What is Telegram Open Network?
TON is a multichain platform being developed by Telegram that has raised record high amounts in private token sales in 2018 and is expected to bring a wide range of revolutionary technologies to life. The Durov brothers in charge of this project founded VK, the largest domestic European social network. They sold their stock and now run the popular instant messaging service along with a team of highly skilled developers.
Under the hood
One of the team’s main goals is to allow the network to securely and efficiently process millions of transactions per second. This will be achieved by implementing a variant of the Proof-of-Stake consensus mechanism and advanced sharding. With a foundation based on rigorous mathematics, TON Blockchain will have additional features such as a “self-healing” mechanism and Instant Hypercube Routing to make the system scalable and reliable.
The Gram in Telegram
With a user base of over 200 million, Telegram is, at the same time, widely considered the main communication channel in the crypto world. And here lies TON’s core advantage – every user will be offered a universal ID and an opportunity to use Gram, TON’s main token, with a range of services within the app.
Apps, Data, Sites, and more
Besides being able to create and execute smart contracts on the platform’s TON Virtual Machines, users will enjoy access to TON Storage, a distributed file storage system. It will also be used for running TON Services that include decentralized applications and a WWW-like browsing experience. Moreover, the network will provide an anonymizer layer called TON Proxy and TON DNS, which will assign readable names to accounts, services, smart contracts, and nodes.
Where to store Grams?
While some have questioned the project’s audacity, it will undoubtedly impact our lives for generations to come. The initial price of the Gram token is expected to be around 1.33 USD. Fortunately, our Magnum Wallet provides you with a secure solution to help you manage Grams and over 700 other tokens and coins. Some of the features include an instant built-in exchange with low fees and support of hardware wallets so you can stay on top of your investments in a user-friendly interface.