Toncoin was first known as Gram, launched by multi-platform messaging service Telegram in 2018. However, when then-CEO Pavel Durov announced its ICO, the U.S. SEC tagged it as a security.
As a result, the Telegram Group Inc. agreed to return the $1.2 billion worth of investments from the ICO activity and pay an $18.5 million civil penalty to resolve the charges filed by the U.S. SEC, according to Reuters.
This scenario led Telegram to turn over Gram to TON Foundation and rebrand the token as Toncoin.
TON to PHP
Here is TON price when converted to Philippine peso:
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Ton Coin and The Open Network
The Toncoin is the native token of The Open Network (TON), a layer-1 proof-of-stake blockchain. This means that $TON is used for paying transaction fees, staking, governance, and dApps on the network.
It is also used to pay for decentralized data storage and other services on TON, such as TON DNS and TON Proxy. TON DNS is a service that claims to allow users to register human-readable names for their accounts, smart contracts, or websites on the network; while TON Proxy is a service that enables users to access the internet “anonymously and securely.”
Toncoin has a maximum supply of five billion tokens only; 3.4 billion is currently in circulation.
In September, Telegram forged a partnership with TON to launch its self-custodial crypto wallet, TON Space.
TON More Key Information
Where to Buy TON?
Most exchanges support Toncoin, including PDAX, Huobi, Bitmart, and more.
- To start buying, selling, holding, and trading TON on these exchanges, users should create and verify an account by providing requirements such as personal information, email address, phone number, valid ID, and selfie.
- Choose the TON trading pair, it could be TON/USDT, TON/USD, TON/PHP or others.
- Buy TON by typing the desired amount.
- Check the crypto wallet of the exchange, select the transfer or send option, and type in the wallet address of the receiver. Make sure that the wallet is compatible with TON.
- Check if the transaction is complete. Usually, the amount has already been loaded to the wallet.
How to Stake Toncoin
- Transfer the tokens to a non-custodial wallet, such as Tonkeeper, Tonhub, TON Wallet, and Coin98 Wallet.
- Choose the validator pool to stake in the tokens.
- Pay fees.
- Enjoy the rewars that are automatically loaded to wallet.
This article is published on BitPinas: Telegram Token – Toncoin Philippines – Guide and Top Usecase
Disclaimer:
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