About Toncoin

Toncoin (TON) is the native cryptocurrency of The Open Network (TON), a decentralized layer-1 blockchain. The TON blockchain is open-source and supported by various contributors, including the Switzerland-based non-profit organization, the TON Foundation.

The journey began in 2017 when the Telegram team started developing a blockchain network called Telegram Open Network (TON) with a native cryptocurrency called 'Gram.' However, in May 2020, Telegram's founder and CEO, Pavel Durov, announced that Telegram would no longer be involved with the TON Blockchain due to a court order by the SEC, and the Gram token was never released.

Since then, the technology has been carried forward by an independent community of developers and blockchain enthusiasts. The blockchain was rebranded from "Telegram Open Network" to "The Open Network," with Toncoin as its native cryptocurrency. The whitepaper still includes parts of the original codebase written by Dr. Nikolai Durov, co-founder of Telegram and brother of Pavel Durov. Toncoin uses the proof-of-stake (PoS) consensus model to ensure the network's scalability and reliability.

The TON Foundation's goal is to enable 500 million users to control their digital identity, data, and assets by 2028 by supporting developers in building a Web3 ecosystem within Telegram Messenger.