- TON’s price surged after unveiling Telegram’s crypto wallet.
- The Open Network aims to transform Telegram into a Web3 ecosystem.
- The Open Network’s global rollout is scheduled for November.
Explore the evolution, potential, and controversies surrounding Telegram’s cryptocurrency – Toncoin (TON) and its integration into the Open Network.
The Rise and Potential of Toncoin (TON)
Born out of the desire to create an integrated crypto payment system for Telegram users, Toncoin (TON) has grown beyond its original intentions. As the native cryptocurrency of The Open Network, it now powers a complete ecosystem that includes decentralized storage, services, a domain name system, and an anonymous network. Designed for speed and security, this high-performance, decentralized Layer-1 blockchain and networking platform operates on a Proof-of-Stake (PoS) consensus mechanism. With the cryptocurrency stored in the Toncoin wallet, the recent rally in TON’s price comes after a long-awaited revelation: the TON Foundation’s release of Telegram’s crypto wallet.
Integration with Telegram: A Web3 Vision
The Web3 ecosystem has been a vision long in the making for the TON Foundation. Initially, it was to be launched at the TOKEN2049 conference in Singapore, but the unveiling took longer than expected. With the integration of the crypto wallet based on The Open Network (TON) blockchain, Telegram’s 800 million users worldwide can look forward to a seamless crypto experience. Users can easily access this feature on their settings page, with a broader rollout scheduled for November. This rollout will extend its reach to most countries, excluding the United States and a few others.
The TON Legacy: From Concept to Controversy
Telegram, primarily known as a messaging app, took a significant leap under the guidance of its founders Pavel and Nikolai Durov by introducing Toncoin (TON) cryptocurrency. However, their plan to establish their blockchain in 2018 faced challenges. A promising integration of a TON-based crypto wallet in 2019 met with a hurdle when the U.S. Securities and Exchange Commission labeled Telegram’s $1.7 billion ICO as an unregistered security. The fallout led to a hefty $18.5 million fine and a refund to investors. However, in a twist, developers Anatoliy Makosov and Kirill Emelyanenko took over, and through Newton, an open-source community, they resurrected and rebranded the platform as The Open Network (TON) Foundation.
Financing the Future: TON’s Monetary Milestones
TON Foundation’s journey has been marked with significant financial milestones. With a successful raise of $1.7 billion across two closed funding rounds in 2018, it garnered immense investor interest. The subsequent years witnessed the announcement of a $250 million ecosystem fund, the TONcoin Fund, backed by big names like Huobi Incubator and Kucoin Ventures. In a bid to accelerate TON’s growth, a whopping $1 billion ecosystem fund followed. The TON Foundation continued its stride with the TON Alpha-Vista fund in July 2022, valued at $90 million, attracting a diverse range of investors.
Conclusion
The journey of Toncoin (TON) and The Open Network exemplifies the volatile yet promising world of cryptocurrencies and blockchain. Despite the challenges and controversies, TON’s evolution from a mere transaction-focused cryptocurrency to a powerhouse ecosystem is commendable. With the imminent integration into Telegram, one of the world’s most-used messaging apps, TON is poised to redefine the user experience in the crypto world.
