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Toncoin

Toncoin

Toncoin is the principal cryptocurrency of the TON (The Open Network) Blockchain, and in particular of its masterchain and basic workchain.

OverviewStructured DataIssuesContributors

Contents

ton.org
Is a
Organization
Organization
Company
Company
Product
Product
Cryptocurrency
Cryptocurrency

Company attributes

Industry
Technology
Technology
Digital currency
Digital currency
Blockchain and cryptocurrency
Blockchain and cryptocurrency
Bitcoin
Bitcoin
Cryptocurrency
Cryptocurrency
Web3
Web3
Decentralized autonomous organization (DAO)
Decentralized autonomous organization (DAO)
...
B2X
B2B
B2B
Founder
Nikolai Durov
Nikolai Durov
Legal Name
TON Foundation
Date Incorporated
2020
Email Address
press@ton.org
Investors
DWF labs
DWF labs
Platinum Capital
Platinum Capital
Double Peak Group
Double Peak Group
Founded Date
2020
Business Model
Transaction processing / marketplace
Stock Symbol
TON
Exchange
Mercuryo
Mercuryo
Bitget
Bitget
FTX Trading Ltd.
FTX Trading Ltd.
HitBTC
HitBTC
OKX
OKX
PancakeSwap
PancakeSwap
Gate.io
Gate.io
...
Also Known As
Toncoin

Cryptocurrency attributes

Consensus Mechanism
Proof-of-stake
Proof-of-stake
Ticker Symbol
TON
Maximum Supply
5,000,000,0000
Block Explorer URL
ton.sh
ton.cx
tonscan.org

Other attributes

Circulating Supply
1.22
CoinGecko ID
toncoin0
Community Forum
ton.org/sponsorships
ton.org/grants
ton.org/brand-assets
ton.org/community
jobs.ton.org/jobs
Company Operating Status
Active
Contact Page URL
bscscan.com/token/0x7...7bfd1d220f
etherscan.io/token/0x...9be47def1
Cryptocurrency Symbol
TON
Market Capitalization
7,575,000,000
Medium URL
medium.com/swlh/the-...164305aa7a
Official Name
Toncoin
Partner Organizations
CoinMarketCap
CoinMarketCap
Dropstab
Dropstab
0
Previous Name
Gram
Public/Private
Public
Contract Number (US Government)
0x582d872A1B094FC48F5DE31D3B73F2D9bE47def1
Source Code
github.com/ton-blockchain
Taxon Common Name
TON
Total Supply
5,047,558,5280
Wallet
ton.app/wallets/sim...ehold-wallet
ton.app/wallets/tegro-money-bot
ton.app/wallets/win...s-ton-wallet
ton.app/wallets/ios-ton-wallet
ton.app/wallets/scaleton
ton.app/wallets/tonhub-wallet
ton.app/wallets/1644685980
ton.app/wallets/crypto-chill-me
...
Overview

Toncoin (or TON coin) is the principal cryptocurrency of the TON (The Open Network) Blockchain, and in particular of its masterchain and basic workchain. It is used to make deposits required to become a validator; transaction fees, gas payments (i.e., smart-contract message processing fees) and persistent storage payments are also usually collected in Toncoins.

Original supply and inflation

The total supply of Toncoins is originally limited to 5 Gigatons (i.e., five billion Toncoins)

This supply slowly increase, as rewards to validators for mining new masterchain and shardchain blocks accumulate. Expected inflation rate of 2% per year, will double the total supply of TON coins (to ten Gigatons) in 35 years.

Subdivision and terminology.

A Toncoin is subdivided into one billion (109) smaller units, called nanotons, ntons or simply nanos. All transfers and account balances are expressed as non-negative integer multiples of nanos.

Approved wallets

Tonkeeper (for mobile devices) and Toncoin Wallet (Windows, MacOS, Linux) are the two wallets supported by TON Foundation.

History

When testnet2 later renamed as Mainnet was launched, 5bn coins were generated with a small fraction (1.45% of the total supply) distributed between testers and developers.

After the court ruling prohibiting Gram, the Telegram team gave up TON blockchain development with the most part of testnet2 coins (98.55% of the total supply) transferred to Proof-of-Work Giver smart contracts. So, mining coins is only possible through calling these smart contracts which takes a solid computation capacity.

At the point when testnet2 was renamed as Mainnet coins had already been organically distributed between a large number of various users. The price was determined by the cost of mining hardware.

First listing 9th August 2021 on EXMO.

Usecases for Toncoin
  • Commission («gas») paid for processing transactions and smart contracts
  • Cross-chain transactions commission in The Open Network
  • Payment for services provided by apps built on the platform (TON Services)
  • Payment for storing data securely in a decentralized way (TON Storage)
  • Payment for registering blockchain-based domain names (TON DNS) and hosting TON-sites (TON WWW)
  • Payment for TON Proxy
  • Payment for creating extra currencies
  • Payment for creating new workchains
  • Stakes deposited by validators to be eligible to validate transactions and generate new blocks and coins
  • Capital lent out to validators in exchange for a share of their reward
  • Voting power required to support or oppose changes in the parameters of the protocol

Transfer between networks

At the beginning of 2022 there are two kind of wrapped Toncoins:

Wrapped TONCOIN in Ethereumnet and Wrapped TONCOIN in Binance Smart Chain.

There is the Disdecentralized Bridge to transfer Toncoins between networks.

TON-Ethereum and TON-Binance Smart Chain bridges resemble a small PoS-blockchain. Like validator nodes, bridging oracles have stakes that guarantee their fair operations and are rewarded by transfer fees. A user sends their Toncoins to an ad hoc smart contract in the network. These coins get locked on the smart contract. Another ad hoc smart contract in Ethereum mints the same amount of ERC20 TONCOINS. The Ethereum smart contract forwards newly generated TONCOINS to a user wallet.

1 Wrapped TONCOIN = 1 native Toncoin. (Bridge fee - 5 TON + 0.25% of amount).

Toncoin mining

At the beginning of 2022, there is the possibility of mining Toncoin through a special giver smartcontracts. Toncoins are distributing via smartcontracts which use Proof-of-Work mechanism. That way by checking proofs of estimate how much computational power is used for coin extraction.

Toncoin based on Proof-of-Work consensus but the developers decided use Proof-of-Work for mining of initial issue of 5bn Toncoins was transferred to ad hoc Proof-of-Work Giver smart contracts. Mining is used to obtain Toncoins from this smart contract. PoW Giver contracts have their limits and will dry out once users mine all available Toncoins.

Toncoin staking

TON Nominators services allows lending stakes to owners of validator node.

A Toncoins holder can lend coins to a hardware owner to enable the latter to start a validator node. The profit from validation will be shared between the parties. The service smart-contract guarantees that the borrowed coins will only be used for validation and the revenues will be shared according to the agreed-upon conditions. At the beginning of 2022, these services work through special Telegram Bot.

Timeline

No Timeline data yet.

Funding Rounds

Products

Acquisitions

SBIR/STTR Awards

Patents

Further Resources

Title
Author
Link
Type
Date

Andrew Rogozov, Former Exec at VK, the 'Facebook of Russia,' Joins Telegram's Spin-Off Blockchain Project

Anna Baydakova

https://www.coindesk.com/business/2022/01/21/facebook-of-russia-exec-rogozov-joins-telegrams-spin-off-blockchain-project/

Web

January 21, 2022

Explaining post by Anatoly Makosov(part 1)

Anatoly Makosov

Web

November 17, 2021

Explaining post by Anatoly Makosov(part 2)

Anatoly Makosov

https://telegra.ph/TON2-11-19

Web

November 19, 2021

Telegram CEO Endorses TON Blockchain Spin-Off Toncoin

Anna Baydakova

https://www.coindesk.com/business/2021/12/23/telegram-ceo-endorses-ton-blockchain-spinoff-toncoin/

Web

December 23, 2021

Telegram CEO Endorses TON Blockchain Spin-Off Toncoin

https://www.youtube.com/watch?v=upwbFKDQu7U

Web

December 23, 2021

References

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