- The Open Network (TON), a blockchain integrated with Telegram, witnessed unprecedented growth in 2024.
- Wallet numbers soared from approximately 1 million in January to over 9 million by June.
- The surging user base has attracted the attention of fraudsters, leading to increased phishing attacks.
Discover how The Open Network (TON) is navigating exponential growth and combating security threats in the evolving blockchain landscape.
Exponential Growth of TON in 2024
The Open Network (TON), the blockchain powering Telegram, has seen remarkable expansion in 2024. Starting the year with nearly 1 million wallets, TON’s user base skyrocketed to over 9 million by June. This exponential growth reflects the increasing popularity and adoption of blockchain technology among the masses.
Addressing the Rising Security Concerns
With growth comes challenges. In June 2024, blockchain security firm SlowMist highlighted a notable rise in phishing attacks targeting the TON network. As the user base swells, so do the risks associated with online fraud, prompting the community to prioritize security measures. The TON Foundation aims to reach 500 million users by 2028 but faces the critical question of safeguarding this expanding network.
Telegram’s Mini Applications: A Double-Edged Sword
Telegram’s ecosystem includes numerous mini applications, such as Notcoin and Hamster Kombat, which have seen a significant increase in number. However, not all these applications employ the highest security standards to protect user funds, as noted by Hacken’s smart contract auditor, Stepan Chekhovskoi. Despite these concerns, the TON Foundation encourages the adoption of robust security protocols within these mini applications.
One notable example is Tonkeeper, a popular TON-based wallet that issues various warning messages about the NFTs users acquire. The foundation spokesperson emphasized the importance of a vigilant and engaged community in maintaining security, cautioning users about the irreversibility of on-chain transactions and advising double-checking every transaction detail.
Comparison with Other Platforms
Chekhovskoi pointed out that Telegram’s mini applications are not fundamentally different from applications on other platforms in terms of security. These applications need to adhere to the same web and crypto security measures. Depending on whether the mini application uses custodial or non-custodial methods for managing private keys, users must ensure robust encryption and additional security measures such as two-factor authentication (2FA) and secure password practices.
Inherent Non-Technical Risks within the TON Ecosystem
The decentralized nature and user-friendly interface of the TON ecosystem naturally attract fraudsters. Despite extensive security protocols, users must remain cautious while interacting with unofficial applications and less-known developers. Steve Milton, co-founder and CEO of crypto wallet Fintopio, recommends checking for verifications on mini applications to avoid phishing attacks. Telegram facilitates this by offering verification for recognized individuals and organizations, thereby guiding users towards official and secure channels.
Conclusion
The rapid expansion of The Open Network (TON) underscores the dynamic potential of blockchain technology. However, it also brings to light the pressing need for enhanced security protocols. As TON and Telegram continue to evolve, balancing growth with robust security measures will be crucial in safeguarding user trust and ensuring the ecosystem’s longevity. Users are advised to remain vigilant, engage only with verified sources, and prioritize security in their interactions within the TON environment.
