Tonconnect | Full History of Toncoin and The Open Network (TON)

The Open Network (TON) was initially conceived by Telegram, a popular messaging app founded by Pavel and Nikolai Durov. The project began in 2017 with the ambition to create a decentralized blockchain platform that could scale to millions of transactions per second, enabling a new level of speed and efficiency in the blockchain space.

The platform was designed to support a wide array of decentralized services, including payments, file storage, and decentralized applications (dApps). The cryptocurrency associated with TON was named "Gram."

Telegram's Initial Coin Offering (ICO):

In early 2018, Telegram launched one of the largest Initial Coin Offerings (ICOs) in history, raising around $1.7 billion from private investors to fund the development of TON. The promise of a blockchain that could seamlessly integrate with Telegram's existing user base of millions was a major draw for investors.

Regulatory Challenges:

However, the project soon ran into significant regulatory issues. In October 2019, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Telegram, alleging that the Gram tokens were unregistered securities. The SEC argued that Telegram's ICO violated U.S. securities laws by selling unregistered securities to investors.

Faced with mounting legal pressure, Telegram decided to halt the development of TON and return the majority of the funds raised to investors. In May 2020, Telegram officially

announced that it was ceasing its involvement with the TON project.

Community Continuation:

Despite Telegram's withdrawal, the TON project did not die. The open-source community picked up where Telegram left off, continuing the development of the blockchain under the new name "The Open Network" (TON). The native cryptocurrency was renamed "Toncoin" to distinguish it from the original "Gram."

The community-driven development has kept TON alive, and it has gained a dedicated following of developers, validators, and users. The TON blockchain remains focused on its original goals of scalability, speed, and decentralization.

Features and Technology:

TON is a multi-layered blockchain platform with several innovative features:

- Sharding: TON uses a dynamic sharding mechanism that allows the blockchain to split and merge shards as needed, enabling it to handle millions of transactions per second.

- Instant Hypercube Routing: This technology ensures that data can be quickly and efficiently routed through the network, reducing latency and improving speed.

- Proof-of-Stake (PoS) Consensus: TON uses a PoS consensus mechanism, where validators stake Toncoin to participate in the network and earn rewards.

- Decentralized Storage and Services: Beyond transactions, TON aims to provide a decentralized file storage system, DNS, and other services to create a truly decentralized internet.

Current Status:

As of now, Toncoin is actively traded on various cryptocurrency exchanges, and the TON blockchain continues to evolve. The community has developed a number of decentralized applications on the platform, and the ecosystem is slowly growing.

TON’s vision is to become a key infrastructure for a decentralized internet, providing users with privacy, security, and freedom from centralized control. While it faced significant setbacks, the resilience of the community has kept the project alive and progressing.

As the countdown is going on for the launch of on of the biggest Toncoin project Tonconnect begins, the excitement is palpable! This new project is set to revolutionize the TON ecosystem, opening up new possibilities for seamless connectivity and innovation. Whether you're a developer, an investor, or simply someone passionate about the future of decentralized technology, Tonconnect is the gateway to a new era. Get ready to witness the power of blockchain like never before—where speed meets scalability, and community-driven vision meets cutting-edge technology. The future is bright, and it's connected with Tonconnect! Stay tuned, join the telegram group and be part of the revolution!