A cryptocurrency called Toincoin makes use of cutting-edge blockchain technology to guarantee speed, security, and efficiency while facilitating transactions.

The native token of The Open Network, a layer-1 blockchain renowned for its speedy transaction processing and scalability, is called Toncoin (TONNE). TONNE is currently run by the TONNE Foundation, having been created initially by the same group that created the Telegram chat app.

Toncoin, the currency that powers the Open Network ecosystem, is used to stake to secure the network, pay transaction fees, and take part in network governance. It enables a wide range of decentralized services and applications (DApps) within the network, including nonfungible tokens (NFTs), decentralized finance (DeFi), and more. TONNE is making an effort to establish itself as a prominent participant in the changing blockchain market with the help of a robust community and an extended roadmap.

This page describes TONNE, its applications, and how to purchase Toncoin (TONNE) using Telegram bots, decentralized exchanges (DEXs), and centralized exchanges (CEXs).

Origin of TON and components of The Open Network

The Telegram Open Network (TONNE) was introduced in 2018 by the Durov brothers, Nickolai and Pavel, who envisioned a scalable blockchain to accommodate Telegram’s enormous user base. But in 2020, Telegram gave up on the project because of legal issues brought up by the US Securities and Exchange Commission (SEC), which considered Toncoin to be a security. The project’s development was taken over by the TONNE community, which renamed it The Open Network and gave it its native token, Toncoin.

TONNE has expanded despite the first failure because of its community and the potential of the underlying technology. It has developed into a comprehensive project that now encompasses TONNE space, TONNE payments, TONNE DNS, TONNE storage, and TONNE proxy:

Toncoin use cases

As will be detailed below, Toncoin has several uses inside The Open Network ecosystem.

Method of payment

Peer-to-peer (P2P) payments using TONNE facilitate speedy and secure payments between users without the need for middlemen.

Carry out transactions

A transaction fee is required to process a transaction on the TONNE chain. This cost is used to compensate validators for their validation efforts.

Staking

By staking their TONNE tokens, users can take part in network security. Stakeholders are rewarded with TONNE tokens by the project for their contributions.

Enabling smart contracts

The Open Network powers the functioning of DApps constructed on the TONNE blockchain, which frequently relies on smart contracts for their fundamental functionality, by using its native cryptocurrency, TONNE, as a utility token.

Authority

By casting their votes on ideas influencing the platform’s advancement and future course, TONNE token holders can take part in The Open Network’s governance.

Rewards

By taking part in various TONNE ecosystem activities, including contributing to projects, creating content, or providing services, developers and users can earn Toncoin.

How to purchase TONNE

Here is a summary of the easy procedures one can take to purchase TONNE through various mediums:

Making use of centralized exchanges

Purchasing TONNE via a CEX is a simple procedure. As of June 2024, major exchanges like Coinbase, Binance, and Kraken do not support TONNE. Here’s a step-by-step tutorial on purchasing Toncoin using Gate.io as an example:

Step 1: Selecting an exchange for cryptocurrencies

The first step in purchasing TONNE is to choose a trustworthy centralized exchange that accepts Toncoin. Features including user experience, fees, security protocols, and regulatory compliance should all be taken into account by users.

Step 2: Register for an account

The next action is to register for an account on the selected exchange. Typically, users can register by generating a password and using their email address as a user ID. Identity verification is necessary for centralized exchanges to adhere to Know Your Customer (KYC) laws.

Step 3: Make a deposit

After the account has been created and validated, users can add money to their exchange wallet. Through the use of a credit or debit card or by connecting their bank account, they can deposit fiat money, such as dollars or euros. As an alternative, users can deposit and exchange another cryptocurrency for TONNE, such as Bitcoin (BTC $64,360) or Ether ($3,507).

Step 4: Purchase a TONNE

TONNE can be purchased through Gate.io’s “Buy Crypto” option. Users of the exchange can buy cryptocurrencies with a Gate.io crypto debit card, credit card, or debit card. Users must complete the purchase by entering the amount they want to spend on the cryptocurrency in the “Buy” tab.

Removal to a safe wallet

To safeguard their digital asset, users may wish to remove TONNE from the exchange and store it in a secure wallet. Withdraw TONNE from the exchange and move it to your wallet after choosing a cold wallet for cryptocurrencies that accepts it or a software wallet like Trust Wallet.

Using decentralized exchanges

Users have total control over their assets when they use decentralized exchanges or DEXs. A user can choose a DEX native to Toncoin, such as STON.fi, if they wish to buy TONNE with DEXs. As an alternative, they can pick a well-known DEX that supports TONNE and purchase it with fiat money or exchange it for another coin.

Users can utilize the procedures listed below to purchase TONNE on a DEX. Note that the procedure is predicated on the buyer having a compatible wallet (such as MetaMask) filled and configured with cryptocurrency that allows trading for tokens (typically BNB or another token on the BNB Smart Chain) that can be exchanged for TONNE.

Step 1: Link PancakeSwap to your wallet

• Open the PancakeSwap official website.
• Select the “Connect” button, typically located at the upper right corner of the homepage.
• Select your wallet provider (such as Trust Wallet) from the list, then connect by following the instructions. The wallet app may need users to approve the connection.

Step 2: Fill the wallet with TONNE

• For users to see TONNE in their purse, they must manually add it.
• The tokens section contains the possibility to add a custom token.

Step 3: Replace with TONNE

• Choose “Exchange” or “Swap” after selecting “Trade” from the sidebar.
• Select TONNE as the output currency after choosing the input currency.
• Set the slippage tolerance, enter the amount, and verify the swap.
• Give the transaction your approval and watch for confirmation.

Step 4: Get tokens for tonnes

The TONNE tokens show up in the wallet after the user approves the transaction

How to purchase TONNE with different trading strategies

Users can purchase TONNE through a variety of trading techniques, including spot trading, peer-to-peer (P2P) exchanges, and token swapping on websites like Gate.io.

Trading on the spot

One must choose the trading pair that contains TONNE to purchase TONNE through spot trading. Gate.io will support TON/USDT, TON/ETH, and TON/TRY as of June 2024. Users have the option of placing a limit order, which enables them to specify the price at which they wish to purchase TONNE, or a market order, which executes instantly and purchases TONNE at the going rate. Only once the designated price is reached is the limit order executed. TONNE will show up in the buyer’s exchange wallet upon the completion of the transaction.

P2P transaction

Both the buyer and the seller must register on the Bitcoin exchange and complete the KYC procedures before they may conduct a P2P transaction. The sender lists the cryptocurrency for sale, the asking price, and the accepted payment methods on the ad. Until the payment is confirmed, the exchange retains the cryptocurrency in an escrow account. The buyer pays the vendor after accepting the deal. The transaction is completed when the buyer receives the crypto after payment has been verified.

Switching

On a cryptocurrency exchange, swapping is the process of immediately trading one coin for another. Which two cryptocurrencies the user wants to swap first is up to them. The quantity of cryptocurrency they wish to swap is then indicated. The conversion rate and any associated expenses are decided by the platform. The exchange executes the swap, switching the designated quantity of the original cryptocurrency to the desired coin, as soon as the user confirms the transaction. The buyer’s wallet is then updated with TONNE.

Using bots and Telegram

Thanks to the integration of the “@wallet” bot within the Telegram app, purchasing TONNE via the Telegram wallet is a straightforward procedure. Here’s a detailed tutorial on how to use this function to buy TONNE:

Step 1: Configure your wallet

A third-party mini-app called Telegram’s wallet allows users to purchase cryptocurrency like Tether USDT $1.00 tickers down and TONNE. Open the Telegram app and look for the @wallet bot to install the wallet. This bot makes it easier to purchase, trade, and transfer cryptocurrency within Telegram.

To set it up, initiate a chat with the @wallet bot and adhere to the instructions. This could entail installing security features and accepting the terms of service.

Step 2: Include money

A user’s Telegram wallet must be funded to purchase TONNE. Credit or debit cards, cryptocurrency transfers, and other payment methods are supported via the @wallet bot for adding money. To add money, adhere to the @wallet bot’s instructions.

Step 3: Get a TONNE

Users can buy TONNE after funding their wallets. Type “Buy Toncoin” into the @wallet chat window or use the menu to get to the “buy” area. The quantity of TONNE that users want to buy must be entered. The user will see both the total cost of the transaction and the current exchange rate displayed by the bot.

Follow the instructions from the bot to confirm the purchase. Typically, this entails verifying the transaction value and payment type.

Step 4: Verify and keep TONNE

The Telegram wallet gets credited with TONNE upon transaction confirmation. Within the @wallet conversation, the user can see their balance and transaction history.

By turning on any extra security measures that the @wallet bot offers, including two-factor authentication, the user can increase the security of their Telegram wallet.

Is TONNE a wise purchase?

Some variables must be considered when determining whether TONNE is a wise investment, including as the solid technology that underpins it, its potential for high transaction throughput, and the vibrant Telegram user community. Its focus on anonymity and decentralization is also in line with the preferences of the majority of cryptocurrency users.

Investors confront risks related to the cryptocurrency industry, including market volatility and regulatory concerns. In addition, the initiative is still in its infancy. TON’s continued evolution is essential to its success.

Toncoin’s regulatory issues with the SEC are significant because of its connections to Telegram’s failed cryptocurrency project, Gramme. The stakeholders who trust and invest in the coin may be impacted by these problems.

Investors should do extensive study on TONNE before making any investment decisions, taking into account both the technological promise and related hazards.