Toncoin (Everything You Need To Know)
Toncoin may not be the most popular cryptocurrency. However, this aligns with the value proposition of this investment/currency. As a Web3 extension to Telegram (a platform known for its secure messaging capabilities), Toncoin offers privacy advocates the opportunity to store and manage their money without the risk of government intervention.
In this article, we explore how Toncoin works, why it is a sound investment, and how you can get started with this unique cryptocurrency. Make sure to read on because price predictions are given, and by the end of this insightful piece, you’ll know what to expect from this crypto asset.
What is Toncoin?
Toncoin is a cryptocurrency that was created in 2018 to facilitate secure, transparent payments and transactions across a large number of countries. It is based on blockchain technology, which means that it can be used for peer-to-peer (P2P) transactions without the need for middlemen. In addition to providing fast and low-cost payments and transactions, Toncoin also offers enhanced privacy and security. This is one of the main value propositions of this cryptocurrency, along with its scalability capabilities.
Sharding technology is used to provide users with the ability to scale their transactions securely. This technology allows for the use of multiple blockchains, which can be used in parallel, allowing for faster and more secure transactions. By breaking down a transaction into multiple parts, the overall speed and security of each transaction are improved.
Who created Toncoin?
This cryptocurrency was created by Pavel Durov and Nikolai Durov. These two brothers also created Telegram. Telegram is a well-known messaging platform that promotes privacy. It was launched in 2013 and has since become one of the world’s most popular mobile instant messaging services. The Durov brothers created Toncoin as an extension of their commitment to privacy and security.
How does Toncoin Work?
Toncoin (TON) works through a PoS (Proof-of-stake) consensus mechanism. As a layer-1 blockchain, each transaction results in a reward for those that stake their crypto. By incentivizing validators to help secure the network, ‘The Open Network’ (blockchain for Toncoin) remains safe, secure, and decentralized. The network also utilizes smart contracts to facilitate the completion of various transactions. Toncoin can also be used as currency for dApps within this ecosystem.
dApps are decentralized applications that are powered by blockchain technology. These apps can be used to provide users with access to a variety of services and other distributed ledger-based operations. As developers have their beliefs aligned with the ethos of Toncoin, the ecosystem is expected to increase, and the use cases of Toncoin should increase in tandem.
How to Buy Toncoin
This simple step-by-step guide will help you buy Toncoin (TON). The process is a relatively easy one and shouldn’t take you too long.
1. Open An Exchange Account or Create A Web3 Wallet
The first step to buying Toncoin is to open an account with a cryptocurrency exchange. Many exchanges offer Toncoins, so choose one that suits your style. Decentralized options include PancakeSwap, Uniswap, Biswap, Nomiswap, and ApeSwap, while centralized exchanges such as KuKoin and Huobi also provide purchase abilities.
2. Complete KYC Verification (Centralized Exchanges)
If you’re using a centralized exchange, you will most likely be required to complete a KYC (Know Your Customer) verification. This process is used to verify your identity and ensure that you are not using the exchange for any illegal activities. The KYC verification process varies depending on the exchange you are using, so make sure to read their instructions carefully.
3. Fund Your Account
Next, you must fund your account with a suitable payment method. This could be traditional methods such as debit and credit cards or more modern options like PayPal. Crypto such as ETH would be needed for DEXs such as Uniswap.
4. Buy TON
Once your account is funded, you can proceed to buy Toncoin. Choose the amount of Toncoin you wish to purchase and confirm your purchase. The coins will now be credited to your account, and you’ll be able to use them for transactions.
5. Bonus Option (Safe Storage)
As the saying goes in crypto – “not your keys, not your coins .” To avoid losing your Toncoins – you should store them in a secure wallet. This can be done through a hardware device or software solution such as MetaMask.
Buying With Telegram Bots (Alternative Option)
If you are looking for a more private way to buy Toncoin, you can use Telegram bots. They allow you to purchase TON tokens with cards or even P2P transactions. Simply message @wallet or @CryptoBot on the telegram platform to get started.
This is a preferred method because it avoids KYC and reduces the third-party risks of going down the DEX route. Many Telegram users prefer this method as it already integrates with their communication channels.
What is Toncoin Mining?
Mining is unique to PoS blockchains, and this was a differentiating factor for Toncoin. Mining on Toncoin involved minting coins into supply during its initial ICO (Initial Public Offering) phase. Rather than distributing the initial supply of TON to early investors and the founders, the team decided to incorporate a unique approach entitled, IPoW. This enabled a fair and decentralized distribution of the coins to miners.
Toncoin mining profitability
Toncoin is no longer available for mining as all the coins are now in circulation. As of June 28th, 2022, miners can no longer mint new coins. However, staking Toncoin remains an option as it is still possible to earn rewards for helping secure the network. For miners, an alternative was introduced as the last TON coin was minted.
Infinity Mining Pool
By signing up for the Infinity Mining Pool, you will begin mining other cryptocurrencies, such as ETH. Through this mechanism, miners will be rewarded with an equivalent amount of TON. Although this doesn’t add more TON to the total circulating supply, this can be a simple way to receive more TON through crypto mining. Despite the originating coin being another cryptocurrency, the end result is that every few hours it is exchanged into TON.
Is Toncoin a Good Investment?
Privacy is becoming an increasingly important factor in the digital space. Toncoin is one of few cryptos that have a strong focus on privacy and security, making it an attractive option for many investors. However, privacy coin sentiment may shift over time, so it’s important to evaluate the project before investing.
Toncoin also has a wide range of use cases and applications, from payments and settlements to dApps. As the network matures, more projects may utilize Toncoin as a base currency for their operations. Additionally, the team behind Toncoin is highly experienced, with a strong messaging platform to accompany the project.
With all the coins now in circulation, Toncoin is an attractive investment opportunity due to its strong fundamentals and technological foundations. Potential investors should consider the risks associated with any cryptocurrency before investing.
As we move towards the last half of the decade, Toncoin is expected to become even more popular as the demand for privacy coins increases. Analysts are forecasting that by 2025, Toncoin could reach $7.50-10.50. By the end of the decade, some predictions are estimating a price of $21-$100. This is a large range of various analysts who have differing opinions.
However, it’s important to remember that price predictions are always speculative and should not be taken as financial advice. Before investing in any cryptocurrency, individuals should always do their own research and assess the risks.
Is Toncoin Safe?
Yes, Toncoin is a safe and secure cryptocurrency. Its blockchain utilizes strong encryption protocols to safeguard user data and transactions, while its PoS consensus mechanism ensures the network remains decentralized and immutable.
In addition, the built-in smart contract functionality ensures that all transactions are secure and properly authenticated. Users can store their coins in wallets that are compatible with Toncoin, while exchanges must be thoroughly vetted before trading TON tokens.
In terms of investing, Toncoin has risks such as black swan events and broader economic downturns. This means there’s potential to earn large profits as the network grows but also the possibility of suffering. It’s an ‘altcoin‘ which is typically susceptible to more volatility.
Ultimately, Toncoin is an attractive investment opportunity due to its strong fundamentals and commitment to privacy and security. Toncoin is a safe and reliable network that has been around for a few years now with no major flaws or causes for concern.
Final Thoughts of Toncoin
As of 1/7/2023, the price per Toncoin is trading in the $2.10-2.20 range. Price predictions indicate a potential 5-10x increase within the next 5-10 years. But the truth is: No one knows what’s going to happen in the cryptocurrency space or whether Toncoin will be a good investment. Only time will tell. Predictions are just that – predictions – and should never be taken as financial advice.
With more censorship plaguing many nations and online speech has been heavily monitored, privacy coins are becoming increasingly popular. As such, Toncoin is a great project to consider investing in if you’re looking for a coin with strong fundamentals.
We Coin-Labs.com provides only objective information about Toncoin.
Therefore, we are not responsible for the investment decision in Toncoin and the resulting loss.
Toncoin Basics
Here are some factors that investors should consider before investing in Toncoin.
| Cryptocurrency Features | Toncoin (TON) |
|---|---|
| Publisher or Developers | Durov Brothers |
| Headquarters (Registration Number) | Dubai |
| Symbol | TON |
| Platform | Ton |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | No limit |
Reliability Score of Toncoin in 2024
These are indexes mesuring the investment reliability of Toncoin conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | 8.1 / 10.0 CAR |
| Communication Rate | 8.8 / 10.0 CR |
| Technology Transparency Rate | 9.1 / 10.0 TTR |
| Development Participation Rate | 8.6 / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 3 Exchanges |
| Number of Available Pairs Worldwide | 589 Pairs |
| Market Cap of the Cryptocurrency | 7,222,152,753 USD (Rank #15) |
The table above shows the result of investment suitability evaluation for Toncoin.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Toncoin Price
Here are the price and recent trading volume of Toncoin. (Data of 2024-11-02 00:37:00)
| Price Items | Price and Trading Volume of Toncoin |
|---|---|
| Toncoin Price | 4.927 USD |
| Price Change 24h | 1.48% |
| Price Change 7d | -1.88% |
| Trading Volume 24h | 169,116,429 USD |
| Trading Volume Change 24h | 10.48% |
Cryptocurrency Metadata
You can check the development status and social media information of Toncoin through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | https://ton.org/ |
| 📖 White Paper | https://ton.org/whitepaper.pdf |
| 🛰️ Source Code (GitHub) | https://github.com/ton-blockchain |
| https://twitter.com/ton_blockchain | |
| 🎺 Message Board |
Where to Buy Toncoin
Here are the top ten world crypto exchanges where traders can buy Toncoin in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Not listed | |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Listed | https://www.kucoin.com/trade/TON-USDT |
| Bitfinex | Not listed | |
| OKX | Not listed | |
| Huobi | Listed | https://www.huobi.com/en-us/exchange/ton_usdt |
| Bitstamp | Not listed | |
| Bybit | Not listed | |
| Gate.io | Listed | https://www.gate.io/trade/TON_USDT |
Frequently Asked Questions
What is the current price of Toncoin?
Toncoin price today is 4.927 USD. Furthermore, the price of Toncoin has fluctuated by 1.48% from 24 hours ago, and by -1.88% from a week ago.
Where is Toncoin listed?
Currently, it is listed on a total of 3 among the world top 10 exchanges.
What is the market cap of Toncoin now?
Currently, Toncoin has a market cap of 7,222,152,753 USD, which is ranking 15 among cryptocurrencies worldwide.
How much is the trade volume of Toncoin?
Currently, 2,543,992,549 TON coins are circulating through 589 market pairs. As a result, in the last 24 hours, 169,116,429 USD of TON coins were traded in the market.
