The Open Network (TON) blockchain aims to bridge Web3 and mainstream users by leveraging its relationship with Telegram.
The Open Network (TON) blockchain has emerged as the next contender in Web3, with gentle bumpers in its relationship with Telegram. The multi-layer structure of TON enables the circumvention of the scalability issues that plague older blockchains.
Nevertheless, operational challenges have prevented it from fully realizing its potential. This update was disclosed by TON via a social media platform that emphasizes a distinctive initiative to utilize Telegram to establish a connection between Web3 and consumers.
Structure of the TON Blockchain and the Potential for Growth
A master, task, and shard chains comprise TON’s cluster architecture. The work chains exist to fulfill the purpose, while the master chain maintains the global state of the network and its security. These work chains are shard chains that facilitate transaction processing, enabling The Open Network (TON) to adapt to network traffic.
Although this architecture is intended to facilitate high scalability, it is currently operational with only one work chain being operational: the base chain. During periods of high demand, this constraint has resulted in network congestion.
Stress tests demonstrated substantial delays, despite the system’s capacity to process more than 100,000 transactions per second. To alleviate these congestions, the deployment of additional work chains will be necessary to achieve full scalability.
The utility of Toncoin is not limited to staking and gas fees; it has practical implications within the Telegram ecosystem. The divide between cryptocurrency and mainstream digital services is bridged by the ability of users to purchase Telegram Premium, anonymous phone numbers, and other services.
The history of Toncoin’s issuance is still a topic of controversy. Concerns regarding decentralization were raised as a result of the concentration of tokens in a limited number of wallets during the initial mining activities. Currently, most of the supply is under the custody of a small group, which has sparked discussions regarding governance and control.
Ecosystem Growth and On-Chain Performance
CryptoRank, an on-chain crypto research and analytical platform, has reported that TON’s ecosystem has experienced substantial growth in 2024.
As of the year’s commencement, the Total Value Locked (TVL) had increased from $17 million to $400 million by October. The number of unique purses exceeds 21 million, and the number of daily active transactions exceeds $4 billion.
Telegram’s user base, which is a critical factor in mainstream adoption, is inextricably linked to the expansion of the blockchain. Recently, the number of daily active wallets surpassed 1.4 million, surpassing Ethereum’s activity on occasion.
The Open Network (TON) can potentially attract a significant number of non-crypto users to the Web3 space through further integration into Telegram‘s services.
