Blockchain, a key technology of Web3, streamlines secure information exchange by distributing control across a peer-to-peer network comprising interconnected computers – or nodes. It’s basically a digital ledger made up of cryptographically signed, unalterable blocks of records shared among participants in a simple network of computers. There is a large number of blockchain projects currently in existence, so if you find yourself captivated by the transformative potential of this technology and aspire to leverage its capabilities, select The Open Network, which is focused on scalability, security, and cross-chain interoperability.
In 2018, Telegram revealed a whitepaper for The Open Network, raising about 1.7 billion in two presale rounds. Though the team led the network development until 2021, Telegram was forced to pull out after settling a legal dispute with the Securities and Exchange Commission, which resulted in a $1.3 billion reimbursement to investors. In 2022, The Open Network transitioned to a Proof of Stake network, prompting a decrease of 75% in new coins entering the market. Toncoin is the native cryptocurrency of the Layer-1 blockchain, with a circulating supply of 3.74 billion.
Toncoin Was Envisioned As A Utility Token That Fuels dAapps Within The Ecosystem
Toncoin is a digital currency that uses advanced blockchain technology to guarantee efficiency and anonymity while empowering quick, safe transactions. The experts closely monitor the markets for an accurate Toncoin price prediction, which requires an in-depth examination of data, blending past performance with projections for future trends. Reigning over The Open Network ecosystem, Toncoin is used to pay transaction fees, which are nominated in gas units and fixed at a certain amount. Even if the utility token’s price increases, transactions will remain super cheap. The current price is $0.01.
The Open Network supports a robust ecosystem of decentralized applications (dApps) and smart contracts – it can accommodate up to 292,292 blockchains, which means it can process a near-limitless number of simultaneous, ultra-fast transactions. The ecosystem is home to decentralized finance (DeFi), NFTs, gaming, and meme coins (e.g., GraFun). The Foundation offers grants to help community-driven initiatives reach their full potential, and applicants are expected to have a marketing and product strategy to win over users. Launched in 2022, DeDust is the most advanced decentralized exchange created on the blockchain. It uses algorithmic “money robots” to allow users to buy and sell digital assets.
Users Can Participate In Network Security By Staking Their Toncoins
The Open Network uses the Proof of Stake consensus model for scalability and reliability, which are guaranteed by validators. Put simply, modifications are only possible if approved by the majority of validators, who don’t need substantial GPU computing to mine the proposed blocks. Validators receive incentives for proposing new blocks and attesting other validators’ blocks – the current reward rate of Toncoin is 4.73%. No setup is required, and there are no penalties or on-chain staking risks. Each node is chosen based on the number of coins staked, which promotes a secure and decentralized validation process.
Toncoin Can Be Used For Executing Smart Contracts On The TON Virtual Machine
The Open Network has a cost-effective operating system, the TON Virtual Machine (TVM), which can handle countless users and transactions per second. At least in theory, that is. The TVM executes smart contracts on the blockchain; they have numerous applications, including peer-to-peer transactions, registering property ownership, and digital identity verification. A contrast is made up of code and data that are stored in some address on the blockchain. The underlying conditions will always be followed and can’t be altered after the purchase. Executing a smart contract requires Toncoin, which compensates validators for the computational resources used. Developers can fund contracts directly or charge users.
Governance Is Typically Facilitated Through Toncoins, Which Allow Users To Vote
You can use Toncoin to participate in network governance decisions, such as project direction, ongoing updates, and ecosystem optimization. Attention must be paid to the fact that The Open Network is still evolving, and specific details on how to participate in the decision-making process may change over time. For starters, acquire and hold Toncoin, which can be achieved through various methods, including purchasing it on a cryptocurrency exchange. Next, ensure you have more recent and accurate information about developments and proposals within the community by following official channels, participating in forums, or joining relevant communities.
The Open Network Foundation has established a new governance model – the Society DAO – to encourage the community to get involved and have a say. Community members can influence decision-making, resource allocation, and project management within the ecosystem; respected and proven community members are able to coordinate vision, goals, and strategies in agreement with the network’s overall growth. Nevertheless, there are legal uncertainties surrounding DAOs, which could potentially stifle innovation. Jurisdiction is an issue, as such organizations typically include members from all corners of the globe.
Wrapping It Up
Since the source code of The Open Network was made public, it inspired many to start their own projects. Toncoin is the most successful initiative, and it’s used for a wide range of applications, ranging from micropayments to decentralized data storage. Every Toncoin holder gets a say in the decisions that shape the network’s future. By way of illustration, in February 2023, token holders voted to freeze inactive mining wallets for four years, locking up almost 20% of the Toncoin supply. Centralization might have been effective in the early stages of the ecosystem’s development, but a more adaptable model is now required.
In March 2024, Telegram announced plans to share ad revenue with channel owners, largely considered one of the most generous reward systems in the history of social media. Payment will be settled on the blockchain in Toncoin. Owners of public channels with at least 1000 subscribers can be granted 50% of the revenue from the ads displayed on their Telegram channels. Even if the decentralized computer network is separate from the messaging service, Telegram has chosen The Open Network as its protocol of choice. Telegram CEO’s arrest in August at an airport north of Paris didn’t reduce enthusiasm for The Open Network.
