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TON: All about Telegram’s digital coin

TON: All about Telegram’s digital coin

TON: All about Telegram’s digital coin

Tue Apr 04 2023 02:00:00 GMT+0000 (Coordinated Universal Time)

TON, formerly called the Telegram Open Network, is among the top cryptocurrency in the market today. This decentralised blockchain network is highly favoured by crypto enthusiasts for its appealing features, including smart contract creation, dApps development, and more.


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Ready to dive deeply into the latest crypto asset you can use at our crypto casino? Read on to learn more about The Open Network crypto below.

All you need to know about TON

The Open Network

TON, or The Open Network, formerly called the Telegram Open Network, is an open-source, decentralised layer-1 blockchain network created by the developers of the messenger app Telegram. This crypto was founded in 2018 and functions on a Proof-of-Stake (PoS) consensus mechanism. With this, transactions are verified by users staking a percentage of their crypto assets for the validation process.

TON Telegram-made crypto is a reliable, fast, and secure project allowing users to create crypto transactions. Some functions of TON that you can do include making payments, staking, and creating decentralised applications or dApps.

For a better understanding of TON coin, below is a more detailed list of the uses of the crypto:

Toncoin

Toncoin is the native coin of the network that is used for governance and powers crypto projects within the blockchain.

Aside from the mentioned uses of TON, you can also use it for gambling, which makes it a great coin for crypto enthusiasts when visiting a casino platform. Using the coin, you can place your wagers anonymously and securely without any hassle.

Staking

Compared to blockchain networks like Bitcoin, Dogecoin, or Monero, where transactions are validated by mining, transactions on the TON blockchain are validated through PoS. This is where TON coin owners stake their assets to verify new transactions, which are then added to the blockchain.

NFTs

The TON blockchain network has an NFT marketplace known as Getgems.io. When you go to the marketplace, you can find and trade various Non-Fungible Tokens (NFTs). Connecting your crypto wallet lets you buy, sell, mint, and transfer NFTs on the platform. Many NFT collectors enjoy the platform due to its low fees and speedy transaction process.

DeFi

TON's decentralised finance or DeFi platform functions as an Automated Market Maker (AMM). It is a type of exchange where traders can buy and sell crypto automatically. Some of the biggest benefits of using the platform include the low to zero fees and low slippage.

The two main ways traders earn on the platform are through the Swap feature, where you trade your existing assets, or through the Earn feature, where you invest your crypto and make income through interest rates.

TON Wallet

The TON network offers a way to ensure your TON assets are safe and secure through the TON wallet. The wallet is accessible on desktop and mobile to provide various ways to access your funds.

TON Wallet is fairly straightforward to use, which is why many TON crypto holders prefer it. You can access TON-compatible wallets on the TON Wallets website. All the crypto wallets listed there were verified by the TON team to ensure you can safely use any options.

TON Socials

The TON network also has TON blockchain Telegram social channels called TON community, TON foundation, and TON Chat, where you can engage with fellow crypto enthusiasts. 


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All about TON coin

The TON or The Open Network coin is the native token of the TON network primarily used for payment transactions. It is a well-liked crypto since it conducts speedy transactions, proven in 2021 when TON could process a record-breaking 55,000 transactions per second (TPS). 

At the time, this was a world record processing ability. This is made possible through TON’s blockchain sharding, where the blockchain is divided into smaller parts for quicker processing.

The two main ways a Toncoin holder can earn passive income is by becoming one of the two:

  • Validators

Since TON operates on a Proof-of-Stake consensus, the job of the validator is to stake their assets to validate new transactions. To do this, you must have the right hardware, speedy internet, and the required amount of Toncoin. 

  • Nominators

As a nominator, you lend your TON assets to a validator and pool them together to make up the required amount to stake. By lending your asset, you share the rewards earned once the validation is successful according to the assets the nominators lent for the process.

Now that we’ve gone over the basic info of Toncoin, it’s time to dig deeper into it by knowing its main features. 

TON consensus mechanism

As previously mentioned, TON operates through the Proof-of-Stake or PoS consensus mechanism. This is what you call the process of validating new transactions on the TON blockchain by staking the required amount of Toncoin. Unlike the Proof-of-Work mechanism, which requires high computing power to solve complex mathematical puzzles, PoS is considered to be more energy-efficient. 

Smart contracts

TON crypto users can execute smart contracts to conduct transactions. It is a set of codes programmed to perform a function defined within the contract. This is automatically enforced and cannot be deleted, which makes it a good way to ensure irreversibility. 

Storage

You can conduct peer-to-peer file transfers and share through the TON storage. The technology used here is similar to ‘torrenting’, but the transferred data is encrypted on the blockchain through a secure and private network.

Proxy

To access TON services with an extra layer of security, you can use a TON proxy. Through it, you can use decentralised VPNs so your traffic will be rerouted to proxies and your IP address remains hidden.

DNS

TON DNS or Domain Name Service allows you to remember names on the TON programs easily. Similar to a social media handle, DNS provides users with readable usernames instead of long strings of numbers and letters. 

TON coin wallet

Another feature you can enjoy is TON wallets, where you can store your assets. If you visit the TON Wallets site, you’ll find a list of TON-friendly storage software. Select the one you prefer and deliver the best performance according to your storage needs.

Where to buy TON coin

The main place where you can buy Toncoin is through a reputable crypto exchange platform. There are a variety of platforms that support Toncoin, but you need to find the one that provides you with the lowest fees, especially if you’ll be trading a lot. 

Additionally, before purchasing Toncoin, choose among the best crypto wallets to find where you can keep your assets safe and secure. After you’ve secured your crypto wallet, it’s time to make your first purchase. Below is where you can do so:

TON crypto exchange

The main place where you can purchase TON coin crypto is through centralised exchanges like KuCoin, Gate.io, and ByBit. Before buying, compare the TON crypto price between each platform to select the best one that will suit your needs.

Since different exchanges impose varying transaction fees, TON The Open Network price may be different. Check the platform that allows you to get a lower The Open Network price.

Additionally, be prepared to undergo a comprehensive Know Your Customer (KYC) process to get your account verified. You must submit personal information and documentation to prove your identity during this. 

Suppose you want to maintain your anonymity and want to avoid third-party or government interference. In that case, you can also purchase from decentralised exchanges such as Biswap, PancakeSwap, and 1 inch. 

TON Coin wallets

Aside from crypto exchanges, you can directly buy TON assets from TON wallets. This includes the top TON wallets, Tonkeeper and Tonhub. 


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How to buy TON coin

There are many ways to buy TON crypto, including Ton wallets, Telegram Bots, Bank transfers, etc. Here’s how you can purchase Toncoin using an exchange: 

You first need to find a reliable crypto exchange to buy from to purchase crypto. You can find it by researching the top exchanges in the crypto industry, but you should also consider aspects including trading fees, platform features, and trading options. 

Some of the exchanges that will come up during your search include the top platforms Binance, Coinbase, KuCoin, and more. These exchanges are generally regarded as the most reliable in the industry, so you can’t go wrong in choosing any of them.

Once you’ve selected your preferred exchange, you must create a verified account on the platform to access their services. The registration process in most exchanges is fairly simple. Typically, you’ll need to provide your phone number, email address, and password. 

What’s more complex is the KYC process you must undergo to verify your account. This is an essential step since centralised exchanges are strict with providing the services they have to offer. You’ll need to provide personal information, including your legal name, address, and financial information relevant to the registration process.

Following this, you have to provide legal documentation, such as a government-issued ID, to verify the details' legitimacy. This is done to detract malicious individuals from using the platform for illegal activities. That’s because these activities can be traced back to them through the information they provided.

Once you’ve verified your account, you are free to access all the services on the platform. If you’re ready to purchase Toncoin, navigate to the Buy & Sell page. 

Once there, simply input the requested details in the ‘buy’ section. This typically includes the currency you want to trade for a Toncoin and the amount you want to trade. 

If you have existing crypto assets, you can use them by connecting your crypto wallet through the provided address on the exchange. If you don’t have crypto assets yet, be sure that the exchange you’ve chosen allows fiat transfers to start your Toncoin investment.

After finalising your Toncoin purchase, you must transfer your assets to a secure wallet supporting TON. This ensures that your assets are well-protected and inaccessible to other entities. 

There’s a lot to consider when choosing a TON wallet, but you can simplify the process by heading to the TON wallets page. Once there, you’ll find a variety of wallets that support TON, which the TON team has also approved. On top of the list of wallets on the page include Tonkeeper, Tonhub, TON Wallet, SafePal, Coin98 Wallet, MyTonWallet, and more.

Gambling with TON crypto

As many crypto enthusiasts know, gambling at an online casino with crypto assets is much more exciting, thanks to exclusive casino bonuses and betting games. It’s no different when it comes to gambling with Toncoin, which is why there are various ways to gamble with it. Read on to learn how:

Telegram casino bots

Since TON is a platform created by Telegram founders Nikolai and Pavel Durov, it’s no surprise that it allows you to play casino games directly on the TON coin Telegram platform. You can do so by searching casino bots on the Telegram app search function, where you’ll find various casino bots in the results.

Once you’ve selected a Telegram casino bot, you can play various casino games, including slots, mines, dice, darts, and more. Additionally, you’ll be allowed to play for free or by depositing TON into your account.

With the demo, you can test how casino gaming works on Telegram. However, once you understand the process, don’t forget to place your deposit to earn real-money rewards. 

Aside from the opportunity to earn real-money rewards, one of the most significant benefits of gambling on the Telegram platform is anonymity. The app has always consistently taken steps to ensure its user's privacy and to allow them to maintain anonymity. 


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TON Fruits

Since the TON blockchain allows developers to create dApps on the blockchain, it is home to some of the most innovative crypto apps in the world. This includes TON Fruits, a casino game you can play using Toncoin. 

What makes this project great is that it’s open source, which means you can look at the algorithm and run it on a checker to confirm if it’s provably fair. This allows you to check the game and ensure its legitimacy before staking your assets.

TON gambling advantages

There are many advantages to using Toncoin for gambling, and these are:

The TON network operates on a decentralised blockchain. This means all the services on the TON network are private and secure, ensure anonymity through encryption, and are not hindered by third-party interference. 

Buying Toncoin is relatively cheap, so you won’t go broke just by purchasing a single coin. It’s ideal for TON-powered casino games since you won’t have to worry about losing too much of your funds.

You can purchase Toncoin in various ways, including trading bots, wallets, and exchanges. In addition, you can purchase your TON assets using your personal computer or mobile device. Its wide availability makes it a good option for crypto enthusiasts since it has impressive speed and offers direct and multiple access to crypto assets without hassle.

The TON network is licensed under the GNU Lesser General Public Licence, a licence typically given to independent and open-source software like the TON blockchain. 

TON Connect protects user data through end-to-end encryption when transmitting funds to wallets. This is especially useful when transferring funds to your wallets through bridges. However, keep in mind that the Connect protocol allows sharing of your KYC information to conduct the transaction.

TON casinos deposits and withdrawals

TON The Open Network is a new crypto added to Bitcasino’s growing list of supported digital assets. This is a preferable coin for many crypto enthusiasts since it offers P2P transactions through a decentralised exchange. Additionally, it’s on a decentralised blockchain, which doesn’t have third-party interference.

Ready to deposit or withdraw Toncoin at Bitcasino? Here’s how you can do it:

To begin your crypto deposit or withdrawal, log into your account. Once you’re in, click on the ‘deposit’ button on the site's top right section. The transaction section will then pop up on the corner.

To deposit, click on the ‘more options’ button to see the list of cryptos you can deposit into your account. Scroll through the number of cryptos listed and select The Open Network. 

Once you select the TON option, the new page will reveal the transfer address. You can link to your crypto wallet or use the QR code for a quicker transfer. Once you’ve provided the right information, finalise the transaction and wait for it to finish.

The transaction process of TON is quick. Thanks to the PoS consensus mechanism, validators only have to stake their assets instead of the time-consuming process of mining new crypto by solving complex mathematical equations. 

Using TON at Bitcasino

TON is one of the latest cryptos supported here at Bitcasino. That means you can now wager all your Toncoin without the hassle of depositing your funds on the platform. 

However, did you know that this is not the only connection Bitcasino has to the software launched by the Durov Brothers? Bitcasino is also on Telegram, where our community of punters can connect. 

Visit our Telegram channel and engage with our daily posts. This will be a great space for you to stay updated on Bitcasino news and meet like-minded people who enjoy using our platform. 


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Start using The Open Network crypto at Bitcasino today

TON crypto holders can now deposit their TON assets here at Bitcasino and use them for casino gaming purposes. This crypto has many appealing features, especially smart contract creation, which benefits gamblers. With smart contracts, you can ensure that your funds are secure until the casino fulfils the terms of the agreement.

Start betting with your TON coin here at Bitcasino by transferring funds directly through your wallet. If you don’t have a crypto wallet yet, discover the best crypto wallets for 2023 and beyond. This is useful in securing your crypto funds when you’re not using them to wager on Bitcasino.

FAQs about TON crypto

What is TON mining? 

TON mining is the former consensus mechanism used by the TON network. However, the mechanism used is now Proof-of-Stake. This is the process of validating new crypto transactions by staking TON coin. 

What is the TON coin used for?

There are tons of uses for Toncoin. You can use it as payment, use it for the development of dApps, or even gamble at crypto casinos.

Who is the owner of the TON coin?

The TON network was created and launched by brothers Nikolai and Pavel Durov, both known for creating the messaging app Telegram.

Words by Cathrene Joseph

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TON: All about Telegram’s digital coin


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