The Open NetworkLoading...
Price
$5.00 (-1%)
All Time High
$8.25 (-40%)
Market Cap
$12,715,742,705
Volume (24h)
336,309,315
Circulating Supply
2,543,871,674 TONCOIN
The Open Network's price today is $5.00 USD, with a 24-hour trading volume of $336,309,315 USD. TONCOIN is down -0.93% in the last 24 hours. The Open Network is currently ranked #12 with a market capitalization of $12,715,742,705 USD.
Toncoin is the native cryptocurrency of The Open Network (TON), a project initially conceived by Telegram in 2018. Originally, the project's currency was called 'Gram,' designed to pay transaction fees and validate transactions on the network. TON raised $1.7 billion in a token sale in 2018, making it the second-largest ICO in history.
However, Telegram abandoned the project due to regulatory issues with the Securities and Exchange Commission (SEC), which considered Gram an unregistered distribution of securities. After Telegram ceased its involvement, community developers took over using TON's open-source code available on GitHub. The TON Foundation renamed the project to The Open Network and now runs Toncoin.
Toncoin is used for network operations, transactions, games, or collectibles built on TON and also for services like TON Storage and TON Proxy. It uses a sharded, proof of stake consensus mechanism, which allows it to process transactions quickly; it hit a record of processing 55,000 transactions per second in 2021.
Toncoin has a maximum supply of 5 billion TON with 3.4 billion currently in circulation; validators receive rewards in TON for maintaining the network. As a decentralized autonomous organization (DAO), users holding Toncoin can vote on proposed changes to the blockchain or ecosystem.
This summary is based on information from Decrypt.co.
On June 15th, 2024 12:36:51 AM, The Open Network hit a historic high of $8.25 USD. It has been about 4 months ago since The Open Network reached its peak.
On September 21st, 2021 12:33:11 AM, The Open Network reached a bottoming price of $0.5193640000 USD. About 3 years ago has passed The Open Network has seen such a low price.
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