The Evolution of Toncoin: A Deep Dive into TON Blockchain

16 May 2024

The Open Network (TON) is a Layer 1 blockchain based on proof-of-stake (PoS) consensus. It is the core of a mature ecosystem of experts, businesses, and proprietary products, from wallets to proxies. The native token, Toncoin (TON), was previously known as Gram. Its utilities include transaction fees, payment settlement, and transaction validation. Like the underlying blockchain, it is deeply connected to the TON ecosystem.

TON Blockchain has emerged as a compelling force, captivating the attention of developers and businesses alike. Renowned for its advanced features and potential impact on decentralized applications, TON stands as a pivotal player in the evolving blockchain ecosystem.

TON Blockchain components:

Through smart contracts and a self-healing vertical blockchain mechanism, TON enhances transaction speed, making it self-contained, swift, and scalable. The TON blockchain operates on a heterogeneous multi-chain architecture with Turing-complete smart contracts, allowing the system to solve computations and comprehend agreements. The multi-chain structure enhances network throughput and interoperability, comprising of:

  • Masterchain: Encompassing protocol rules, including validator sets and shard distribution.

  • Workchain: Handling transactions in smart contracts, with heterogeneous chains having distinct rules for crypto, address formats, and virtual machines.

  • Shardchains: Horizontal blockchains are divided into 260 homogeneous chains, each serving a specific purpose.

  • Shards: Elements completing the shardchain, a smart contract that opens broad opportunities for developers and users ².

TON is a Turing-complete and high-performance blockchain capable of handling any transaction complexity on its masterchain and workchains. It generates a new block on each shardchain and the masterchain roughly every 5 seconds. Simultaneously, new blocks on all shardchains are created, with the masterchain. It supports workchains and dynamic sharding, accommodating up to 232 workchains subdivided into up to 260 shardchains, enabling near-instant cross-shard and cross-chain communication, achieving millions of transactions per second.

The Open Network, backed by its native $TON token, aims to revolutionize the internet with unique features. The Open Network, commonly known as TON, is revolutionizing how we understand the internet. It is a decentralized platform where users are not limited to just one blockchain but several elements like TON Blockchain, TON Domain Naming System (DNS), TON Storage, and more. Together, they form what we know as the TON Ecosystem. The blockchain aims to connect millions of users in a safe, scalable, and efficient environment.

TON Blockchain serves as the system's heart, acting like a "super server" that coordinates various products and services. It's designed to process millions of transactions per second (TPS), setting the stage for a fast and secure decentralized internet. TON excels in handling smart contracts and other complex transactions at scale. Whether it's Decentralized Finance (DeFi), gaming platforms, or organizational structures like DAOs, TON's high-performance blockchain is up for the task. In the TON ecosystem, new blocks are generated roughly every 5 seconds, making the transfer of money or the execution of smart contracts exceptionally fast. TON employs workchains and dynamic sharding, allowing it to support millions of transactions per second.

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