In this week’s Wealth Mastery Coin Review, we’ll review Toncoin? Including the future of The Open Network.
- What is Toncoin (TON)?
- How do you use Toncoin?
- What is a TON coin?
- How do I buy Toncoin?
- Does Toncoin have a future?
What is Toncoin?
Amidst this year’s struggling cryptocurrency market, a few projects are still defying the odds and generating healthy returns for their holders. Similar to Gains Network, The Open Network (TON) has become one of those projects to do so. In just the last 60 days, the TON coin has doubled in price and is gaining more interest from the blockchain community. But what exactly is The Open Network? Formally known as Telegram Open Network, TON was launched in May 2020 by the Founders and Creators of Telegram, Pavel & Nikolai Durov. Looking to launch their own network, the brothers began offering future token contracts to investors for GRAM coins in 2018. This sold out immediately to investors in its first $850 Million fundraising round. Prompting a second sale to be conducted where the Durovs raised an additional $850 Million from Investors to bring the total investment in TON up to $1.7 Billion. A minimum investment of $20 Million was required by all participants, seeing a total of 171 initial investors buy 2.9 Billion GRAM coins. But, even this ungodly amount of money wasn’t considered adequate enough, and discussions of a third round to raise a total of $2.55 Billion began circulating on Telegram.
Despite the strict legal line walked during these initial sales by Telegram and its legal team, this prompted the SEC to intervene in October 2019 in the same way it involved itself in Facebook’s Libracoin. By June 2020, the SEC passed judgment and deemed that GRAM coins were considered unregistered securities. Ordering Telegram to return the remaining $1.2 Billion to investors and pay $18.5 Million in penalties as a result of their unlicensed offering. The remaining $500 Million was classified as a “loan” from non-American investors. After this legal battle, Telegram announced to the media that its TON project was considered officially over. But, just 9 months later, in February 2021, the Durovs decided to pivot around the SEC and finance the project through the sale of 5-year convertible bonds and going on to raise $1 Billion. However, it remains unclear where almost $800 million of this funding came from. The project remained relatively quiet until April of 2022 when it announced the creation of The Open Network Foundation after raising $250 Million from including 3Commas Capital, Huobi Incubator, Kilo Fund, KuCoin Ventures, MEXC Pioneer Fund, Orbs, and TON Miners for its initial Ecosystem Fund. The Foundation will manage all aspects of The Open Network, including TON Education, Grants, Investments, and Project Incubation away from Telegram.
How To Use Toncoin?
Toncoin is being marketed as a multi-chain open network that can facilitate the transfer of assets in under 6 seconds. Leveraging Telegram Messaging Apps estimated 700 Million users. The Open Network was designed to bring the accessibility of cryptocurrencies to the masses through open ledger technologies. Toncoin is focusing on building its infrastructure of Wallets, Bridges, and Data into DeFi applications like Exchanges, Lending Services, and Stablecoins. The Open Network…
Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin.
As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom.
“The swarm is headed towards us” -Satoshi Nakamoto
