The Open Network (TON) is a fast, secure, and scalable blockchain and network project capable of processing millions of transactions per second, making it user-friendly for both individuals and service providers. TON coins are used to pay the required deposits to become a validator; transaction fees, gas payments (i.e., smart contract processing fees), and persistent storage payments are typically also made in TON coins.

About the Project

TON is a Proof-of-Stake Layer 1 network. It can infinitely shard and achieve millions of TPS, supporting billions of users, smart contracts, and decentralized applications. TON can connect to other blockchains and link them through its innovative HyperCube technology.

In addition to the TON public blockchain, TON has developed storage, site, and DNS services, further enhancing the network’s capabilities. This allows different blockchain shards within the network to communicate with each other and access websites and files.

TON aims to become a Web3.0 network that includes decentralized storage, an I2P network, instant payments, and highly user-friendly decentralized applications.

Telegram initiated this project in 2019 but ceased development in June 2020. Since then, the network has been supported by the open-source community of TON.