In the vast world of cryptocurrencies, numerous projects, led by Bitcoin and Ethereum, are vying for attention. However, there is one altcoin that often goes unnoticed despite its remarkable qualities, according to analyst Stu L. Here are the details…
Analyst hopeful for this altcoin
Analyst Stu L. points to TON, short for The Open Network, as an under-the-radar altcoin. So what exactly is the TON Network? TON stands out for its unique qualities. First of all, it has a substantial built-in user base, with 55 million daily active users and an impressive 550 million monthly active users, including a significant portion of the community.
But what sets TON apart is that, while co-ownership is a notable feature, it goes beyond its relationship with the Telegram app. TON quietly and carefully constructs his own identity. In a cryptocurrency environment where projects like Cardano and Polkadot have avoided over-promoting themselves, The Open Network suffers a similar fate. It remains one of the least discussed projects among the top 25 cryptocurrencies. Surprisingly, Toncoin (TON) ranks as the 24th most valuable coin in the crypto market with a current price of $1.98 and a market cap of $3 billion.
What does TON offer?
TON differentiates itself with its modular Blockchain structure recently unveiled by Venom. The Open Network has a structure as follows:
- masterchain
- Workchains
- shardchains
This means that TON is a modular Blockchain. It could be one of the first chains to exist, or it could be one of the largest. As with Cosmos Hub, which now offers security to its ‘zones’, Masterchain helps secure the entire network. Next, workchains are their own L1 chains that can do whatever they want. They can issue tokens, build an EVM or other virtual machine, or use it for any other purpose. Also, shardchains use sharding to process transactions faster. This is why transactions on TON are so fast and cheap. Modular Blockchains are a big narrative in crypto right now.
What else is in the TON ecosystem?
Most of the apps in TON are currently useful, according to the analyst. It can be difficult to find today’s benefit in crypto. Many projects are being built for thinking about how it will look 3-5 years from now. But some of the useful services that people love right now include:
- Anonymous eSIM service to provide mobile data access on your phone while traveling.
- Affordable TON VPN, Connecton VPN or anonymous VPN4TON
Altcoin linked to Telegram
The connection between TON and Telegram is based on blood ties. The Durov brothers, the founders of Telegram Messenger, also founded TON. They released the Telegram Open Network whitepaper as early as 2018. During this period, Telegram was developing this Blockchain until 2020. Why did Telegram stop developing TON? You can thank the SEC in the US for that. In October 2019, just weeks before its launch, the SEC made a statement. The SEC stepped in and sued Telegram. This nearly destroyed the project. The Durov brothers initially had a legal fight.
However cryptocoin.com As we also reported, they gave up after 9 months in court and paying a fine of 18.5 million dollars. But it’s not over. Some developers still believe in the project and continue to work on it. There were some glitches with a few forks in the beginning. But then TON rose from the ashes as the most beneficial solution.
Now comes the crazy part. Despite all this, TON and Telegram are still merged. The latest development to show this was the built-in Telegram wallet. Because if you open your Telegram and type @wallet in the search bar; You will be able to send and receive transactions in BTC, TON and USDT in a short time on Telegram. According to the analyst, its wide use in Telegram can also positively affect the price of TON.
