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- 1 Toncoin is a token that operates on the TON blockchain, a network that seeks to combine distinct blockchains and enhance the interoperability of the crypto space.
- 2 Toncoin can be utilized for swapping value, paying for computation, and enduring part in the network’s decision-making, and it even rewards validators and participants in the proof-of-stake consensus mechanism.
TON token and the TON blockchain are parts of the Open Network known as TON project. TON is a decentralized token that works on the TON blockchain and is used for many purposes in the network.
TON blockchain is a fast and scalable decentralized network that aims to connect different blockchains and improve the interoperability of the crypto space. It uses a special sharding protocol that allows it to create new blocks quickly and adjust to different workloads.
The TON Crystal token is used as a way of exchanging value, paying for computation, and taking part in the network’s decision-making. Developers use TON Crystals to create and use smart contracts on the TON blockchain. It also acts as a reward for validators and participants in the network’s proof-of-stake consensus mechanism.
Founders of Toncoin
The founders of Toncoin were two brothers, Nikolai and Pavel Durov, who were also the creators of Telegram. They wanted to launch a token called Gram and a platform for decentralized applications (dApps) on the blockchain. However, they faced legal problems from the US Securities and Exchange Commission (SEC), which claimed that Gram was a security and banned its release.
The Telegram team had developed Toncoin to a near-complete stage, but in 2020, Pavel Durov announced that he was leaving the project and giving it to independent crypto enthusiasts. The project was based on open-source code, so anyone could continue its development. The current network was started and maintained by Anatoliy Makosov and Kirill Emelianenko, who were part of a community called NewTON (later the TON Foundation).
Toncoin Circulation
The TON network uses its own token, Toncoin, which has a current supply of 1.22B TON and a maximum supply of 5B TON.
Toncoin has various functions in the ecosystem. It can be used to create decentralized applications (dApps), pay for transaction processing, transfer value across different blockchains, and stake to secure the network and services. It can also be used to pay for decentralized data storage, TON DNS/TON Proxy, and other fees within decentralized services. Validators also receive TON as rewards. Moreover, people can vote with TON for changes and development within TON’s governance program.
How To Buy Toncoin
Buying Toncoin is as easy as buying any other digital asset. All you need is a computer system or a smartphone with an internet connection, a payment method, and a photo ID. Comparing and choosing a cryptocurrency exchange is the first step and will help simplify token purchases. All you need to do is find a cryptocurrency exchange that supports the Toncoin token.
Binance, ByBit, Gate.io, Huobi, and Toncoin are some of the major exchanges to consider. After choosing an exchange, the following step is to create an account with that specific exchange. To do this, you need an email address and proof of identity. Topping up your account with money will help you complete your purchases, and you can top up using any payment method, including bank transfers, cryptocurrency cards, and credit/debit cards.
The mode of payment totally depends on the buyer’s wish. Check the compatibility of the exchange and payment modes. Buying Toncoin is the final step in the purchasing process and only requires exchanging funds for the digital asset. Enter the amount you wish to purchase and click “Buy.” This is the only task that needs to be completed. You can now withdraw your purchased cryptocurrency assets to a Toncoin-compatible wallet. To withdraw tokens, you can use MetaMask, Toncoin wallet, and Coinbase wallet.
Conclusion
Toncoin is a decentralized token that operates on the TON blockchain, a fast and scalable network that connects distinct blockchains. Toncoin can be used for various purposes, such as exchanging value, paying for computation, and participating in governance. To buy Toncoin, one needs to find a cryptocurrency exchange that supports it, create an account, top up the account with a payment method, and exchange funds for the token. Then, one can withdraw the token to a Toncoin-compatible wallet, such as MetaMask, Toncoin wallet, or Coinbase wallet.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
