A third-party company called The Open Platform and based on Telegram as a mini-app has rolled out new features adding support for multi-asset trading and passive income through yield rewards. In a March 13 announcement on its official channel, Wallet in Telegram revealed that users could soon trade “hundreds of new cryptocurrencies,” including Bitcoin 
btc-0.25%Bitcoin and memecoins like PEPE 
pepe6.84%Pepe, as well as earn “long-term passive rewards” for holding Toncoin 
ton3.3%Toncoin and Tether’s stablecoin 
usdt0.01%Tether………Continue reading…..
Source: Crypto News
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Critics:
TON, also known as The Open Network (previously Telegram Open Network), is a decentralized layer-1 blockchain. TON was originally developed by Nikolai Durov who is also known for his role in creating the messaging platform, Telegram. Telegram had planned to use TON to launch its own cryptocurrency (Gram), but was forced to abandon the project in 2020 following an injunction by US regulators.
The network was then renamed and independent developers have created their own cryptocurrencies and decentralized applications (dApps) using TON. Toncoin, the principal token of The Open Network is deeply integrated into the Telegram messaging app, used for paying rewards to creators and developers, buying Telegram ads, hosting giveaways or purchasing services such as Telegram Premium.
Telegram introduced the design and initial implementation of the TON Blockchain. The Telegram team releases a series of documents detailing the design of TON Blockchain. Telegram initially launched the TON Testnet to the public through a testing environment for the TON blockchain. During the early testnet phase, Telegram released testnet tokens, which had no value and were used for testing purposes.
To fund the development of the messenger and the blockchain project, Telegram attracted investments through a private Gram offering, but in light of regulatory complications, the Telegram team withdrew from the TON project (May 2020). In July 2020 Telegram placed the remaining testnet tokens into special Giver smart contracts that allowed anyone to participate in future mining and discontinued support for the TON testnet.
A small team of open-source developers and Telegram contest winners Anatoliy Makosov and Kirill Emelyanenko, originally under the name NewTON, took a deep dive into TON’s codebase and resumed active blockchain development, adhering to the principles outlined in the original TON whitepaper. After TON’s private development phase, all of its code was released to as open source in September 7, 2019.
The launch of the test network was initially scheduled for Q2 2018 with the main network launch in Q4, but the milestones were postponed several times. The testnet was launched in January 2019 with a half a year deviation from the plan. In May the company released the lite version of the TON blockchain network client. In September the company released the complete source code for TON nodes on GitHub, making it possible to launch a full node and explore the testnet. The launch of the TON main network was scheduled for October 31.
The Open Network’s fundamental infrastructure is a scalable multi-blockchain platform designed to support the creation and operation of decentralized applications (dApps) and smart contracts. Utilizing the proof-of-stake consensus mechanism, it can theoretically support up to 2^92 accompanying blockchains. TON’s design philosophy involves leveraging sharding to attain scalability. Its blockchains are designed with the ability to split and merge automatically to adapt to fluctuating loads.
This design feature ensures that block generation speed is independent of transaction volume, avoiding network congestion and maintaining low operational costs irrespective of demand. Hypercube routing mechanisms in TON ensure efficient data exchange between any two blockchains, regardless of the network size. Due to the logarithmic relationship between the time taken to transfer data and the number of blockchains in TON, the network can scale to millions of chains without compromising processing speed.
TON employs an advanced proof-of-stake consensus mechanism. Validator nodes use deposit stakes to vouch for their reliability, achieving consensus through a variant of the Byzantine fault tolerance protocol. This approach is resource-efficient and allows TON to devote the computing power of nodes to processing transactions and executing smart contracts.
The TON network comprises a masterchain and up to 2^32 workchains, each with its unique ruleset. These rulesets dictate various aspects of the workchains, such as account address formats, transaction protocols, and virtual machines for executing smart contracts and managing basic cryptocurrencies. The workchains function cohesively within the TON ecosystem while maintaining their individual characteristics.
Governance in TON is inherently decentralized and decisions for network modifications are contingent upon approval from the majority of validators. This is facilitated through the proof-of-stake consensus mechanism where validators can vote for network configuration changes or update their software to accept proposed changes. The TON (Telegram Open Network) incorporates security measures through collaborations with various Security Assurance Providers (SAP).
These providers conduct testing and quality assurance for software within the TON ecosystem, aiming to enhance network security. The following is a list of SAPs associated with the TON Network such as Certik, Quantstamp, softstack (formerly Chainsulting), SlowMist, Hexens, Vidma, and Scalebit. Toncoin is the principal cryptocurrency of The Open Network (TON) blockchain, and in particular of its masterchain and basic workchain.
It is used for transaction fees, securing the blockchain through staking, deciding how the network develops, gas payments (i.e., smart-contract message processing fees), and settling payments. A network proxy and anonymizer layer designed for TON nodes, TON Proxy is akin to the Invisible Internet Project (I2P) and facilitates the creation of decentralized VPN services and blockchain-based Tor alternatives.
This capability enhances online privacy and offers protection against censorship towards the facilitation of decentralized applications which may be more resistant to censorship. As of September 30, 2022, TON Proxy has been made compatible with HTTP Proxy. Launched by the TON Foundation on June 30, 2022, TON DNS operates similarly to domain names associated with other cryptocurrencies, offering “.ton” as its domain zone.
The program assigns human-readable names to accounts, smart contracts, services, and network nodes. This service simplifies the process of accessing decentralized applications by allowing users to use short and simple domain names rather than long strings of alphanumeric characters. Domain names can also be associated with wallet addresses.
On December 31, 2022, TON Storage, a decentralized file storage system, was introduced. TON Storage is a distributed file storage system accessible through the TON P2P Network, resembling torrent-like technology that utilizes smart contracts for reliability. TON Storage provides a platform for the storage and exchange of large amounts of data using the TON blockchain network, in an effort to eliminate the need for centralized web servers.
Launched on June 30, 2022, TON Payments can be used for instant off-chain value transfers between users, bots, and other services. Security measures embedded in the system ensure that these transfers are as secure as on-chain transactions. The TON blockchain supports a growing decentralized finance (DeFi) ecosystem, enabling fast, low-cost transactions and seamless integration with Telegram. Key DeFi projects on TON :
The largest decentralized exchange (DEX) utilizing an automated market maker (AMM) model, allowing users to swap TON-based tokens and provide liquidity. A non-custodial cryptocurrency wallet for storing, sending, and exchanging TON assets, with integrated swaps via STON.fi.Telegram’s built-in crypto wallet, enabling users to store, send, and receive TON-based assets directly within the messaging app.
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