Crypto projects are ranked according to market capitalization or the total value of all tokens in circulation. Bitcoin and Ethereum reign supreme in this aspect, as both are firmly entrenched in first and second place. Altcoins vie for the other slots in the top ten. The Open Network (TON), has surprised the community by entering the top 10 and even surpassing TRON (TRX), Polkadot (DOT), and Polygon (MATIC).
Let’s find out what the project is about and decide if it is worth adding to a portfolio, in case you haven’t yet.
The History of The Open Network (TON)
The Open Network started as the Telegram Open Network. The blockchain network was created by Telegram, a popular messaging application. It was designed to be a scalable and user-centric application for decentralized applications (dApps), smart contracts, and payments.
Telegram raised $1.7 billion in 2018 to fund TON’s development. However, the Securities and Exchange Commission (SEC) threw a wrench into the plan. The SEC accused Telegram of offering unregistered securities – an accusation that was been thrown at a lot of crypto projects.
The messaging company abandoned the project in 2020. However, the community continued to develop the blockchain project independently. Under the TON Foundation, it was renamed to “The Open Network. Its token is called Toncoin.
According to the developers, TON is designed to be the “blockchain of blockchains”, which means it can be scaled up to admit more transactions and users. It can also unite different blockchains, wherein different projects can exchange data with one another.
The mainnet was launched in May 2022. It is now a fully operational blockchain platform with a growing ecosystem.
TON Timeline
- 2018: Telegram announces the TON project and raises $1.7 billion in a private ICO.
- 2019: The SEC halts the ICO, alleging that Telegram is engaged in offering unregistered securities.
- 2020: Telegram withdraws from the project, but the community continues to develop the platform independently.
- 2022: The TON mainnet is launched.
Latest News
The Open Network Foundation has partnered with Chainbase and Tencent for the development and adoption of Web3 applications and services across the Asia Pacific Region.
The collaboration involves using the node deployment services of Chainbase, a tech company that specializes in blockchain infrastructures. Chainbase will be a secure and scalable platform for TON developers and users.
Tencent, a leading cloud service provider, will provide its services and solutions to TON projects. The cloud company will give credits and discounts through its Tencent Cloud Startup program.
This partnership is very bullish for TON, since Tencent is a major Chinese tech company, while Chainbase is a leading Web3 and data infrastructure company. The focus on the Asia Pacific region is a wise decision since the GDP from the area accounts for 56% of the world’s output. The residents of the region are also known to be top crypto adopters.
Is TON a Good Project?
TON’s vision of uniting different blockchain projects is not unique. Cosmos (ATOM) and Polkadot (DOT) are also trying to do this. However, The Open Network has already surpassed them in terms of market cap. Its fast rise to the top 10 is nothing short of remarkable. Its market cap is currently at more than $7.8 billion. It is just $200 million behind Solana (SOL).
The community behind it is also resilient and supportive. Despite being abandoned by Telegram it still managed to grow and develop. Having good community support is probably one of the most underrated metrics in assessing a crypto project.
But just like other popular projects that came before it, there is no guarantee that it will continue to rise. Only time will tell if it will retain its ranking after several years. But if the community support and good projects keep on rolling, then TON will probably rank higher.
