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Information about Toncoin (TON)
Toncoin (TON) is a decentralized layer-1 blockchain developed in 2018 by messaging platform Telegram. The project was later abandoned, taken over by the TON Foundation, and renamed from “Telegram Open Network” to “The Open Network”.
Project developers want to build an ecosystem: decentralized hosting, decentralized services, domain name system (DNS equivalent), anonymous network, instant payment platform, and transaction processing Fast translation at a low price.
The Open Network (TON) is a fast, secure and scalable blockchain project capable of handling up to millions of transactions per second (TPS), at the same time, friendly to both users and service providers.
TON is a native token, designed to power the ecosystem. TON is used to:
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By integrating its tools with TON, TRM Labs aims to improve security and compliance in this fast-growing blockchain ecosystem, crucial for preventing misuse amidst rapid transaction speeds.
The collaboration with Chainabuse further enhances TRM’s efforts to combat scams, especially on Telegram, protecting its vast user base and supporting regulatory compliance.
The price of TON is presently 3.80 USD, having dropped 47% from its peak of 7.20 USD. Historically, low NMR values suggest that TON may be undervalued, indicating a potential for rebound. However, its trading volume has fallen to over 100 million USD.
While some metrics hint at buying opportunities, the current trading volume and activity are concerning. If TON cannot hold above 2.00 USD, a significant sell-off affecting approximately 13.30 billion USD worth of TON could be imminent.
TON has partnered with LayerZero to facilitate cross-chain asset transfers, enabling interactions with over 100 blockchains.
This integration aims to enhance liquidity and accessibility in the TON ecosystem, paving the way for broader crypto interoperability.
Developers gain the necessary tools to create decentralized applications that serve a global audience, enhancing functionality.
Telegram requires third-party crypto wallets to adopt TON Connect as the exclusive wallet connection protocol. This transition also mandates that any Mini Apps on different blockchains switch to TON by February 21, or risk suspension.
The decision has sparked backlash among the community, with critics arguing it compromises decentralization. Some Mini Apps, like Grindery Wallet, are contemplating exiting the Telegram ecosystem due to potential monopolization.
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