The Open Network (TON) is a blockchain-based decentralized computer technology that was developed by the Telegram network team. In May 2020, the Telegram team withdrew this project after litigation from the US Security and Exchange Commission.
The litigation result was that the SEC prohibited Telegram from issuing Grams to investors, due to which, Telegram stopped work on the TON ecosystem.
Telegram, however, open-sourced the TON OS to GitHub before it ceased working for this project. According to the reports, the release includes various components like TON Node in Rust programming language, a command line interface, TON Multisignature Wallet smart contract, and tools for launching TON validators. The TON OS could be launched independently by the TON validators, according to reports.
On July 3, 2023, the system introduced an encrypted messaging feature which changed the experience of communicating for the users. Until recently, messages sent through this open network were public. This feature will allow private messages to be sent through this network. This was introduced by the TON Foundation.
The foundation asserts that the network provides better stability and privacy than it did before with this new feature. The foundation also claims that by creating encrypted messages, it provides a better platform for transaction and communication compared to the Web3 ecosystem while also being decentralized.
TON core creator Anatoly Makasov, this feature was created in order to create a “personalization” to transactions. According to the creator, the messaging platform has been creating features that can make communicating more ‘personalized’ over the years but with this new encryption feature, the users can communicate with more ease as it is end-end encrypted.
The creators also claim that in case there is a server breakdown or a shutdown, TON can help with safe and reliable communication.
The encrypted messaging feature has been introduced in several retail wallet apps of TON such as MyTonWallet, OpenMask, and TON Wallet. This feature is also being introduced in the mobile app Tonkeeper in their upcoming updates to the app.
TON launched a $25 million accelerator program on May 22, 2023. This program encourages users to trade cryptocurrencies through this platform.
The first group of recipients for the funding will primarily consist of projects that took part in the TON hackathon. The main focus of investment will be on taking care of decentralized finance (DeFi) projects. These projects will need to have a minimum feasible product (MVP) already developed and require assistance in marketing, business, and technology.
The developers also stated that users who require proofs-of-concept and greater technical support will have to apply for earlier permits.
In April, TON secured a $250 million dollar commitment from many of the top firms to improve its ecosystems. Following its launch, The Republic of Congo, Cameroon, and The Democratic Republic of Congo agreed to adopt the TON blockchain.
In November, the TON community built a bot that would help in trading and transferring cryptocurrency. With this feature, users are able to trade cryptocurrencies without leaving the app. This upgrade was launched in April 2023. The application initially only allowed users to trade TON coins but now with the recent update, it’s a fully functional cryptocurrency network.
The TON developers created this wallet bot to make trading cryptocurrencies easier. The wallet bot also allows Telegram users to convert currencies such as USD, Euros, etc into cryptocurrency. The supported currencies for this wallet is United States dollars, euros, Ukrainian hryvnia, Belarusian rubles, and Kazakhstani tenge.
The transactions on the wallet are safe and reliable as the wallet bot also acts as a guarantor between the two parties. Any queries regarding the transactions will be resolved by the bot. Whether the parties choose to communicate anonymously, the parties need to enter their phone numbers in the Telegram app in order to trade on the wallet bot.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
