What is Toncoin (TON)?

Toncoin is a layer-1 blockchain developed in 2018, of which TON is the native token. The popular social messaging platform Telegram initially developed Ton (Telegram Open Network) to support its 9-figure user base. However, Telegram withdrew from the project following legal issues with the US Securities and Exchange Commission (SEC) regarding an unregistered security offering of TON crypto. In 2020, the TON Foundation changed its original acronym from 'Telegram Open Network' to 'The Open Network'.

Toncoin leverages the existing blockchain technology and the internet to build a global network. It is a blockchain structure of multiple blockchains which can be scaled up to process more transactions and unite different blockchains into one network. Ton components include TON Blockchain, TON DNS, TON storage, and TON sites.

TON, the native token of Toncoin, is the lifeline of the platform. It is used to pay transaction fees, settle payments, and validate transactions on the PoS consensus of the network.

How does Toncoin (TON) work?

Toncoin is a decentralized layer-1 blockchain ecosystem built to provide high scalability at minimal fees for dApps, cross-chain transactions, and Smart contracts. It achieves it through a multi-level sharding-based structure resembling multiple work chains within the main blockchain. It allows the layer-1 blockchain of TON to scale up to multiple (2 to 32) work chains, further enabling each work chain to be divided into multiple shards (2 to 60). Each shard completes different tasks simultaneously. This approach allows thousands of transactions to take place in a sub-blockchain of Toncoin. This approach prevents network congestion even if the main blockchain is busy. The master chain of the Toncoin serves as a reference point for the workchains and shards.

This multi-level sharding system of TON is secured by the PoS consensus where TON coins holders can become the network validators and validate the transactions. They get new TON coins as a reward in return for their service.

By leveraging a unique blockchain technology, the TON network offers the following services: TON wallet, TON Storage, TON DNS, and Ton Proxy and Sites. While the TON wallet is a built-in wallet function that allows the transfer of funds and interaction with other platform services, Ton Storage allows its users to upload data and multimedia to the decentralized Ton Network in a unique code format, which can be retrieved when needed. Through it, Ton attempts to use the data storage capacity of blockchain technology like many other crypto projects such as Filecoin and Storj.

TON DNS (Domain Name Service) lets you convert your long alphanumeric TON wallet addresses to human-readable domain names. Users can also send funds to these TON DNS addresses and use them as NFTs. Anyone can create TON Sites by paying a specific amount of TON for each domain name from TON DNS.

TON Proxy allows users to hide their real IP addresses when accessing resources available on the TON platform. It lets users access ".ton" websites with regular browsers without disclosing their IP addresses. Moreover, using decentralized VPNs, TON clients can interact directly with each other simultaneously despite being anonymous. Since it follows a decentralized approach, the TON proxy is also efficient in handling censorship issues related to its centralized counterparts. Ton claims to optimize Its Proxy over different releases to ensure user privacy.

All the transactions and services on the TON network require TON coin as payment. The maximum supply of TON is 5 billion, of which around 3.4 billion were in circulation at the time of writing. The validators of the network who validate these transactions receive the reward in TON for their contribution. The minimum amount to become an independent validator in the TON network is 10,000 TON.

However, you can participate with even 50 TON tokens through the nominator pools of the platform. These nominator pools allow a group of TON coin owners to come together, lend their assets to a validator, and earn a portion of that validator's earnings. Since these nominator pools are open source and work on Smart contracts, they guarantee that the lent TON tokens will only be used for staking purposes by the validator. The total reward per consensus round in TON is 40,000 TON, and the average reward per validator is 120 TON. It means that the market's annual inflation rate of new TON coins ranges between 0.3 to 0.6%.

Currently, TON is used to build dApps, participate in staking, and perform transactions or cross-chain transfers on its network. It is also usable to pay for the TON DNS and TON proxy-related services. Voting on the new and existing protocols of the TON network is also possible through owning TON coins.

How to Buy Toncoin (TON) in India?

There are many crypto exchanges in India where you can buy, sell and trade Toncoin (TON) in India.

One such platform is Flitpay. To buy Toncoin  (TON) in INR, you have to sign up to Flitpay, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, make sure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy Toncoin (TON) and execute the Toncoin (TON) purchase.

You can instantly convert your INR to Toncoin (TON) and Toncoin (TON) to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What Do I Do After Buying Toncoin (TON)?

Toncoin (TON) can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the Toncoin (TON) till it reaches a high price, and then you can sell it through the FLITPAY Quick Buy/Sell order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price. 

Since TON is the native token of the PoS-based Toncoin Network, you can use it to participate in the staking program and earn new TON coins as a reward. In case you wish to interact with the features developed by Ton, like TON DNS and Ton storage, you can also do that by spending TON coins. 

FAQs

What is Toncoin (TON)?

TON is the native token of the Toncoin blockchain that works to offer several decentralized products. Its use cases involve acting as the platform currency, staking reward, and governance token for the Toncoin network. Its capped supply is 5 billion.

What is the Toncoin (TON) price in India?

Check out the current INR price of Toncoin in India on Flitpay.

Which is the best crypto app to buy Toncoin (TON) in India?

The best crypto app in India to buy TON or your favorite cryptocurrencies is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the benefits of the Toncoin (TON)?

Toncoin (TON) provides numerous advantages, notably high scalability, cost-effective transactions, and a scalable PoS consensus model. Its multi-level sharding architecture efficiently manages a large volume of transactions without congestion. TON coins play a pivotal role, granting access to diverse services and enabling participation in staking. Furthermore, TON DNS and TON Proxy enhance user convenience and privacy. Toncoin's versatility makes it an invaluable asset for blockchain enthusiasts, investors, and anyone seeking efficient decentralized solutions.

Is it safe to invest in Toncoin (TON) in India?

Yes, investing and trading Toncoin is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying Toncoin. It offers real-time prices and advanced investing features.

Is Toncoin (TON) a Good Investment?

Toncoin (TON) offers several benefits, like high scalability, low transaction cost, secure PoS consensus, and a scalable multi-sharding structure. All these features give Toncoin (TON) a good utility within the ecosystem. However, the crypto market is risky and volatile. Thus, investing in TON should be done with utmost caution.