What is Open Network (TON)

The Open Network or TON (TON/USDT – Trade it here) is a fast, secure and scalable blockchain and network project, capable of handling millions of transactions per second if necessary, and both user-friendly and service provider-friendly. It is a fully decentralized layer-1 blockchain designed by Telegram to onboard billions of users. Basic information for their token is available on the MEXC Digital asset introduction page.

What is TON used for?

The team aims for it to be able to host all reasonable applications currently proposed and conceived. One might think about TON as a huge distributed supercomputer, or rather a huge superserver intended to host and provide a variety of services. TON is a combination of the following components: A fexible multi-blockchain platform; a peer-to-peer network; a distributed file storage technology; a network proxy/anonymizer layer; a Kademlia-like distributed hash table; a platform for arbitrary services TON DNS, a service for assigning human-readable names to accounts, smart contracts, services, and network nodes; TON Payments.

While the TON Blockchain is the core of the TON project, and the other components might be considered as playing a supportive role for the blockchain, they turn out to have useful and interesting functionality by themselves. Combined, they allow the platform to host more versatile applications than would be possible by just using the TON Blockchain. TON’s network currently consists of a master, work, and shard chains.

What is Open Network (TON)
What is Open Network (TON)

Benefits of TON

  • It has low fees.
  • It boasts ultra-fast transactions.
  • TON is environmentally friendly.
  • TON has ETH and BSC as exchanging bridges.

Tokenmics of TON

Toncoin (TON) is the native token of the TON network. TON is an acronym for “The Open Network” and refers to a decentralized layer-1 blockchain. Layer 1 refers to the level of blockchain development and represents the key framework or architecture of a given blockchain network. TON uses a Proof of Stake consensus algorithm. The current annual rate of inflation derived from the fundamental parameters of TON is 0.6%. This inflation represents a payment made by all members of the community to the validators to keep the system functional.

The Market capitalization is 15 Billion, with a total supply of 5.04 Billion.

Ways to earn TON

  • Become a Validator

Becoming a TON network validator requires access to high-performance hardware on a highly available network, as well as access to a large degree of Toncoin as a stake. Validators stake Toncoin for a fixed specific term, and the stake is refunded with interest after the completion of a validation round. Open-source software is available for those that wish to become validators.

Network validators verify user transactions. If all validators reach a consensus that a transaction is valid, it is included in the blockchain. However, the network validators will reject Invalid transactions. Therefore, validators have to correctly process user transactions at maximum speed to receive rewards and avoid penalties.

  • Become a Nominator

The TON Nominator service allows Toncoin holders to lend their assets to owners of validator nodes (validators). Toncoin earned by the validator is distributed to those that lent their assets to the validator.

The TON Nominator smart contract guarantees that borrowed coins will be used solely for validation purposes, and that revenue gained will be distributed as per stated conditions.

Recent Price & Performance of Open Network (TON)

TON is the governance and utility token for the ecosystem. Token holders play a huge role in sustaining the smooth running of the entire ecosystem. They can vote on implementing key changes to the platform. Users will also receive tokens as a reward for running the system.

Currently, their market price is $1.8227 per unit. They have a market cap of $2,249,831,489 and a fully diluted market cap of $9,168,411,135. It also has a 24-hour trading volume of $23,533,989. You can check the live price of their token right here!

How to buy Open Network (TON)

You can buy Open Network (TON) on MEXC by following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “TON” using the search bar to see the available trading pairs. Take TON/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of TON you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy TON] to confirm your order. You will find the purchased TON in your Spot Wallet.

You can find a detailed guide on how to buy TON token here.

Keep Yourself Updated With The Crypto Trend

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