How TON became the star of crypto and was nominated for Crypto of the Year 2024

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27 Feb 2024
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What do an encrypted messaging platform, a decentralized blockchain network, and an innovative cryptocurrency have in common? The answer is TON, the project that was born as Telegram Open Network and that has now become The Open Network, one of the most ambitious and promising initiatives in the cryptographic world.

TON is a layer 1 blockchain network that was initially developed in 2018 by the team at Telegram, the popular messaging application that has more than 500 million users. The goal was to integrate TON into an easy-to-use app that would allow users to buy, send, and store funds. The network's native cryptocurrency was called Gram and was planned to be launched through an initial coin offering (ICO) that raised more than $1.7 billion.

However, Telegram's dream was cut short by the intervention of the United States Securities and Exchange Commission (SEC), which deemed Gram a security and banned its issuance. Telegram founder Pavel Durov announced in 2020 that he was leaving the project, but all was not lost. A group of crypto enthusiasts, calling themselves the TON Foundation, took over and continued the development of the network, changing the name from Gram to Toncoin (TON).
Since then, TON has proven to be a high-performance, scalable and secure blockchain network, offering fast, transparent and affordable payment services, as well as the ability to run decentralized applications (dApps), smart contracts and other Web 3.0 solutions. TON uses the proof-of-stake (PoS) consensus model and has a flexible architecture that allows interoperability with other chains. According to the project website, the network can process hundreds of thousands or even millions of transactions per second (TPS), putting it well above Bitcoin and Ethereum.

TON also stands out for its focus on the end user, offering a simple and friendly user experience, which integrates with the Telegram application and with other platforms such as Gem Wallet and Trust Wallet. In addition, TON has an active and committed community, which participates in the governance of the network, in the development of projects and in the dissemination of TON's vision.

All of this has earned TON the recognition and respect of the crypto industry, and has been nominated as Crypto of the Year 2024 by CoinMarketCap, the reference website for tracking cryptocurrency prices and volume. . This nomination is a great honor for TON as it recognizes the impact, performance, functionality and value it has delivered over the past year.
Voting to choose the winner of Crypto of the Year 2024 is open until March 3, and the results will be announced on March 6 in a ceremony that will be broadcast live on CoinMarketCap and YouTube. The prize will be minted as a non-fungible token (NFT) on the blockchain, as a permanent record of crypto greatness.

If you are a fan of TON, or simply want to support this innovative and disruptive project, you can vote for it on the CoinMarketCap1 website. You can also share your prediction on social media with the hashtag #CMCCryptoAwards2024 and participate in the prize draw organized by CoinMarketCap.

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Don't miss this opportunity to celebrate the success of TON and be part of crypto history. Vote for TON and make it shine as the crypto star of the year!


References:
CMC Crypto Awards 2024 | CoinMarketCap

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