What Is TON Token (TON)?

Abbreviated as TON, the Telegram Open Network aims to be a secure, fast, scalable blockchain and network project. TON seeks to handle millions of service provider-friendly and user-friendly transactions per second. Furthermore, the platform aims to host all reasonable applications currently proposed and conceived.

According to the whitepaper, TON is a flexible multi-blockchain platform using a peer-to-peer network. A distributed file storage technology aims to be another important component of TON. In fact, the TON blockchain is basically a collection of blockchains. The TON blockchain fosters up to two different cryptocurrency coins, or tokens, distinguished by a 32-bit currency_id. The TON Blockchain exists to seek to achieve the necessary scalability. Scalability means boosting transaction speed and throughput without compromising security. Besides, the TON Network seeks to cover the networking demands of the multi-blockchain infrastructure. When coupled with the blockchain, the network intends to create a broad spectrum of services and apps, and this is impossible using the blockchain alone.

The TON Coin (TON) is the main crypto of the TON Blockchain. The coin is also known as the Gram (GRM). The purpose of the coin is to use it to become a validator; and transaction fees. Also, TON Coin is used to make gas payments (i.e., smart contract message processing fees). Smart contracts are just like regular contracts. However, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. Another purpose of the coin is to make persistent storage payments. Validators get rewarded for performing their duties diligently. Here, validators are special nodes that have large amounts of TON tokens via a special master chain transaction.

Thus, TON and its native crypto intend to boost transaction speed and throughput using multiple blockchains.

History

Nikolai Durov and Pavel Durov are the founders of the TON. The maximum total supply of the TON token is 400,000,000.