What is Toncoin (TON)?
DefinitionToncoin (TON) is the native coin of The Open Network, a fast proof-of-stake blockchain. TON pays every network fee on the chain, including the fees for sending USDT and other jettons, and secures the network through staking.
Where TON comes from and how it works
TON is a proof-of-stake blockchain built for high throughput: it splits work across many parallel chains, called shards, so it can handle large volumes of transactions with low fees. Validators lock Toncoin as a stake to produce blocks.
The project was first designed by the Telegram team; after Telegram stepped back in 2020, independent developers continued it as The Open Network. One TON divides into one billion nanotons.
What Toncoin is used for
Toncoin is the fuel of the TON blockchain, and you need it for:
- Network fees for every transfer, including USDT on TON
- Staking to help secure the network, in return for rewards that are not guaranteed
- Paying for apps and services built on TON
- Sending value directly from one wallet to another
TON wallets are smart contracts
On TON, every wallet is a small smart contract, and the same recovery phrase gives a different address for each wallet version, such as W5 (v5r1), V4R2 or V3R2. If you restore a phrase and see an empty balance, the funds may be on another version of the same wallet.
TON addresses usually start with UQ or EQ; both forms point to the same account. When you deposit TON to an exchange, you often need to add a memo (comment), because many exchanges use one shared address and tell customers apart by the memo.
Toncoin in Waletifi
Waletifi creates new TON wallets on W5 and, on import, checks W5, V4R2 and V3R2 to open the one with a balance or history. It warns you when a destination looks like it needs a memo you left empty, and where available you can stake TON or send it as a gift link.
