Toncoin (TON) has been around since 2019 and is one of the most popular digital currencies in the market today. As with any new technology, there have been many Toncoin ((TON) milestones since its launch. This article looks to provide a brief explanation and a list of all major historical events for TON.
Background
The Open Network (TON) is a blockchain platform that seeks to revolutionize the way we interact online. Built with stunningly efficient technology, TON provides instant transactions, low fees, and an easy-to-use interface.
TON’s commitment to reducing its environmental footprint makes it especially appealing to the new generation of users that value sustainability more than ever before.
As the world moves towards digitization, solutions such as TON are becoming critical in making these transitions smoother, faster, and more secure than anyone could have imagined.
Prelude 2018
In 2018, the Telegram Messenger team, led by brothers Pavel and Nikolai Durov, paved the way for a more secure platform by exploring blockchain solutions.
After conducting thorough research, they could not find an existing Layer 1 blockchain suitable to support their network’s estimated user base of nine figures.
As a result, the pair created their own layer-1 chain to better protect their users’ data–now known as the Telegram Open Network. With this new advancement in technology, Telegram has opened up exciting new opportunities and provided its users with unprecedented security.
Gram – native token
The cryptocurrency known as Gram was the native token of the TON blockchain platform.
In 2018, investors purchased the first Gram tokens at a markedly discounted price of $0.37 and $1.33 in two offerings. Even though it was very inexpensive, Telegram – the company responsible for the revolutionary cryptocurrency – could get $1.7 billion during their token sale.
In October 2019, Telegram sent letters to investors with links to the TON key generator that enabled access to newly gained Gram tokens.
Testnet launch (2019)
The Telegram team released the design documents for the TON blockchain, marking an important moment for the crypto community.
The documents provided valuable insight into the inner workings of Telegram’s ambitious project. They followed this with a successful launch of the first TON testnet in the spring of 2019, which made the code open-source and allowed users to explore and interact with its features.
Making further progress, they released Testnet2 in November 2019 to provide an even greater glimpse into what the final version of telegrams’ blockchain would be like to come to deployment.
The two dissidents were significant steps toward understanding the potential capabilities of this new blockchain network, as it promises streamlined scalability and distributed resources that may revolutionize crypto-technology markets.
Trouble and defeat by the SEC (2019 – 2020)
The U.S. Securities and Exchange Commission (SEC) made a notable move against Telegram, the globally popular messaging platform.
The SEC released an explicit statement that Telegram’s business model was too opaque for proper legal assessment. According to the SEC, Telegram had violated a key provision of the Securities Act of 1933 by failing to register their offers and sales of Grams, which it claimed were securities.
In response to this analysis from the U.S. regulator, Telegram pushed back with a set of arguments that its native cryptocurrency Grams is not actually securities in nature, but only utility tokens similar to other coins.
Judge P. Kevin Castel of the Southern District of New York (SDNY) heard the case between Telegram and the Securities and Exchange Commission (SEC).
His ruling on March 24, 2020, upheld the SEC’s motion for a preliminary injunction, barring Telegram from distributing its tokens until the court has decided.
Because of this order, they postponed Telegram’s official launch until April 2020.
On June 26 2020, Judge Kevin Castel issued the final judgment. In this decision, the judge decreed a worldwide ban on Telegram’s proposed sale of Gram crypto-assets, as well as a requirement that Telegram pay back $1.2 billion to its investors from their initial coin offering (ICO) for the halted Telegram Open Network.
The consequences of this ruling signal strong implications for startups seeking to issue their own digital tokens and for buyers who may now be more hesitant about investing in such projects. Such legal action also reflects the SEC’s wider efforts to bring transparency and accountability to cryptocurrency markets by protecting investors from fraudulent schemes.
Telegram Open Network closes shop (2020)
When Telegram launched the Telegram Open Network (TON) in 2018, it began a journey that would end less than two years later.
By March 2020, after battles with U.S. regulators, they abandoned their project officially. May 2020 saw them issue a statement ending development on TON and following it up by settling with investors for $18.5 million and returning all allocated funds from the original investors who took part in the ICO back in 2018.
Despite popular support of the app and platform, troubles between Telegram’s territorial agreements forced them to walk away from their ambition of creating an open blockchain network.
Liberated Free TON (2020 – 2021)
The launch of Free TON in May 2020 marked a radical change in how the Telegram Open Network run since its creation.
Independent developers and validators, united by their shared principles and goals, banded together to form the Free TON network without involving its creator, Pavel Durov.
Their efforts culminated in a declaration that was signed by over 170 companies and individuals, followed by an online conference on YouTube where participants addressed further development goals.
In order to reward those who have supported Free TON, they allocated 85% of its 5 billion tokens for distribution amongst partners of the network and users. They rewarded the developers with another 10%, while they allocated the remaining 5% to the network validators.
Mainnet launch (2021)
The transition from Testnet2 to Mainnet happened in May 2021, after the network had been stable for a long period.
Its renaming reflected the enthusiasm that users held for the technology and its potential to revolutionize how they stored and shared data.
The former NewTON team rechristened itself as the TON Foundation to continue advancing on the platform. This non-profit collective works tirelessly to provide continued support and development for the network’s ever-growing user base. With these updates and more on the way, Mainnet promises to be an invaluable blockchain network well into the future.
Network developments (2021 – to date)
Over the course of 2021, the Open Network team has achieved many essential milestones. In Q3 2021, they developed the TON ETH-TON BSC network bridge, allowing users to benefit from this connection.
They continued their success in 20212 with successful listings on exchanges such as OKX and KUCoin.
This was just the beginning—for 2022, the project developed more products, including TON DeFi, TON Developers program, TON DNS, TON Payments, and TON Storage.
In 2023, the TON network optimized its tokenomics for voting.
More expected developments/ set milestones include TON Awards, LockUp and vesting tools, DAO, and liquidity staking products.
Conclusion
The Telegram Open Network’s development over the last few years has made it a clear contender in the blockchain space. From humble beginnings as an ambitious project to becoming one of the most popular and widely used decentralized networks, its journey is one we can admire. With recent developments, products, and milestones being added regularly, this network will continue to grow and develop for years to come. In a world where blockchain technology continues to revolutionize how we interact with data, the TON network has positioned itself to remain at the forefront of innovation.
