TON (The Open Network) is a next-generation blockchain system. As conceived by the authors of the project, Nikolai and Pavel Durov, it was designed to unite the chains of all Internet cryptocurrencies into a single global network. The cryptocurrency of TON is Toncoin. Let’s see if the Telegram team managed to realize their plans and what is the state of TON at the moment.
The history of the creation of the project The Open Network
Telegram’s work on creating its own blockchain platform began in 2018. It was planned that TON, within a single ecosystem, would unite not only the blockchain and the payment platform, but also file storages, Proxy, and a number of other decentralized services. It was believed that the Telegram Open Network would be able to process millions of transactions in 1 second.
Work on the project was successful until in 2020 the SEC, or the SEC (the US securities regulator), imposed a ban on the launch of the Telegram blockchain.
Durov had to abandon a promising project. So that the developments would not be lost, he posted the open source, and also transferred the trademark, repository and domain to the open community. Telegram Open Network was renamed to The Open Network, the changes also affected the token. Instead of Gram, it became known as TONcoin.
Since then, it is the open community that has been engaged in the further development of the project, providing comprehensive support to the participants. On my Telegram blog, I have already published TON WhitePapper from Nikolai Durov with a translation into Russian.
Bottlenecks that must be closed by TON
The idea of Nikolai Durov was to create the most advanced blockchain in the world, which would cover the weaknesses that are inherent in modern cryptocurrencies:
Increased transaction speed. Bitcoin holders know that it is the most popular cryptocurrency, but at the same time, the speed of its transaction can exceed a day. This is very inconvenient, and Durov ensured that the transaction speed did not exceed a few seconds. This means that the system has become as fast as MasterCard or any other payment system. This is an important point that would allow TON to compete with them in the global market for payments and funds transfer.
Protected from the actions of scammers. The idea to bring TON to the leaders of the crypto world was very ambitious, so it was necessary to think in advance about protecting the interests of users. Fraudsters are constantly trying to exploit the weaknesses of decentralized systems, so the Telegram team was tasked with reducing the likelihood of the blockchain splitting into several separate cryptocurrencies. Also, the experts had to think about protecting Toncoin from possible attacks by intruders.
Overcoming legal restrictions. In this case, it was about the restrictions that could be imposed on OET by regulatory authorities and governments of different countries.