO of Telegram, released the plans for the first layer blockchain of the Telegram Open Network (TON) in 2018. The project’s goal was to switch the popular Telegram chat to TON. The end goal was to make the safest and most anonymous app, with its own proxy to protect it.

TON was meant to be a place where decentralized apps and services could run. It could be used instead of standard payment processors like Visa and MasterCard. This was possible because it could grow and handle millions of activities per second.

Flexibility, speed, and low cost were all things that were thought about when the TON blockchain network was built. These features are necessary to get millions of users and make sure that it works well with chat apps that focus on having simple features. To reach these goals, TON developers added a lightweight consensus method, sharding and a virtual machine (TVM) to make the system more scalable.

The Telegram Open Network had special features like shard chains, a way for it to fix itself, decentralized data storage, domain name service, a TON virtual machine, and private tools that were already built in. The Gram (GRM) cryptocurrency used for the project was paid for transactions and fees.

Telegram held a private initial coin offering to raise money for the growth of the blockchain. The ICO, which took place in February and March 2018, was a huge success. The company sold 44% of all the tokens it issued, which brought in $1.7 billion from buyers over two rounds.

But after a legal fight with the U.S. in 2020, Telegram, the big messaging app, scrapped its plans for the TON blockchain. SEC (Securities and Exchange Commission) in 2019, had sued Telegram, saying that the company broke securities laws by not filing its token, which was first called “gram,” with the SEC.

4 Things You Need to Know About Ton

Ton coin’s success has made it a big deal right now, and we’re going to talk about four things you should know about the cryptocurrency.

1. Token for Utility

Toncoin is not a memecoin or a crypto asset that can be used on its own. This token can be used for many things and is also the original token of the Open Network Blockchain, which is also known as the TON blockchain. People use Toncoin to run networks, make transactions, play games, and collectibles that are made on TON.

2. Adopts Proof of Stake Network

Proof-of-stake, or PoS, is a way for blockchain networks to come to an agreement on how to confirm transactions and make new blocks. It’s a way to pick users who will check new blocks of deals and reward those who do it right. Toncoin is based on the Ton blockchain’s Proof of Stake system.

3. 10th Biggest Cryptocurrency by Market Value

Toncoin is ranked 10th out of the top 10 cryptocurrencies by market capitalization. It is worth more than $19 billion on the market and is at an all-time high of $8 right now.

4. Circulating Supply

As of the time this article was written, there were an impressive 2.5 billion Toncoin coins in circulation. It can hold up to 5.11 billion coins.

Emergence of the Crypto Wallet and New Ad Feature

Telegram’s 800 million users around the world got their long-awaited crypto wallet in September 2023. It was built on The Open Network (TON) blockchain. After the news that the TON app would be added to Telegram, the price of Toncoin went up by almost 7 percent.

The TON Foundation said that projects that use the TON blockchain would have early access to Telegram Ads, the messaging app’s advertising tool. The wallet tool is now available in settings for current users except for users in a few other countries.

What Can You Do With Toncoin?

The $TON token is an important part of the Toncoin blockchain in a number of ways.

1. Having to Pay Fees for Transactions

To begin, $TON is the only token that can be used to pay for most activities on the Toncoin blockchain and between blockchains. To process deals, everyone on the Toncoin network has to pay $TON, just like everyone on the Ethereum blockchain has to pay $ETH gas fees.

You need to pay $TON to store data on the Toncoin blockchain and buy domain names that are based on the blockchain. Toncoin is making a proxy, and $TON will likely be used to pay for access to it as well.

2. Toncoin Governance

The $TON token is also used to run the Toncoin blockchain. Every person who owns $TON can vote on ideas for how the network should grow.

People who owned Toncoin decided for the first time in February 2023 to freeze $TON that was in mining wallets that were not being used. Because of the vote, almost 20% of the Toncoin total will not be able to be used for 4 years.

3. Staking

People who invest in Toncoin can also use their $TON tokens to back up network activities. Proof-of-stake validation is used by the blockchain in the same way that it is used by Ethereum and other big networks.

Right now, you can stake Toncoin directly on the network or through a number of big cryptocurrency exchanges, such as Binance. When investors put $TON, they get more tokens as a reward.

Toncoin Price History and Predictions

At first, Toncoin gave out $TON coins through an open mining process that anyone could join. People who mined got $TON between June 2020 and June 2022. Tens of thousands of developers, investors, and early users got it.

It was possible to trade in $TON before all of the tokens were mined. The price of $TON on CoinMarketCap started at $0.50 in August 2021 and went as high as $4.45 by November. This was a gain of almost 800% during the crypto bull market.

TON’s price fell to $0.80 by June 2022, falling along with the rest of the crypto market during the downturn. As more people joined the network and it got stronger, though, the value of the ticket steadily went up throughout the rest of 2022 and into 2023. Trading activity was usually between $25 million and $100 million per day during this time.

After the project’s first governance vote in the first half of 2023, people became less interested in $TON. In early August, the price dropped to $1.20.

As of the time this piece was written, $TON was worth $6.67 and is still going up after the Telegram integration.

How is TON Different from other Crypto?

Toncoin is different from Bitcoin and Ethereum because it uses Proof-of-Stake, a method that is better for the environment and can be scaled up more easily. This not only saves energy but also makes it easier for Toncoin to grow. Toncoin’s price has been pretty stable since it first came out, ranging between $0.40 and $0.60. This, along with the fact that it is cheaper than other altcoins, makes it a good option for people who don’t have a lot of money.

1. Data Structuring for Enhanced Security

Unfortunately, hackers can easily get into the standard Ethereum data structure because users have to pay a fee to add data to the blockchain. In this setup, a hacker could take advantage of the system by paying a lot of money to send a lot of junk to it. This would add more entities to smart contracts, which could make them less reliable. The only thing that stops these kinds of strikes is the high cost, which makes them economically unviable.

On the other hand, spam can happen on the TON (Telegram Open Network) blockchain, but it has built-in defences against these risks. This is done by organising the data in a way that looks like a tree and is split into 1023-bit chunks called “cells.” If an attacker were to flood the system with keys, some user balances would be pushed deep into the data tree, which would cause updates to go over the gas limit. The TON blockchain is better protected against spam attacks and more secure generally with this method, which is similar to smart contract sharding.

2. A Single Public Key can be Used for Multiple Wallets.

In the traditional blockchain approach, which Ethereum is an example of, each user is given a unique wallet address that is linked to a single public key. Because of this setup, each wallet becomes a unique marker for the person who owns it. The TON (Telegram Open Network) blockchain, on the other hand, does things in a different way. It doesn’t need wallets to work; instead, it sees them as separate smart contracts that need to be set up, just like any other smart contract on the network.

This unique aspect of the TON blockchain lets users set up multiple wallets at the same time. Each wallet has its own address, but they are all connected to the same private key. These wallets are different because of their code, which means that users need to remember the exact wallet address in order to use the key to access them. This new way of doing things opens up a lot of options, like putting multi-signature wallets and other flexible apps into use. This makes the blockchain environment more useful in more situations and gives users more freedom.

3. Absence of Smart Contract Code Immutability

In the basic idea of blockchain, all data stored is inherently immutable, as demonstrated by platforms like Ethereum, where immutability is a cornerstone feature that allows a wide range of services, such as logistics tracking and the storage and processing of legal documents.

The TON (Telegram Open Network) blockchain, on the other hand, does things differently by not allowing any changes at all. It gives writers the freedom to change the code for smart contracts. The code is handled like a variable, which means it can be changed after it has been run. The TON blockchain is different from others because of this one feature. It makes it easier for coders to change and improve their smart contract code as needed.

4.  Smart Contract Calls with Asynchronous Processing

In standard blockchain systems, the transaction call process is atomic, which means that all of the steps must be completed successfully for the whole thing to be seamless. If something goes wrong at any point in the exchange, the whole thing fails. Moreover, the backend of the transaction is usually stored on a single server, requiring a synchronous process to access all segments of the smart contract.

The TON blockchain takes a new way of handling smart contracts by splitting them up into small services that can run on different servers. Smart contracts can talk to each other across multiple servers thanks to this new design. This creates an asynchronous process that could take a while to finish. To break it down even more, when one smart contract calls a method of another smart contract, the call is processed after the first transaction is complete, which could happen in a later block. The asynchronicity in the TON blockchain makes it more flexible and scalable. This makes it a one-of-a-kind and innovative blockchain solution.

Also Read: What are NFT Dapps? The No 1 crypto beginners guide

Where can I Get Toncoin?

You can buy Toncoin on a number of big cryptocurrency exchanges. These sites make it simple for people who don’t already have cryptocurrency to buy $TON.

Let’s look more closely at the two best places to buy Toncoin right now.

1. Coinbase – An exchange in the US that lets you buy $TON instantly with a credit card.

The biggest cryptocurrency exchange in the US is Coinbase. It’s also one of the safest ways for people in the US to buy Toncoin. There are several quick and cheap ways to switch fiat currency for TON on the exchange.

The fastest and easiest way to buy $TON on Coinbase is to use the “instant buy” option. This lets people choose how much $TON they want to buy and then use a credit card or debit card to pay. It’s pretty much the same as buying something else online.

On the other hand, skilled users can use a card, a bank transfer, or a crypto transfer to add money to their Coinbase account. Then, they can use Coinbase’s trading tool to get $TON at the spot price, which is the price right now. This path is a bit more difficult, but it’s still simple to follow and has the lowest trading fees.

When people buy $TON, they can keep it safe in a custodial bank at Coinbase. Coinbase also has its own self-custody wallet that users can download and use to store their own $TON coins or do things like DeFi with them.

Despite not currently supporting $TON staking, Coinbase offers a Ton of other advantages to buyers. The exchange is known for being safe because it is based in the US and has a NY BitLicense, which is the highest level of crypto control.

BUY TONCOIN ON COINBASE

2. Binance – The biggest cryptocurrency exchange in the world with very low fees and $TON Staking.

Binance is the biggest cryptocurrency market in the world and a major hub for DeFi tokens like $TON. It is a great place to buy Toncoin because it has some of the lowest trade fees in the business.

There are two ways for buyers to buy crypto at Binance: instantly or on the spot. Spot buying has trading fees as low as 0.1%, and both are easy to use.

Credit cards, debit cards, bank transfers, cryptocurrency transfers, e-wallets, and more can all be used at the exchange. Binance takes almost all of the most common ways to pay.

The fact that you can stake $TON on Binance is one of the best things about getting it there. To sum up, people who want to participate in Toncoin can buy the token and then stake it right away to start earning interest. Interest rates at Binance are competitive, and the exchange has a history of keeping staked tokens safe.

For more experienced investors, Binance offers a Ton of features, such as a crypto wallet that works with DeFi, an NFT market, and a launchpad where investors can find the hottest new crypto coins.

US investors should be aware that Binance.US, the US branch of Binance, has temporarily stopped accepting payments in US dollars. This means that Binance might be better for buyers who are not in the US.

BUY TONCOIN ON BINANCE

Conclusion

Toncoin is a popular cryptocurrency that was at first made by Telegram but has since grown on its own. Investors and developers are quickly becoming interested in the project, and its new integration with Telegram gives it access to more than 700 million possible users.

We think that Toncoin could be one of the best-performing cryptocurrencies in the coming years. You can buy Toncoin right now on Coinbase or Binance if you want to get in on this project before it goes even higher.