With the financial landscape evolving as quickly as possible, the adoption of new trends like blockchain technology can be overwhelming for newbies. However, to make the onboarding process easier, Social-fi gaming projects have sprung up over the past couple of months to help ease the transition, with Toncoin one of the new assets leading the charge.
So what is Toncoin? And how has it helped shape the adoption of blockchain technology for the everyday person? This post would provide a breakdown of the new cryptocurrency and give a better understanding of how it works.
What is Toncoin?
Toncoin token is the native cryptocurrency of Telegram, which was designed to help users facilitate decentralized transactions in a safe and secure way. Built on the Telegram Open Network (TON) blockchain, the token is powered by high scalability and speed. Coupled with a proof of stake consensus algorithm, Toncoin assures users of an energy efficient and fast transaction process.
Since it was launched in 2020, Toncoin has facilitated a lot of transactions for the messaging platform. It is also integrated into the Telegram platform, and by default, all users get a TON wallet.
Toncoin's Key Features
Toncoin was designed to be different from other digital assets based on the abundance of features it offers. It is designed for fast and easy user interface which is expected to boost its adoption, making it the preferred choice for a wide range of applications. We discuss the key features of the token below.
1. Lightning - Fast Transaction
Toncoin’s architecture was designed with speed in mind, and this helps it power transactions at super fast speeds. With the ability to process up to 1000 transactions per seconds, this feature puts it at the top of digital assets when it comes to transaction speed, with only XRP having a faster processing time at 1500txs per seconds. This makes it a great choice for real time and high frequency payments.
2. Scalability Unleashed
When it comes to volume, the TON ecosystem is designed to handle high volume of transactions easily due to its high scalability. This has helped with its adoption by native cryptocurrency projects that utilize high traffic and also want to ensure excellent performance.
3. Ultra-Low Transaction Fees
Telegram’s coin, Toncoin, also features an optimized blockchain design that allows minimal transaction fees. Its proof of stake consensus algorithm is also pivotal to why it charges low transaction fees. This is because it allows cross border payment, micro transactions, and high volume transactions.
4. Seamless User Experience
Toncoin boasts an intuitive user-friendly experience. This way, users can be able to trade, send, and receive tokens on the telegram platform without the need for a third party app.
Use Cases and Applications
Toncoin offers users with a wide variety of use cases and application, including:
Payments and Transactions within Telegram
This allows users to seamlessly access their token on the Telegram app. It also ensures they can make and receive payments to and from other native cryptocurrencies.
Decentralized Finance (DeFi) and E-commerce
With Toncoin, users can lend, borrow, and trade on most DeFi platforms. Users also get to trade on e-commerce platforms with this token as it guarantees ease of transaction.
Gaming and Social Media Applications
Social-fi gaming is already a rave, and Toncoin is a leading name in providing a platform to make transactions easy. Now players can make in-game purchases, participate in social-fi games, and earn rewards using Telegram’s coin.
Conclusion
Toncoin is more than just a digital token - many crypto experts believe it is a game changer. This cryptocurrency has redefined the way we pay for gaming, undertake e-commerce, and how we trade in the decentralized finance world. It is safe to expect more adoptions of this token in the foreseeable future.