Recently, the TON (Telegram Open Network) blockchain has been making waves in the crypto and blockchain space with its innovative technology and rapidly growing ecosystem. As the TON community continues to expand, many are eager to know what the future holds for this promising project.
However, before diving into the future, let’s take a brief look at TON’s current status. Launched in 2018 but rebranded in 2020, TON has quickly gained traction with its unique Proof of Stake (PoS) consensus algorithm, high scalability, and user-friendly interface. The platform is seeing significant adoption, with a growing number of decentralized applications (dApps), tokens, and users.
The TON Project in Phases
A look into TON’s roadmap reveals a phased approach, with each phase highlighting specific goals and objectives.
Phase 1
The journey begins with Phase 1 (2018–2019), where the Telegram Messenger team explores blockchain solutions, designs and develops TON Blockchain, and releases documents detailing its design. This phase also sees the launch of the first TON testnet in Spring 2019 and the second TON testnet (Testnet2) on 15 November 2019.
Phase 2
Phase 2 (2020) marks a significant turning point for the project. Due to regulatory issues raised by the U.S Securities and Exchange Commission (U.S SEC), the Telegram team ceased the development of TON and support for Testnet2. Telegram paid an $18.5M settlement and agreed to return funds to investors.
The NewTON team takes over development of TON.
Phase 3
In Phase 3 (2020-2021), the NewTON team resumes active development, lists TON on top exchanges, introduces TON Subscriptions, and launches TON-ETH and TON-BSC Bridges.
Phases 4–6
Phase 4 (2021) focuses on TON Nominators, TON DeFi, and the TON Developers Program.
The following year, Phase 5 (2022), brings TON DNS, TON Payments, TON Proxy, TON Sites, and TON Storage to the forefront.
Phase 6 (2022) includes the Token Bridge, TON Connect, Tokens Guidelines & Tools, TON Awards 2022, network config adjustment, Tokenomics optimization voting, and the x100 Stress Test.
Phase 7
In Phase 7 (2023), the spotlight is on decentralized autonomous organization (DAO) and liquidity staking contracts, developer libraries, tokenomics deflation mechanism, and decentralized encrypted messaging. Other developments are address reform, TVM Update, and lockup and vesting tools.
Phase 8–9
Phase 8 (2023) introduces Telegram × TON, TON Space, Wallet Pay, Believers.ton, and TON × Tencent Cloud. The Scalability and Speed Showcase, Ledger, and The Gateway Conference take center stage in Phase 9 (2023).
Phase 10
Finally, Phase 10 (2023 Q4 and beyond) promises a plethora of developments. This includes the Stablecoin Toolkit, Jetton Bridge, Collator and Validator Separation, sharding guidelines and tools, slashing optimization, elector and config update. Others are facilitating extra currencies, developing ETH, BNB, BTC Bridges, introducing Fisherman Voting for Staking Pools, voting UI for wallets, and gasless Transactions. TON will also deploy Wallet 5.0, Multisig 2.0, TON Teleport, TON smart contract interfaces, user-friendly TL-B, and TON Browser.
Read also: What is Blockchain Technology? Meaning, Types, and Use Cases
The TON roadmap and projects to look forward to
Based on TON’s roadmap and community feedback, several exciting future developments are envisioned.
One of these developments is The Stablecoin Toolkit which will enable the creation and management of stablecoins on the TON blockchain. while the Jetton Bridge will facilitate seamless asset transfer and cross-chain interactions. Additionally, Sharding Guidelines and Tools will significantly increase TON’s scalability and transaction capacity.
To enhance security and efficiency, Slashing Optimization will be implemented, alongside upgrades to the Elector and Config systems for improved network performance and decentralization. Support for extra currencies will also be added, along with bridges connecting TON to prominent blockchain networks like Ethereum, Binance Smart Chain, and Bitcoin.
Also, Fisherman Voting for Staking Pools aims to promote community involvement and decentralization, with user-friendly Voting UI integrated into TON wallets. Gasless Transactions will eliminate transaction fees, making TON more accessible and user-friendly. The project aims to take TON wallet through a significant upgrade to Wallet 5.0, offering enhanced features and functionality.
Multisig 2.0 aims to provide improved multi-signature wallet functionality, giving users enhanced security and control. TON Teleport will revolutionize asset transfers with instant, trustless, and decentralized transfers across different blockchain networks.
Finally, the project plans to improve its TON smart contract interfaces for TON’s transaction ledger, making them more accessible and understandable for users.
Read also: Is the next bitcoin halving in 2024 going to be the magic wand for a bullish run?
TON’s market performance; Notcoin impact
Over the past month, TON Blockchain’s performance has experienced an upward trajectory, with TVL (total value locked) increasing by 46% and peaking at $260 million. This increase in TVL coincides with the deployment of Tether’s USDT stablecoin on the blockchain in April.
At the time of writing, the price of TonCoin is $6.49, with a market cap of $22.4 billion. A look at TON price history shows an All Time High of $ 7.6315.8% and all-time low (ATL) of $ 0.51941137.0%, according to CoinGecko.
Recent development shows that Telegram CEO Pavel Durov seemed to show his support for the web3 game Notcoin, which recently launched its NOT token on The Open Network (TON) blockchain.
“Notcoin, a Mini App on Telegram, reached 35 million active users in just a few months,” Durov wrote to more than 2.5 million subscribers in his Telegram channel. “This amazing success story shows how powerful the Telegram/TON ecosystems are for app developers.”
The Block reports that the web3 game, NotCoin, airdropped over 80 billion NOT tokens to participants after minting its cryptocurrency on the TON blockchain.
A total of 72,265,851,714 tokens were distributed to miners, and 7,953,370,000 tokens are redeemable by NFT voucher holders. The total supply of NOT tokens is 102.7 billion, with 78% allocated to miners and NFT voucher holders, and 22% reserved for new users, traders, and future development.
TON’s roadmap and promising future
TON’s roadmap and future developments offer a promising outlook for the blockchain and its community. With a strong focus on scalability, security, and user experience, TON is positioning itself for widespread adoption and success. As the project continues to evolve and mature, it is important to think about the potential impact it could have on the blockchain and cryptocurrency space.
Whether you are a developer or an investor, TON’s future developments are definitely worth keeping an eye on. With its innovative technology and growing ecosystem, TON is poised to make a significant mark on the blockchain landscape.
Read more: Bitcoin faces correction after spot ETF surge
Credit: Solomon Victor is a Technical Analyst who is also knowledgeable about various aspects of blockchain and cryptocurrency.
