Toncoin Price in India (TON)

The Toncoin (TON) is the native token of the decentralized blockchain, The Open Network. The TON Network is a fast and secure blockchain infrastructure that offers an ideal environment for the development of dApps, DeFi,  gaming, and file storage. TON facilitates transactions and other network operations on the TON network.

Toncoin was originally developed by Telegram, the messaging app, in 2018. However, the project had to be abandoned due to regulatory issues with the US Securities and Exchange Commission (SEC). The project was later picked up by an independent developer community that formed the TON Foundation in 2021. The TON Network is based on the project’s original vision and uses the same open-source code.

• The TON Network is decentralized and uses open-source code. 

• The network processes transactions fast without latency with the implementation of the sharding mechanism. 

• Toncoin offers low transaction costs, providing a good environment for interaction with dApps. 

• Toncoin’s native token TON is very versatile. Besides the transactional value it carries, users can stake TON and earn rewards.

Toncoin has grown in price significantly since its launch in 2021. It has risen from under $1 to around $7 as of June 2024. TON is ranked number 9 among the top 10 cryptos by market capitalization, surpassing several market leaders. It has a lot of potential and many consider it a promising cryptocurrency.

Toncoin (TON) offers several utilities to users. Let’s look at some of them: 

• Toncoin is used for paying transaction fees for smart contracts and payments within dApps on its platform. 

• TON token holders contribute to network maintenance via staking which keeps the network safe and also rewards stakers for their contribution.

• Toncoin’s TON is used for cross-chain transactions within the TON Network and other blockchain networks.

• TON holders can participate in the on-chain governance and major decisions related to the network such as protocol upgrades and network settings.

• Toncoin can be used for decentralized data storage within the TON Network.

Pros

• Staking: Toncoin users can stake their TON tokens to validate transactions on the ecosystem to earn staking rewards. TON token staking can be done via the TON Network or through cryptocurrency exchange platforms like CoinSwitch. 

• Fast transactions and low costs: Toncoin facilitates fast transactions, both off-chain and on-chain, at a low transaction cost.

• Open-sourced and decentralized: The TON ecosystem is open-sourced which builds trust and security. The platform is also completely decentralized without a central authority at the helm. The network relies on a network of validators and their consensus to maintain the network.

Cons

• Messy history: Toncoin has a messy history with the original creators abandoning the project due to regulatory concerns. Some consider the network’s skirmish with the SEC a red flag that can lead to problems in the future. 

• Market volatility: Toncoin is susceptible to market fluctuations, regulatory risks, and high volatility like other cryptos.

• It only requires a small amount of Rs.100 to start investing in the Toncoin (TON).

• You can easily exchange digital currencies.

• It does not have any hidden processing fees involved in the currency exchange.

• You can easily withdraw the amount anytime as there is no maturity period.

• You get the best price for exchange available in the international trading market.

Toncoin’s Initial Coin Offering (ICO) raised regulatory concerns from the US SEC, eventually leading to the original developers dropping out of the project. In 2018, Toncoin, then known as Telegram Open Network, raised $1.7 billion, attracting the attention of the market regulator. The SEC held that Telegram’s unregistered offering of digital tokens called “Grams” violated securities laws. The project agreed to return the funds to investors.