Toncoin, recognized among crypto enthusiasts as the token Telegram nearly introduced, witnessed a setback in 2020 when the SEC filed a lawsuit, prompting the messaging platform to abandon its crypto aspirations.

Nevertheless, Toncoin has resurfaced with heightened demand. It is now accessible for purchase on leading cryptocurrency exchanges and has garnered an endorsement from the founder of Telegram.

In this blog, learn about Toncoin, its key features, how it works, tokenomics, and how you can buy TON at India’s most trusted exchange in 2024.

What is Toncoin (TON)?

Toncoin, commonly denoted as TON, serves as the inherent digital currency for a decentralized Layer 1 blockchain that originated from the endeavors of the well-known messaging platform Telegram in 2018. Initially launched as the “Telegram Open Network,” the project underwent a transformation when Telegram disengaged from its involvement. Subsequently, the TON Foundation, an enthusiastic and autonomous community, assumed leadership, rebranding the initiative as “The Open Network.” The native cryptocurrency within this network, Toncoin (TON), was formerly recognized as Gram.

Key Features That Make Toncoin Unique

• Distributed Supercomputer Capabilities

At the system’s core, the TON Blockchain functions as a “super server,” orchestrating a diverse range of products and services. Engineered to process millions of transactions per second (TPS), it establishes the foundation for a rapid and secure decentralized internet.

• Exceptional Performance Metrics

Toncoin (TON) demonstrates proficiency in managing smart contracts and intricate transactions on a large scale. Whether applied in Decentralized Finance (DeFi), gaming platforms, or organizational frameworks like DAOs, TON’s high-performance blockchain proves highly capable.

• Rapid Transaction Speed

Within the TON ecosystem, new blocks emerge approximately every 5 seconds, ensuring swift money transfers and the prompt execution of smart contracts.

• Massive Scalability

Using work-chains and dynamic sharding, TON accommodates an extensive user base and transactions. According to the protocol’s documentation, TON can process millions of transactions per second.

How Does Toncoin Work?

Toncoin: The Engine of TON

Toncoin is the intrinsic cryptocurrency for the TON network, playing multiple pivotal roles. It functions as a means of payment in decentralized apps (DApps), covers transaction fees, and is utilized for staking payments. It also ensures the blockchain’s security and facilitates various services.

Blockchain Sharding Mechanism

Tailored for a user base in the billions, TON employs a technique known as ‘sharding,’ dividing the network into smaller units referred to as shards. Each shard manages distinct tasks, enhancing processing speed and averting potential backlogs.

Secure Transactions via Proof-of-Stake

Every transaction on the TON network undergoes validation using Toncoin, employing a Proof-of-Stake (PoS) consensus mechanism. This energy-efficient approach rewards validators based on their coin holdings, allowing anyone to participate by staking Toncoins and earning rewards.

Smart Contracts and TON Virtual Machine (TVM)

Smart contracts within TON operate on the specialized platform called the TON Virtual Machine, ensuring efficiency and seamless implementation.

Toncoin Tokenomics

As per their white paper, TON possesses a maximum token supply of approximately 5 billion. The supply is set to expand gradually as validators receive rewards for mining new master chain and shard chain blocks. The TON Foundation indicates that the annual inflation rate could rise to 2%, contingent on validators staking 10% of TON’s maximum supply. This aspect should be taken into account for those planning long-term TON trading strategies.

Let’s see how you can buy TON in India in 5 easy steps.

Buying Toncoin (TON) in India

Below are a few simple steps you can follow and buy the TON token in India with WazirX, India’s most trusted and widely used crypto exchange.

The best way to buy TON tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy TON using P2P trade; to get answers to all your queries related to the P2P trade, click here!

Step 1 – Sign-Up on the WazirX platform

To begin buying and selling TON, you are required to create an account on the WazirX platform by signing up. Also, you can directly login if you have an account already on the platform.

For your reference, here’s how you can open an account on WazirX.

Step 2 – Set up your account security by verifying your email address.

This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.

Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.

Step 3 – Complete the KYC process.

After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.

Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.

Step 4 – Add funds to your WazirX wallet.

To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”

You can deposit INR using any mode (NEFT/ RTGS/ IMPS).

You can also buy TON through P2P to the WazirX wallet. The TON will act as funds to help you buy your favorite cryptos.

Step 5 – Finally, buy TON on WazirX.

You can now easily purchase TON tokens using INR Deposits. In the case of P2P trade, check TON to USDT from here.

After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.

Click “Buy” after entering the amount and checking the total INR amount to be paid.

Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.

It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the TON Tokens you purchased in your WazirX wallet.

Happy Trading!