Toncoin, the cryptocurrency that challenges the giants

Toncoin (TON) is one of the most pleasant surprises in the world of cryptocurrencies. It is a decentralized layer 1 blockchain that was born in 2018 as a project of Telegram, the popular encrypted messaging platform. However, after facing legal problems with the SEC, Telegram abandoned the development of TON and left it in the hands of an independent community of enthusiasts, the TON Foundation.

Since then, Toncoin has proven to be an innovative, scalable and reliable cryptocurrency, offering its users fast, transparent and secure payment services, as well as a platform to create decentralized applications (DApps) and non-fungible tokens (NFTs). Furthermore, Toncoin uses a proof-of-stake (PoS) consensus model that ensures the security and sustainability of the network.

A deserved recognition

On February 24, CoinMarketCap, the reference website for cryptocurrency prices, charts and market capitalizations, announced that Toncoin had been awarded the prestigious title of “Cryptocurrency of the Year” for its performance, innovation and potential .

According to CoinMarketCap, Toncoin surpassed established projects such as XRP, LINK and SOL, which were also competing for the award, thanks to its impressive growth in the last year. Toncoin went from being worth less than a dollar in March 2023 to exceeding two dollars in February 2024, an increase of more than 200%. Its market capitalization also skyrocketed, reaching $9.4 billion and placing it in 16th place in the global ranking.

But it's not just the price and capitalization of Toncoin that have caught the attention of CoinMarketCap. The website also highlighted the innovation and potential of the TON blockchain, which is capable of processing hundreds of thousands or even millions of transactions per second (TPS), far surpassing other networks such as Bitcoin or Ethereum. In fact, in September 2021, TON broke a world record by reaching 55,000 TPS during a contest.

CoinMarketCap also highlighted the ecosystem that has been created around Toncoin, with a wide variety of DApps, NFTs, decentralized services, distributed storage and an anonymous network. All of this, with the aim of offering users a complete and satisfactory experience, which allows them to take full advantage of the advantages of blockchain technology.

A prize in the form of NFT

In recognition of its work, CoinMarketCap awarded Toncoin an exclusive NFT, representing the title of “Cryptocurrency of the Year.” An NFT is a digital token that certifies the ownership and authenticity of a digital or physical asset, and is stored on a blockchain. NFTs have become popular in recent times, as they allow the creation and marketing of works of art, collectibles, music, games and all types of digital content.

The Toncoin NFT is a unique and original piece, created by digital artist Beeple, who recently sold one of his works for $69 million at a Christie's4 auction. The NFT shows the Toncoin logo surrounded by a golden frame, on a background that simulates a computer screen with graphics and data of the cryptocurrency. The NFT also includes the name of CoinMarketCap and the date of the prize delivery.

The NFT will be delivered in a special ceremony that will be broadcast live on March 6, 2024, through the Twitch streaming platform. The event will be attended by the founders of Toncoin, Nikolai and Pavel Durov, the CEO of CoinMarketCap, Brandon Chez, and the artist Beeple, who will present the NFT to the TON development team. There will also be special guests, live music and NFT giveaways among viewers.

A historic moment

The presentation of the “Cryptocurrency of the Year” award to Toncoin is a historic moment for the world of cryptocurrencies, which recognizes the work, talent and vision of a community that has been able to carry out an ambitious and revolutionary project. Toncoin has shown that it is possible to create a cryptocurrency that combines speed, security, innovation and utility, and that has the potential to transform the future of finance, art and society.

References:
CMC Crypto Awards 2024 | CoinMarketCap