All You Need to Know About Telegram TON Blockchain
When we talk about
cryptocurrency and Blockchain technology, we should be witnessing an infectious
adoption on a global scale. These technologies can further enhance
self-governance, thereby improving the security in the world. The obvious
ensuing step that should be taken is a mainstream adoption of this technology.
There are a good number of reasons why mainstream adoption
hasn’t been achieved yet. One of these reasons is that cryptocurrency and
Blockchain inventors are yet to create a singular product that can function as
a sort of Blockchain ecosystem. Such a product is sure to gain acceptance on a
global scale.
This is the concept the Telegram Open Network is aiming to
achieve. This guide aims to educate the reader on what the Telegraph Open Network
(TON) is and how it is positioning itself to achieve global mainstream
adoption.
What Is Telegram Open Network (TON)?
The Telegram Open Network will be a game-changer for social messaging. The
Blockchain is a project born of social media behemoth, Telegram, which will be
launched at the end of October.
So far, a total of $1.7 billion has been raised in funding for
this project through 200 private investors via an Initial Coin Offering. This
project can be a very lucrative venture for new investors to hop on considering
the insane amount of users that the platform has. One of the major focuses of
this project will be on Blockchain scaling. Blockchain scaling has lasting
issues stalking the crypto space and TON claims to have the remedy to this.
The major challenge facing Existing Blockchains is its inability
to scale enough to process large amounts of transactions suitable for mass
adoption.
TON is also planning to provide adequate security for users. The
primary goal of this technology is to boost cryptocurrency adoption across the
globe and this would be impossible if they fail to provide round-the-clock
security and insurance for its users. The decentralized nature of TON is going
to be of great essence to this cause.
The Telegram Open Network project is not some other conventional
ICO. This technology is also not built on any pre-existing Blockchain, instead,
TON comes with its very Blockchain, the TON Blockchain. This system also has
its cryptocurrency, GRAM coin, its consensus mechanism, and its virtual
machine.
The native coin, GRAM, can be utilized for several functions on
the Blockchain including micro-payments, providing access to DApps, payment of
fees and also, generating value for messages via the Telegram Messenger app.
This Blockchain boasts of being able to facilitate transactions
in a matter of seconds with limited or no charges. The TON platform comprises
of a Blockchain and 292 supplementary networks. The Blockchain will possess the
ability to support “sharding technology”, which is guaranteed to improve
transaction speeds.
Sharding is a method for splitting the whole network into a
bunch of compartments called shards, that incorporate their autonomous piece of
state and transaction history. The central principle behind sharding is to
conduct transactions in a parallel manner to distinguish data into several
small Blockchains that can communicate with one another.
The public Blockchain also features a decentralized application
platform and a peer-to-peer sharing and hosting economy.
In the Telegram Open Network’s white paper statement, the
Company is planning on merging the messaging app platform with a wide array of
other characteristics. The function will be most useful for knowledgeable
crypto users.
History of TON
Back in 2013, some tech enthusiasts yearned to create a system that offers
freedom by way of encryption. This was the desire that makes TON a reality
today. TON was created to sustain a stringent independent nature and also to be
a not-for-profit entity. The company followed in the of its mentor, Wikipedia,
by creating a ‘.org’ domain to accentuate its non-commercial nature even
further.
Telegram is an instant messaging cloud-based voice-over-IP
service that was created by Telegram Messenger LLP. The founding fathers of the
company are Pavel Durov and Nikolai Durov.
The ideology of substantial decentralization by the founding
fathers is also witnessed in the physical foundation of TON. The company makes
use of a server design that is scattered across several independent server
clusters to guarantee data encryption.
Due to impressive features like encryption, speed, and autonomy,
Telegram witnessed an extensive reception from millions of users in just a few
months after its release. Subsequently, Telegram has evolved into a system that
grosses over 12 updates in a year. In the first quarter of 2016, the system had
100 million active users and was delivering as much as 15 billion messages
daily.
In the last quarter of 2017, the system received 170 million new
users and was delivering as much as 70 billion messages daily basis. As of
March of 2018 Telegram had 200 million active users. As of today, 500,000 users
are added to the platform daily basis. Experts claim that these figures are
only going to continue growing exponentially manner over the years.
Telegram says it is planning on using these remarkable figures
to facilitate the widespread adoption of its cryptocurrency.
Features of TON
Information about the protocol as well as information about validators and
their balances are stored on the Blockchain. Unlike most cryptocurrencies, GRAM
does not provide support for mining, instead, the validity of transactions on
the platform are determined by ‘validators’ who receive a small commission for
every completed task.
There are also ‘working’ Blockchains which enables the user
conduct smart contracts. These Blockchains are configured with different rules
and make use of various Virtual Machines to execute the smart contracts.
Based on its white paper release, the Telegram Open Network will
have several components including:
1- TON proxy:
This is a mechanism on the network that will help users mask their identities
and create a decentralized virtual private network (VPN) to guarantee online
privacy. This mechanism is done in a bid to ensure that the services being
provided, including Telegram, has adequate protection form censorship.
2- TON storage:
This is described as a file storing mechanism used for the storage of arbitrary
files that possess torrent-like access technology and contracts used to
implement availability.
3- TON services:
This is an inaugurated platform that will be used to guarantee decentralized
browsing experience and also for smart contracts.
4- TON DNS:
This feature will allow for access to available decentralized services to its
users by designating accounts with human-readable labels.
5- TON payments:
This will provide support for instant off-chain payments within the network. It
also features in-built safeguards to ensure security when conducting transfers,
making sure that these transactions are as secure as on-chain transactions.
6- TON virtual machine:
This is the mechanism that facilitates smart contracts on the network.
What Is GRAM Cryptocurrency?
For a Blockchain to function properly, there has to be a native cryptocurrency.
Telegram has issued GRAM as the base cryptocurrency for TON. This coin will
function mainly as part of the in-app ecosystem on Telegram and will be used as
a means for payment. The external use of this coin is still yet to be
confirmed.
GRAM is built on a proof-of-stake protocol and protected using
“smart contracts”. This will allow the network to conduct up to 10 million
transactions per second. Furthermore, The GRAM coin can be used for the
following purposes:
Payment for in-built services delivered by DApps.
It can be used to pay for the storage and security and security of data in a
decentralized manner.
To pay for the registration of Blockchain domain names as well
as for hosting whatever TON-related sites.
To pay for the masking of identities and IP addresses, from specified viewers
to improve on privacy even further.
To pay for the avoidance of censorship that internet service
providers normally enforce.
To pay for digital and physical assets sold by brokers inside
the TON ecosystem or on other TON-related projects.
With regards to the business model practiced by TON, their
services are free for its users, in what TON calls a ‘Freemium’.
Potential Competitor
The obvious competition TON will be faced with is Facebook’s cryptocurrency
project, Libra.
Libra is a platform that will conduct almost the same functions
as the Telegram Open Network. Libra’s major aims are to, first, manufacture a
singular digital currency that will achieve global adoption. The second primary
aim is to create a facilitates domestic and international financial
transactions on a basic mobile interface. This system will be built on a
Blockchain architecture capable of achieving great speeds, security, and
scalability. It also plans on achieving a fully decentralized system as time
goes by.
These are goals that TON has also set for itself. Though they
both have different characteristics, it is obvious that they share similar
qualities. This has caused experts to believe that these entities will exhibit
intense competition when they are launched. Whether these Blockchain giants
become rivals or not doesn’t matter. What matters is that they receive
extensive adoption on the global front and bring more advancements to
cryptocurrency and Blockchain technology.
With the headway TON has been gathering, it is expected that
this product will receive an extensive adoption globally.
Source: https://cryptoevent.io/news
Share on Facebook Share on Twitter Share on Google+
Please Sign in or Sign Up to post comments