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What’s Up With Toncoin?
- Tocoin serves as a gas currency for developers to pay transactions and access services like storage and VPN, and as a governance token for voting on proposals.
- Toncoin is the native cryptocurrency of The Open Network which is a decentralized computer network comprising a Layer 1 blockchain and many auxiliary chains.
- Toncoin excels as a medium of exchange in otherwise harsh legal environments where governments place severe restrictions.
- Users can use Toncoin to pay for goods and services, transfer funds to other users, or participate in decentralized finance.
- Toncoin holders can participate in the governance of The Open Network using Elector, Config, and DNS contracts.
- The Open Network has a Proof of Stake consensus mechanism, which means that validators are required to confirm transactions and create new blocks.
- The initial token supply was established at 5 billion TON, minted before the initial launch; the current circulating supply of Toncoin is 3.47 billion.
- The annual inflation rate of Toncoin is 0.6%, which supports the growth of The Open Network.
- Toncoin's biggest advantage lies in its symbiotic relationship with Telegram, allowing users to send and receive cryptocurrency directly within the app.
- In a message shared on Telegram in 2021, Pavel Durov publicly supported The Open Network and its native cryptocurrency, Toncoin.
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