What Is the Open Network (TON)? Learn with MEXC Blog

The Open Network (TON) is a rapid, secure, and scalable blockchain and network initiative that is designed with service providers and end users in mind. If necessary, it is capable of handling millions of transactions per second. In order to accommodate all of its users, Telegram built a totally decentralized layer-1 blockchain.
                                                                       Open Network (TON)

Use Cases of the Open Network

The researchers claim that all currently proposed and envisioned reasonable apps ought to be able to function on it. One way to think of TON is as a huge distributed supercomputer, or more precisely, as a sizable superserver, built to host and provide a variety of services. The components of TON are as follows: TON DNS, TON Payments, a service that gives accounts, smart contracts, services, and network nodes human-readable names, a platform for arbitrary services, a distributed hash table similar to Kademlia, a peer-to-peer network, a distributed file storage technology, and a network proxy/anonymizer layer.

While the other parts of the TON project may be thought of as supporting the TON Blockchain, which is the project's main focus, they really end up having interesting and valuable capabilities on their own. When used together, they enable the platform to host more diverse applications than would be possible with only the TON Blockchain. Master, work, and shard chains make up the network of TON at the moment.

Tokenomics of TON
With a total supply of 5.04 billion, the market capitalization is 15 billion.

The native token of the network is toncoin (TON). The Open Network, sometimes known as TON, is a decentralized layer-1 blockchain. The fundamental foundation or architecture of a specific blockchain network is represented by Layer-1, which denotes the stage of blockchain development. The Proof of Stake consensus algorithm is used by TON. Based on the fundamental TON characteristics, the current yearly rate of inflation is 0.6%. The community as a whole is paying the validators through this inflation to keep the system running.

How Can I earn TON Tokens?

• Validator.

To become a TON network validator, you must have a significant stake in Toncoin and access to high-performance hardware on a widely accessible network. Toncoin stakes are made by validators for a predetermined amount of time; after the validation cycle is complete, the stake is refunded with interest. Open-source software is widely accessible for anyone who desire to work as validators.

Users' transactions are checked by network validators. A transaction is added to the blockchain if all validators agree that it is valid. Transactions with errors are declined. Therefore, in order to be paid and stay out of trouble, validators must swiftly and accurately validate user transactions.

• Nominator.

Owners of validator nodes can borrow money from Toncoin holders using the TON Nominator service (validators). Those who leased their assets to the validator receive the toncoin that the validator earned.

The TON Nominator smart contract ensures that borrowed coins will only be used for validation and that any profit will be distributed in accordance with the terms specified.