How to Buy Toncoin (TON)
Beginner’s Guide
What Is Toncoin (TON)?
Toncoin (TON) is a decentralized layer-1 blockchain developed in 2018 by the encrypted messaging platform Telegram. The project was then abandoned, taken over by the TON Foundation, and renamed from “Telegram Open Network” to “The Open Network”. Since 2020, the technology has been developing thanks to a non-commercial group of supporters and an independent community of enthusiasts who called themselves the TON Foundation. Toncoin, formerly known as Gram, is the native cryptocurrency of the TON network. The original idea was to integrate TON into an easy-to-use application that allows users to buy/send/store funds. Clients pay transaction fees and use TON to settle payments or validate transactions. Toncoin utilizes the proof-of-stake (PoS) consensus model for network scalability and reliability. According to the project website, the platform provides its customers with fast, transparent and secure payment services, facilitating transactions with minimal fees and third-party applications. The developers’ mission is to build a full-fledged ecosystem with decentralized storage, decentralized services, a domain name system (DNS equivalent), an anonymous network, an instant payment platform, and affordable/fast transaction processing. The Open Network is a community-driven blockchain with a flexible architecture and focus on serving a typical consumer. TON stands out due to the fast processing/validation of transactions per second (TPS). In September 2021, the network processed a then-world record of 55,000 TPS during a contest, although the current TPS could be in the hundreds of thousands or even millions. This feature allows the project to grow rapidly while avoiding performance losses. At the same time, the project does not harm the environment.
How to Buy Toncoin Summary
- Get a Toncoin wallet (e.g. Ledger, Trezor ,Guardia, Exodus , AtomicWallet)
- Find an exchange that sells Toncoin (e.g. OKX, Huobi, Gate, Kucoin, Mexc )
- Deposit money and make the trade
- Withdraw the Toncoin to your wallet
Buying Toncoin in 3 Simple Steps
Step 1 – Get a TON wallet
Toncoin (TON) Hardware Wallets
Hardware wallets are considered to be one of the most secure ways to store cryptocurrencies like Toncoin (TON) since they keep your private keys offline, making it much harder for hackers to access your funds. Here are some of the popular hardware wallets that support Toncoin:
Ledger Nano X: The Ledger Nano X is a Bluetooth-enabled hardware wallet that allows you to securely store your Toncoin and other cryptocurrencies offline. It has a user-friendly interface and is compatible with desktop and mobile devices.
Trezor Model T: The Trezor Model T is another popular hardware wallet that supports Toncoin. It has a large touch screen and supports multiple cryptocurrencies. The wallet is also designed to be resistant to physical attacks, ensuring the safety of your Toncoin.
KeepKey: KeepKey is a hardware wallet that supports Toncoin and other cryptocurrencies. It features a large, easy-to-use display and has a sleek, durable design. KeepKey also offers advanced security features such as PIN protection and recovery seed backup.
BitBox02: The BitBox02 is a compact, open-source hardware wallet that supports Toncoin and other cryptocurrencies. It is designed to be user-friendly and offers advanced security features such as two-factor authentication and anti-tampering technology.
When choosing a hardware wallet to store your Toncoin, it’s important to consider factors such as security features, ease of use, and compatibility with other cryptocurrencies. Make sure to do your research and choose a wallet that meets your needs and offers the level of security you require.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
Toncoin (TON) Software Wallets
Software wallets are digital wallets that store your Toncoin (TON) and other cryptocurrencies on your computer or mobile device. Here are some of the popular software wallets that support Toncoin:
Free TON Wallet: The official Toncoin wallet is the Free TON Wallet, which is available for desktop and mobile devices. It allows you to send and receive Toncoin, and also offers features such as two-factor authentication and multi-signature support.
Atomic Wallet: Atomic Wallet is a multi-currency software wallet that supports Toncoin and other cryptocurrencies. It has a user-friendly interface and offers features such as built-in exchange and staking.
Trust Wallet: Trust Wallet is a mobile software wallet that supports Toncoin and other cryptocurrencies. It offers a simple, easy-to-use interface and allows you to buy, store, and send Toncoin securely.
Exodus Wallet: Exodus Wallet is a desktop and mobile software wallet that supports Toncoin and other cryptocurrencies. It has a user-friendly interface and offers features such as built-in exchange and portfolio tracking.
When choosing a software wallet to store your Toncoin, it’s important to consider factors such as security features, ease of use, and compatibility with other cryptocurrencies. Make sure to do your research and choose a wallet that meets your needs and offers the level of security you require. Remember, software wallets are more vulnerable to hacking and other security threats compared to hardware wallets, so always practice good security habits and keep your private keys safe.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest Cosmos software wallets to get started with are undoubtedly Exodus, AtomicWallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an Toncoin (TON) Exchange
Buy Toncoin through Okex
- OKX (Chinese: 欧易), formerly known as OKEx, is a Seychelles-based cryptocurrency exchange and derivatives exchange. It was founded by Star Xu (徐明星) in 2017. OKX is owned by Ok Group, which also owns crypto exchange Okcoin. It is not available to US based investors. The company’s CEO is Jay Hao and CMO is Haider Rafique. Initially headquartered in Beijing, China, OKX is now under a blanket ban by Chinese regulators. On October 13, 2021, it issued a “Notice on Regulatory Policy in Mainland China”, announcing that it would continue its policy of “withdrawing from the Chinese mainland market” and would not establish an office or team in the region. However, according to Caixin, although the exchange officially announced that it would no longer set up an office in Mainland China, it still has a large number of R&D staff working in the region, including engineers, who continue to work for OKX in the form of third-party outsourcing companies.
Buy Toncoin through Huobi
- Huobi is a Seychelles-based cryptocurrency exchange. Founded in China, the company now has offices in Hong Kong, South Korea, Japan and the United States. In August 2018 it became a publicly listed Hong Kong company. Following a 2017 ban on Bitcoin exchanges by the Chinese government, Huobi stopped Bitcoin withdrawals.
Buy Toncoin through Gate.io
- Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.
Buy Toncoin through Kucoin
- Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.
Buy Toncoin through MEXC
- Founded in 2018, MEXC Global is known as the exchange of high performance and mega transaction matching technology. The team at MEXC Global are some of the first movers and pioneers of financial and blockchain technology. Currently, MEXC Global caters to 10 M+ users in more than 170 countries around the world and we have just started.
Step 3 – Withdraw Your Toncoin (TON)
Once you decide on an exchange, open an account and buy your Toncoin . Make sure to withdraw the Toncoin from the exchange to your personal wallet.
Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past).
OVERVIEW
Who Founded Toncoin?
Originally, the blockchain platform was created by brothers Nikolai and Pavel Durov, and developed by the Telegram team. Telegram planned to launch an on-chain token called Gram and establish a platform for decentralized applications (dApps).
Gram was getting a lot of attention, which started to cause trouble. Its development was prohibited by the US Securities and Exchange Commission (SEC). Gram was considered securities, and the SEC banned the release of Gram tokens.
The Telegram team brought TON to the state of an almost full-fledged product. However, in 2020, Telegram CEO, Pavel Durov, left the project, and the development was handed over to independent crypto enthusiasts.
From the very beginning, the project was created as an open-source code so anyone could continue the development. The current network was launched and developed by Anatoliy Makosov and Kirill Emelianenko, members of the community called NewTON (later the TON Foundation).
What Makes Toncoin Unique?
Toncoin (TON) is a unique cryptocurrency that stands out from other digital currencies in several ways:
Advanced blockchain technology: Toncoin is based on the TON blockchain, which is designed to be faster, more scalable, and more secure than other blockchain platforms. The TON blockchain uses a unique consensus mechanism called the Byzantine Fault Tolerant (BFT) consensus, which allows for high-speed transactions and improved security.
Decentralized applications: Toncoin is not just a cryptocurrency, but also a platform for building decentralized applications (dApps). The TON blockchain offers a wide range of features that can be used to build sophisticated and secure dApps, including smart contracts, multi-currency support, and high-speed transactions.
Community-driven governance: Toncoin is governed by a decentralized community of users who have a say in the direction of the project. Decisions are made through a consensus process, with each member of the community having a vote in important decisions such as protocol upgrades and new feature implementations.
High-speed transactions: Toncoin is designed to be a high-speed cryptocurrency, with the TON blockchain capable of processing up to millions of transactions per second. This makes Toncoin ideal for use cases such as micropayments, e-commerce, and peer-to-peer payments.
Strong security features: Toncoin has several advanced security features that make it more secure than other cryptocurrencies. These include multi-signature support, two-factor authentication, and a robust encryption system.
Overall, Toncoin offers a unique combination of advanced technology, community governance, and strong security features that make it an attractive option for both investors and developers looking to build decentralized applications on the blockchain.
How Many Toncoin (TON) Coins Are There in Circulation?
The TON network has its native token, Toncoin, with a circulating supply of 1.22B TON and a maximum supply of 5B TON.
Toncoin was designed to fuel the ecosystem. It can be used to build decentralized applications (dApps), act as a transaction processing fee, as a cross-chain transaction fee, and as a staking payment to secure the blockchain and services. The list of use cases also includes payment for decentralized data storage, TON DNS/TON Proxy, and other fees within decentralized services. Validator fees are also paid in TON. In addition, people can vote with TON for changes and development within TON’s governance program.
How Is the Toncoin (TON) Network Secured?
The network utilizes the proof-of-stake (PoS) consensus mechanism to validate transactions. Moreover, Toncoin is used to reward validators. Nominators can also provide tokens to validators and receive rewards. Validators and nominators are managed with smart contracts, providing the network with extra protection. Smart contracts are executed using TON Virtual Machine (TVM).
Where Can You Buy Toncoin ?
Toncoin (TON) can be bought and traded on several cryptocurrency exchanges. Here are some of the popular exchanges where you can buy Toncoin:
KuCoin: KuCoin is a popular cryptocurrency exchange that supports Toncoin. It offers a user-friendly interface and low trading fees, and allows you to buy and sell Toncoin using fiat currencies such as USD and EUR.
BitForex: BitForex is another popular exchange that supports Toncoin. It offers a range of trading pairs and allows you to buy Toncoin using cryptocurrencies such as Bitcoin and Ethereum.
Hotbit: Hotbit is a cryptocurrency exchange that supports Toncoin and other digital currencies. It offers a range of trading pairs and has a user-friendly interface that is suitable for both beginners and advanced traders.
ProBit: ProBit is a global cryptocurrency exchange that supports Toncoin and other cryptocurrencies. It offers a wide range of trading pairs and has a user-friendly interface that is suitable for both beginners and advanced traders.
CoinBene: CoinBene is a cryptocurrency exchange that supports Toncoin and other digital currencies. It offers a range of trading pairs and allows you to buy Toncoin using fiat currencies such as USD and EUR.
When buying Toncoin on an exchange, it’s important to consider factors such as trading fees, liquidity, and security. Make sure to do your research and choose an exchange that meets your needs and offers the level of security you require.