As we embarked on TonUP, we faced a barrage of questions and criticisms regarding our decision to build on Ton. These objections were widespread, echoing deep-seated concerns within the cryptocurrency community. In response to these concerns, we’ve decided to share our perception of The Open Network and explain why we are bullish on Ton.
Understanding The Open Network
TON (The Open Network), a high-performance PoS (Proof of Stake) public chain, was first proposed by the Telegram team. Designed to support large-scale applications and thriving since its inception as an open-source community project in 2020, TON aligns perfectly with the principles of freedom and openness.
Deploying a PoS consensus algorithm, TON offers high performance with sharding technology, multilingual smart contract support primarily through FunC and Tact. It is deeply integrated with Telegram and specifically crafted to build a secure, equitable, and transparent ecosystem. Efficient, intelligent, and reliable – it caters to user requirements in the digital economy era.
According to data from the Ton Foundation and TonStat, the Ton network currently boasts more than 700K active wallet addresses with 1.5K new active wallets continually added. Over 110K users possess at least one Jetton token (the ERC-20 standard on Ton). As evidence of its success, the NFT Telegram Usernames have seen a staggering 55M trading volume on the Ton platform.
Why Choose Ton?
Before immersing ourselves in Ton, we thoroughly analyzed its potentials. The evaluation resulted in three primary competitive advantages:
- Ton’s sprawling and engaged community and steadily growing active on-chain users despite the bearish market. Notably, NFTs built on Telegram’s anonymous phone numbers consistently record an average daily trading volume exceeding 3000 transactions.
- TON’s distinctive technical structure, employing a low-level FunC programming language and progressive sharding technology, giving it a significant edge. This technology ensures an impressive TPS (transactions per second) without constraints similar to the fragmentation issues of Ethereum L2.
- Furthermore, by leveraging its connections with Telegram, Ton enjoys unique features fostered by Telegram’s infrastructure, such as the existing Wallet Bot and the forthcoming non-custodial wallet. These factors truly position Ton as a platform poised for massive adoption.
- Lastly, we believe that the combination of Ton and Telegram will engender a plethora of unique use cases, providing Ton with further innovative prospects in the domains of DeFi and GameFi. We are also actively exploring such possibilities with our esteemed partners.
The Uniqueness of The Open Network
We strongly believe that a public chain’s success hinges predominantly on three factors: sufficient technical reserves, a rich ecosystem, and an expansive user base.
Telegram, with 800 million monthly active users, verifies its team’s technical proficiency and multi-core technology application experience. With the seamless integration of Ton and Telegram, we anticipate a considerable influx of Web 2.0 users inexperienced with smart contracts and an attraction of numerous current Web3 users. Hence, we are optimistic about the Ton network’s promising future.
Regarding ecological applications, we have observed encouraging signs, including a flurry of entrepreneurial teams committed to DeFi. We are thrilled by innovative projects underpinned by Telegram’s capabilities. As a result, we believe the Ton network possesses advantages that distinguish it from other public chains.
In retrospect, Ton requires fresh perspectives beyond Ethereum’s scope. It’s been proven that high-frequency social software can disrupt low-frequency applications in payment and financial scenarios. From this view, we predict a bright future for the deep integration between Ton and Telegram.
In summary, we believe that understanding Ton requires a new perspective beyond Ethereum’s framework. The Web 2.0 giants has proven that social software as a high-frequency application can subvert low-frequency applications in payment and finance scenarios. Therefore, from this perspective, we believe that the deep integration of Ton and Telegram will achieve great success.Leo Chen, Founder of TonUP
Telegram Bots & Telegram Web App
According to data from statista, Telegram is the fourth largest global instant messaging app in January 2023, with up to 700 million monthly active users (note: this figure is now 800 million). This confers upon The Open Network distinctive advantages that other public blockchains lack: Ton possesses the capability to continually acquire new users.
It has come to the attention of many that the Web 3 community is presently engaged in discussions regarding Telegram Bots, which represent a novel product form built upon the foundation of Telegram’s open API. However, it is of greater importance for us to emphasize the seamless integration of Bots, TWA (Telegram Web App), and Ton, as this will give rise to user-friendly use cases and product formats, characterized by remarkably low barriers to entry.
Presently, the Wallet Pay demonstration, which is built upon Wallet Bots, has been launched and is available for users to experience at the Pineapple Store. Wallet Pay represents a payment product that operates on both the Ton and BTC networks. With the integration of an embedded wallet, the Telegram Web App will have the ability to directly invoke user signatures to facilitate intricate smart contract interactions.
Imagine a future where we no longer need to educate the community about what a wallet is, nor require them to download TonKeeper. Simply by installing Telegram, they can become users of Ton and enter the realm of Web 3. The shortest path to achieving massive adoption, which we are currently exploring, lies right here.
In fact, some of our portfolios have already utilized this technology to build their products within Telegram. We are honored to be able to assist these portfolios in their journey towards success and facilitate the launch of their tokens.
In conclusion, we’d like to share some compelling data, underlining our perception of The Open Network.
- 1.7M – The count of off-chain wallets in Telegram’s @wallet Bot.
- 3.04M – The current count of active Ton accounts.
- 702K – The tally of on-chain active wallets.
- 1,657 – The daily addition of on-chain active wallets.
- 28K – The amount of Ton DNS sold.
- 6M TON – The trading volume of Ton DNS.
- 55M TON – The trading volume of the Telegram Usernames.
- 8.8M TON – The trading volume of Anonymous Telegram Numbers.
Recognizing and appreciating The Open Network’s potential necessitates a steadfast focus on its technical prowess, vibrant ecosystem, and user base. As the bond between Ton and Telegram tightens, the network is poised to draw a diverse array of users – marking an essential success factor for The Open Network.
Substantiating our perspective on Ton with data – from a burgeoning active wallet base to on-chain users – the cryptocurrency network’s unique position in the crypto community is conspicuous. We predict the deep integration between Ton and Telegram to dramatically transform the blockchain platform scene and digital economies globally.
Articulating our conviction further, we underline the encouraging trends, from an increase in active wallets to user engagement, which spotlight TON’s unique standing in the crypto realm. With the strong integration of TON and Telegram, we strongly believe that the digital economies worldwide and the blockchain platform scene are set for a massive metamorphosis.
We, at TonUP, affirm our decision to build on Ton, and we are optimistic that our association with this dynamic and open-source platform will not only withstand but also thrive within the fluctuating landscape of the blockchain industry. We extend our warmest invitation to you to witness our onward journey – towards a future inspired by transparency, efficiency, and inclusive digital disruption.
Written by: Leo Chen, Founder of TonUP.
TonUP is a platform on The Open Network (TON) that identifies high-potential cryptocurrencies and provides support for their growth. With carefully curated projects and a failsafe refund policy, TonUP values and protects its community, fostering growth, engagement, and safety.
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