TON Open Network (TON coin) Cryptocurrency Overview

If you are not an American, you are allowed to take part in presidential and parliamentary elections, but the global financial system and advanced technology are under US control. The US government can shut down almost any bank or freeze anyone’s accounts, anywhere in the world (well, except in the DPRK). The Americans control Google and the App Store and can introduce or remove any content as they see fit. Despite the fact that US citizens make up no more than 4% of the total world population, they dictate their rules to the other 96%. We have tried to change this eerie reality, but nothing has worked. The integration of the blockchain project TON into the Telegram messenger has been terminated, a US court has decided, and there’s nothing we can do about it. America first. I hope that the next generation of programmers and businessmen will learn a lesson from our mistakes and will be able to turn the tide of history.

That’s pretty much what Pavel Durov said on his Telegram Channel page when he announced the shutdown of TON. But if you think that the project has indeed been completely discontinued, you are mistaken. In this review, we will tell you in detail about the history of TON cryptocurrency development, the reasons that forced its founder to announce the end of the project. As well as about the people who picked up the fallen banner and the future prospects of TON Coin development. But first, let’s explain once again what the startup is all about. Perhaps some of our readers haven’t heard anything about it because they weren’t interested in blockchain technology a year ago, or they heard something, but have already forgotten it. There was a time when the prospect of TON and Libra launching soon made Wall Street financiers shudder.

What is the TON Open Network (TON coin)

Not everyone supported Pavel Durov’s decision to stop struggling. Immediately after his announcement to quit, members of the TON blockchain community, which includes more than 5,000 companies and ordinary users, launched the TON Coin network themselves.

As stated on the official website https://ton.org. TON Coin is a next-generation blockchain ecosystem designed to connect all cryptocurrency chains and the current World Wide Web into a new global network. According to them, the TON project was launched by Telegram founders Nikolay Durov and Pavel Durov, and then handed over to the open source TON community, which has been supporting and developing it ever since. The official Telegram channel of the Russian-speaking part of the TON Coin community can be found at https://t.me/toncoin_rus/8.

According to their statement, in September 2021 they sent a public report to the Telegram developers on the work they had done to establish and develop the TON Coin blockchain network. The work was appreciated and, to support their endeavour, the Telegram team gave their open source community the right to use the ton.org domain and github.com repository, link https://github.com/newton-blockchain. Since then, TON Foundation is the only official TON cryptocurrency development team.

History of the development of the TON Open Network cryptocurrency (TON coin)

Information about the development of the Telegram Open Network (TON) blockchain first appeared online about four years ago. The idea was to create a digital network with its own native token and implement it in the Telegram messenger. That same year, Pavel Durov decided to raise the additional investment needed to continue working on the project. In 2018, TechCrunch reported on the impending launch of the TON network through an ICO, and also published a white paper on the project. The initial token sale raised $1,700,000,000. Among the investors were big names such as Roman Abramovich, Qiwi co-founder Sergey Solonin and Wimm-Bill-Dann co-founder David Iakobachvili.

The concept has gone through several revisions during the year. The TON crypto network had to process a million transactions per second, be able to overcome the TON Proxy blockchain, have a domain name system, file storage, a platform for integrating third-party services and other elements. Investors should receive their tokens by 31.10.2021, but the US Securities Commission intervened.

How the TON Open Network (TON coin) was shut down

The SEC said that Gram is not oranges or bananas (i.e. a real commodity) and not a common cryptocurrency, but a security and it must be issued in accordance with US law. It followed that the TON issuer was obliged to provide them with data about its financial condition, lines of business, potential risk associated with the purchase of Gram. And since Pavel Durov and company failed to do so before the launch of the ICO, they must return the money invested in the project and, pay a hefty fine.

In May 2020, a US court halted the execution of TON and Pavel Durov officially announced that he was discontinuing work on the project. Source link https://telegra.ph/What-Was-TON-And-Why-It-Is-Over-05-12.

Continued development of the TON Open Network (TON coin)

The Durovs accepted the court order, but decided to slam the door one last time by posting the software code to the public domain. Blockchain developers were given carte blanche to refine and develop the TON idea. As a result, the TON Coin distributed network was launched. There was no pre-sale of tokens; the project is self-funded. TON Coin is not a fork of the underlying network. Its blockchain is based on the Telegram Open Network, which is available to everyone.

Roadmap and development of the TON Open Network (TON coin)

The development plan for the project is detailed in the TON Coin declaration.

The first phase is called “Raging Bull”. During it, each blockchain engineer can change the parameters of the network configuration as he or she sees fit, and SMV contracts are calculated manually. A decentralisation bomb is implanted into the software code with a timer counting down the time until the free modification period is over. In parallel, decentralised pool contracts are drawn up to allow stackers to participate in the management of the system. Every user has the right to vote, regardless of the size of the stake.

The second stage is codenamed “Fight Fish”. It starts as soon as the decentralisation bomb timer goes off. Once it has been triggered, all anarchy ceases and independent validators have full control of the ecosystem.

The third stage is called “Fight Club” and will only occur when there are enough validators and decentralised pools in the TON Coin network and the blockchain becomes fully decentralised. The voting process will be automated and the giver contracts will handle the distribution of coins to newcomers.

The project works without any fundraising from an ICO or other form of pre-sale of coins. TON Crystal’s five billion was immediately transferred to three “givers” (by English giver) managed by multi-signature developers. The distribution scheme on the nodes is as follows^

85% is for community members for their contribution to the network;
5% is for the validators who support the network;
10% reserved for developers who actually contribute to the development of TON.
The tokens of the new TON Coin project can be mined on a home computer. Now we will tell you how to do it.

Mining TON Open Network (TON coin)

An experienced user may smile skeptically and say that TON Coin is protected by Proof-of-Stake consensus algorithm and new blocks are created by validators and not PoW miners as we just wrote. And he would be absolutely right. But the fact is that all the minted 5 billion coins were sent to Proof-of-Work Giver smart contracts. And the only way to mine them from there is through traditional mining. Users run special software that goes through the hash and sends the proposed solutions to the PoW Giver contracts. The higher the performance of the equipment, the better the chance of earning. Everyone mines solo, no pools work.

Those wishing to mine TON cryptocurrency are advised to install Linux, but have recently opened mining on Windows as well. Although the source code of TON is built on Windows, xBSD and other operating systems, there is no easy automatic installation of the TON mining utility. On Linux, you need to install the software manually and create your own scripts. If this is too complicated for you, there is a Telegram Bot for TON mining online – @TonMinerBot. The hardware requirements are serious, you will need:

A modern processor, with Intel SHA Extension support. Most miners use an AMD EPYC or Threadripper based PC with at least 32 cores / 64 threads.
Powerful graphics card. More details about gpu requirements for TON mining can be found here.
The amount of RAM and free hard drive space do not have a significant impact on the mining speed. Almost the entire mining process takes place in the second level cache of the processor. A dual AMD EPYC system on a single memory channel will mine as fast as a system occupying all channels.

Running a full node will not speed up mining, but it will make it stable and expand your options. Detailed instructions for the full node howto or mytonctrl are on Github.

Official miners chat: https://t.me/tonmine

Official Github repository

Go to https://github.com/newton-blockchain and choose the content you need. All data on the project is laid out in 17 repositories in six computer languages. In the mining section you can read recommendations, see the list of the best miners and the amount of coins mined.

Explorer cryptocurrency statistics

Statistics can be viewed at https://tonmon.xyz/?orgId=1&refresh=5m. This is a dashboard designed to help users understand the state of TON. If you have an idea to improve this dashboard or would like to leave feedback, feel free to submit a request. You may receive a premium for helping you develop it.

Available Exchanges where TON Open Network (TON coin) is traded

A list of exchanges supporting pairs with TON Coin’s internal token can be found at https://www.coingecko.com/en/coins/the-open-network#markets. So far there are only two of them, these are centralized EXMO exchange and decentralized Uniswap (2) and (v3).

Not much, of course, but it is possible to trade (on Uniswap even without registration). On 10.03.2021 EXMO was offering 0.00001143 BTC for 1 TONCOIN, equivalent to $0.785116 USD. On Uniswap the exchange rate was slightly higher.

Available TON Open Network (TON coin) wallets

You can download a wallet for TON Coin digital coin on the project’s official website, the link is https://ton.org/wallets. In contrast to the PoW-mining software, everything is quite simple here. There are seven wallets available for different platforms. You can download a full node for Windows, use the plugin for Chrome or the web interface. There are also wallets for Linux and macOS, as well as mobile apps for iOS and Android.

Download Toncoin Wallet for Apple from J&B Investments Group Inc at https://apps.apple.com/by/app/toncoin-wallet/id1560210939. It has a user-friendly interface without any unnecessary frills. The wallet creation procedure is intuitive and quick (you need to save a seed of 24 words). The use case is geared towards customers with minimal blockchain skills.

The Teletype service, designed to read and send messages from all messengers in a single window, has instructions for creating a TON wallet, link https://teletype.in/@ton.org/1M37X1ocpmY.

Prospects for the TON Open Network (TON coin)

Optimists believe that the platform, which has so many technological gimmicks, just has to survive and win. Skeptics argue that without messenger integration and access to major exchanges, it will be extremely difficult. The first steps have already been taken, cryptocurrency can be bought and sold, and over time the number of exchanges will grow. A bridge between TON and Ethereum networks on the mainnet has recently been launched, allowing transactions of TON coins on https://ton.org/bridge/.

Conclusion

In conclusion, we would like to express solidarity with what Pavel Durov said about the need to fight for decentralisation of the global financial system. If Ripple follows TON and then most of other distributed networks, we will end up with a new form of slavery. And it will be eerier than in antiquity and the Middle Ages. CBDCs cannot be allowed to become the only form of cryptocurrency. We all need projects like TON Coin.

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