The Open Network TONCOIN

The Open Network's price today is $1.11, with a 24-hour trading volume of $56,453,571. TONCOIN is down 3.22% in the last 24 hours and ranks #29 by market cap.

Toncoin is the native cryptocurrency of The Open Network (TON), a project initially conceived by Telegram in 2018. Originally, the project's currency was called 'Gram,' designed to pay transaction fees and validate transactions on the network. TON raised $1.7 billion in a token sale in 2018, making it the second-largest ICO in history.

Regulatory Challenges and Community Takeover

However, Telegram abandoned the project due to regulatory issues with the Securities and Exchange Commission (SEC), which considered Gram an unregistered distribution of securities. After Telegram ceased its involvement, community developers took over using TON's open-source code available on GitHub. The TON Foundation renamed the project to The Open Network and now runs Toncoin.

How is Toncoin Used?

Toncoin is used for network operations, transactions, games, or collectibles built on TON and also for services like TON Storage and TON Proxy. It uses a sharded, proof of stake consensus mechanism, which allows it to process transactions quickly; it hit a record of processing 55,000 transactions per second in 2021.

Toncoin Supply and Governance

Toncoin has a maximum supply of 5 billion TON with 3.4 billion currently in circulation; validators receive rewards in TON for maintaining the network. As a decentralized autonomous organization (DAO), users holding Toncoin can vote on proposed changes to the blockchain or ecosystem.

This summary is based on information from Decrypt.co.

What is The Open Network's all-time high (ATH)?

On June 14th, 2024, The Open Network hit a historic high of $8.25, 2 years ago.

What is The Open Network's all-time low (ATL)?

On September 20th, 2021, The Open Network bottomed out at $0.5193640000, 5 years ago.