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There is an ongoing effort to improve the core technologies of organizations around the world. In recent years, more and more companies are switching to decentralized networks. To let the enterprises, individuals, and investors move one step closer to decentralization. Telegram, the messaging company, launched the “The Open Network.”
The Open Network (TON) happens to be one cost-effective, fast, and community-driven project. The Ton was launched in 2018 by Telegram co-founders Pavel Durov and Nikolai Durov. There are 743,000 active users on the network. TON is one of the few truly scalable blockchains which has a robust ecosystem.
The TON is known to be a collection of blockchains which means it has a multi-chain architecture. Thus, the network is capable of handling multiple transactions. The aim of this guide is to provide you with information about TON or The Open Network. Keep reading!
Journey of TON from Whitepaper to being Fully Operational
TON or The Open Network journey started in 2018 with a White Paper presented by the Durov brothers. However, the messaging company Telegram had to stop work on TON. At that point, the vibrant community took the responsibility to make the network operational.
The Open Network (TON) is a multi-architecture platform that is systemized in a way that it can handle millions of transactions per second(TPS), so it can fulfil the goal of reaching the number of blockchain users and contribute to the development of a decentralized application (dApps).
It facilitates services like Smart Contracts, Decentralized Autonomous Organizations(DAOs), Decentralized Exchanges(DEXs), Decentralized Finance(DeFi), Decentralized Data Storage, and other decentralized formats for better open-source platforms.
In 2019, the US Securities and Exchange Commission sued Telegram leading to Telegram quitting the project in between. Meanwhile, the open-source developers kept working on the codebase. The major change happened in 2022 when the TON mainnet became fully operational.
TON Journey in 2023
In 2023 TON launched Ton.vote which uses the Orbs’ layer 3 Blockchain Infrastructure. The platform will now be known for tamper-proof voting.
Toncoin is equally successful and has been termed the first-ever mass-market cryptocurrency.
The main focus will be on the Token bridge. Also, there will be many smart contract vesting tools.
The network is also planning to upgrade for interoperability. There will be a TON and Polygon Toncoin bridge in the upcoming months.
Components of TON Blockchain
Through smart contracts and a self-healing vertical blockchain mechanism, the TON chain facilitates faster transactions. This mechanism makes it self-contained, fast, and scalable.
The TON blockchain works on multi-chain architecture and is heterogeneous. The smart contracts on the network happen to be turing-complete which means that the system in itself is capable of solving computations. This makes smart contracts capable of understanding the agreements. Furthermore, the multi-chain network improves the throughput and interoperability of the network. The TON multi-chain comprises of:
Masterchain: The chain consists of all the rules that the protocol follows. This also includes the number of sets of validators as well as the distribution of the shards.
Workchain: The workchain incorporates the transactions transmitted in the smart contracts. The chains are heterogeneous which means every chain has its own set of rules such as information regarding the — crypto, address formats, and virtual machines.
Shardchains: Also known as horizontal blockchains these are split into 260 homogeneous chains. These chains are similar to workchains and have a specific purpose.
Shards: These are the elements that complete the shardchain. The Shards are made up of a chain of blocks. The blocks in the chain differ from each other. Thus, whenever there is any issue in the blockchain, we need to fix the incorrect blocks only.
The 5 Elements of the TON Environment
TON Decentralized Services
The TON team works continuously in making their services better. They provide a wide variety of features in it – like stable architecture, integrated formatted data, and better network operations. TON combines the Sites and DNS so that different websites can be launched without having a centralized center and fixed IP.
TON Wallets – THE STEP INTO CRYPTOCURRENCY
TON has 700 million users intaking its service worldwide. Additionally, Toncoin offers a wallet that helps with fund transfers, allowing users to interact with the platform. The community of TON works in Web3 and Crypto space to make a better and more efficient ecosystem for users and attract more users to use their services – and truly with Toncoin, they get millions of more users interested in cryptocurrency.
TON Decentralized Storage
TON storage offers the benefits of private encryption to secure private keys. By using smart contracts, TON storage helps with financial incentives. The best part anyone can be a node operator and receive payments.
TON Proxy and TON Sites
As an anonymity layer, Ton Proxy enables the building of decentralized VPN services. It further hides the identity and IP address of the network. With this, the high-stake validator nodes can keep their IP address and geographical location similar. TON Proxy gives immunity to censorship when it combines with the P2P layer and the TON DNS.
TON DNS
Ton provides user-friendly domain names so as to make smart contracts, crypto wallets, and accounts available to everyone. Now businesses can buy the domain by paying via Toncoin. The decentralized domains are immutable and transparent to work with.
Features of TON Blockchain
The TON blockchain, similar to other blockchain networks, has some the use cases such as payment for decentralized data storage, dapps, validator rewards for maintaining the blockchain and voting on-chain governance programs. To make such myriad use cases possible, some of the unique features of the network are:
Layer-1: The L-1 network works on the Proof of Stake consensus. Layer 1 is the name of the base blockchain. Most of the famous blockchain networks such as Ethereum, Solana, etc. are Layer 1. The L-1 is a base network. It is considered as source of truth and is responsible for transaction settlement.
Toncoin: it has the native token known as Toncoin. The network also offers TON wallets which can be custodial (where a third party manages the key) or non-custodial (keys are managed by owners). The coin can be used for transactions, gaming, network operations, and collectibles.
Shardable: The usage of sharding the transactions is to speed up the transaction as there is no accumulation of unverified blocks. In the process, the network is divided into several small networks. Thus, the mechanism reduces the workload on the TON network.
Self-recovery mechanism: The ton has a self-recovery mechanism that allows it to network without the hard forks. Therefore, new blocks can be created without any unwanted network splits.
Smart contracts: The solidity users need to understand that the smart contract code isn’t immutable on TON and can be easily modified. The smart contracts on TON are built based on Actor Model. This means that even the wallet has the smart contract feature.
Advantages of TON Network
Here are some of the pros that the TON network has to offer.
Secure & Sustainable
The network happens to be ecologically friendly and provides the utmost security. Along with PoS, the blockchain operates on the Byzantine Fault Tolerance (BFT). The BFT provides security from all malicious actors.
Cost-effective
The TON network is ultra-cheap the bridge enables the users to exchange TON with various other cryptocurrencies. Furthermore, the payment becomes more seamless because of the Telegram messaging app.
Fast Network
The network has fast block validation and provides high-speed transactions. One of the reasons for having a high-speed transaction is the network’s multi-blockchain architecture. The architecture allows parallel processing across multiple chains.
Integration with Telegram
The TON blockchain is its integration with the Telegram messaging app. The transactions can be done within the app. Since Telegram has many users the file sharing and storage become hassle-free for the TON blockchain.
How Does TON Impact Other industries?
TON provides higher scalability and authority with its great and efficient features. To achieve the Smart Contract Transaction per second TON perform significant steps;
Collection Of Two Blockchain: The unique architecture that made all these things possible without any hindrance of service because of two blockchain collection routes – the mainstream route(the master chain) and the workstream route(several other collections of blockchain).
Master Chain Feature: To support so many transactions in just a second, TON perform like an immutable ledger that works in a nodes and chain system. The architecture is designed in a way that the layer-1 system is subdivided into 2 to the power 60 shard chains and all work efficiently at a time being.
Every chain has its own set of rules: As the master chain contains all the sub-chains in one format, still every chain and its shards work independently with their limits decided by a master chain.
High Degree of Transaction: Every chain has the capacity to scale itself to meet the demands without sacrificing in terms of performance. Just in the span of 5 seconds, they split into many subgroups also called shards.
With these specific features, TON attracts many industries and raises their business to new heights.
Future of TON
As TON is still working on its services and providing more and better updates regularly, the popularity and success it gained after launching in 2022 are much more certifiable and known.
The development process for TON has been fairly optimistic. The developers on the network are continuously making advancements. With time, the mainstream audience will use the TON ecosystem more.
TON is growing at a high pace in the blockchain industry and becoming a fast-growing social network channel. The future is simply much more than what we see now, and what we possess now. Enterprises and investors interested in building a blockchain ecosystem should go for TON because of the multiple benefits it has to offer.
About The Author
Dr. Ravi Chamria is co-founder CEO of Zeeve Inc, an Enterprise Blockchain company. He has an experience of 18+ years in IT consulting spanning across Fintech, InsureTech, Supply Chain and eCommerce. He is an executive MBA from IIM, Lucknow and a prolific speaker on emerging technologies like Blockchain, IoT and AI/ML.
Passionate About: Blockchain, Supply Chain Management, Digital Lending, Digital Payments, AI/ML, IoT
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