Toncoin is a cryptocurrency associated with the Telegram Open Network (TON), aiming to provide fast and scalable blockchain solutions.
Toncoin (TON) serves as the primary digital currency of The Open Network (TON), a decentralized layer-1 blockchain that operates on an open-source basis with contributions from various network participants. Key among these contributors is the TON Foundation, a Switzerland-based non-profit organization dedicated to supporting the development and growth of the TON ecosystem.
Originally conceived by the Telegram team in 2017 under the name Telegram Open Network (TON) and associated with the 'Gram' token, the project faced regulatory challenges leading to Telegram's withdrawal in May 2020. Subsequently, an independent community of developers and blockchain enthusiasts took over the project's development, with the TON Foundation emerging as a central pillar of support. Renamed as The Open Network, the blockchain now features Toncoin as its native cryptocurrency, leveraging the proof-of-stake (PoS) consensus mechanism to enhance scalability and network reliability. The project's whitepaper includes foundational code from Dr. Nikolai Durov, co-founder of Telegram and brother to Pavel Durov, underscoring its technical pedigree and continuity in development.
Driven by a forward-looking mission, the TON Foundation aims to enable 500 million users to assert ownership over their digital identities, data, and assets by 2028. This ambitious goal is supported by efforts to foster a Web3 ecosystem within Telegram Messenger, empowering developers to innovate and integrate blockchain technology seamlessly into everyday digital interactions.