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Ton (The Open Network) public chain ecosystem is outbreak, which is a New World that can go to the Nuggets.
In order to better understand the Ton chain and Telegram, we can compare the largest social application WeChat in China for analysis.
WeChat uses social networking as the basic market, combining WeChat payment and WeChat mini -programs to build a very large application ecosystem.
But what is the biggest problem with WeChat?
User’s data and assets are actually controlled by the platform and lack privacy and freedom.
Telegram can be said to be WeChat on the web3 version.
Telegram is an encrypted communication tool, which is extremely privacy. Combined with the Ton public chain (financial infrastructure, which can be marked as WeChat payment) and BOT capabilities (robots, can be marked as WeChat mini -programs), it is building a oneMore open, freedom, and autonomous Web3 application ecosystem.
Therefore, the TON public chain is a very special existence. It relies on Telegram, a global monthly active user of more than 900 million encrypted social applications. In a public chain, TON has a clear landing scene and massive seed users.
This article will conduct in -depth analysis of the TON public chain, in -depth understanding of the ecological status of the Ton public chain and the future development trend, which can help us seize new opportunities in the new ecology.
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01 basic introduction
1.1 Start with Telegram
If you want to analyze the Ton chain, we must start with Telegram.
Telegram is an encrypted communication application that supports end -encrypted end -encrypted and does not review content. In order to avoid the influence of a single government, its server is distributed in many countries around the world, so it has a strong “freedom” label.
Telegram was founded in 2013. The founder was Russians, and the origin of its project was to serve the cryptocurrency industry.
Therefore, from the emergence of Telegram, the genes of the encryption industry can be said to be born for encryption.
Telegram currently has more than 900 million active users around the world, with advertising revenue of about 4.56 billion US dollars. Telegram is another social application giant except WeChat, Facebook, and WhatsApp.
More importantly, Telegram is very different from other social applications. Other social applications will review the content. Telegram attaches great importance to user privacy. It focuses on encrypted socialization and basically does not conduct content censorship. Therefore, it can be said that it is “non -mainstream” social applicationIt is a supplement to other social applications.
Take Facebook as an example. As of 2023, Facebook’s reviewers have exceeded 7,500, while Telegram has only about 50 core employees.
Many projects in the Web3 industry currently use Telegram for community operations.
The commonly used community tools used in another web3 industry are Discord, Discord originated in the game community, and then expanded to the Web3 industry community.
Discord is more abundant, which also causes very complicated use, while Telegram is very concise and light, and the user experience is more smooth. It builds a more free and powerful application ecosystem through robotic functions (to mark WeChat mini -programs).
Telegram is further combined with the encryption industry to truly transform into a web3 application.Building a blockchain that can be closely integrated with it is an important ecological puzzle for Telegram.
1.2 Ton’s development process
The development process of the TON public chain is actually very twisty.
In 2019, Telegram tried to launch Ton (Telegram Open Network) public chain.
However, during the ICO (Initial Coin Offering) stage, the US Securities and Exchange Commission (SEC) was involved in a series of legal disputes, and the project was canceled in 2020 after experiencing a series of legal disputes.
The Ton project was originally planned to be promoted by Telegram. After reconciliation with the SEC, Telegram announced that he would no longer participate in the TON project.
However, the community and other developer teams decided to continue this project and launched several branches based on TON.At present, the Ton public chain we know is actually the name: The Open Network, which is the most mature public chain project for Telegram’s official encryption plan.
Although Ton is not directly related to Telegram, the official and founder of Telegram Pavel Durov still support the project many times in recent years, and emphasizes the business correlation between Telegram and TON.
Therefore, it can also be said that Ton is the only official chain recognized by Telegram, which is orthodox.
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1.3 Ton’s goals and vision
Ton’s recent goal is to attract 30% of users of Telegram before 2028 to join TON.
That is to say, TON needs to be able to undertake 300 million new users into the Web3 world.
Ton’s vision is to create a Ton -based Web3 applet ecosystem inside Telegram.
Through Telegram’s BOT technology (robot, benchmarking WeChat Mini Program), decentralized applications built on the Ton public chain can be landed in the form of BOT to combine with the Telegram ecology.
Most of the decentralized applications now exist in the form of the web page version. The biggest problem with this form is that the user experience is poor and it is not smooth enough.
The BOT of Telegram is a very good application form. It can be used directly in Telegram. The experience is consistent with the app, so that users of Telegram can easily transition to the world of web3.
Unlike the WeChat Mini Program Ecology, WeChat Mini Program is suitable for applications combined with online and offline, such as catering orders, e -commerce, takeaway, taxis, etc.; And Telegram’s robot ecology is more suitable for pure online scenes, such as games, Finance, etc., is naturally consistent with the pure online attributes of Web3 applications.
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The web3 industry is currently full of various speculation, and there are very few projects with fundamentals.
What is fundamental?
The user’s usage scenario is the fundamental aspect. Only high -frequency and actual demand scenarios can bring the user volume of the entire Web3 industry to 1 billion levels.
Regardless of WEB1, Web2, Web3, in the final analysis, it is the Internet business. The basic disk of Internet business should always be “starting with traffic and finally trading.”
Telegram has traffic, and now the TON public chain needs to bring transactions.This is also something that other social application giants cannot do, such as WeChat and Facebook. Due to the constraints of policy compliance, they cannot enter the web3 industry.
Telegram was born for encryption, and it is naturally in line with the encryption industry. Now it needs a key to open this treasure chest with a large amount of native encrypted users. The Ton chain is the key of this treasure chest.
02 technical analysis
2.1 Overall architecture
TON currently includes four main components: TON blockchain, TON payment, TON agent and TON storage (decentralized storage).
(1) TON blockchain is a general blockchain, which contains a standard execution layer, allowing transactions without permission;
(2) TON Payment is a low -cost small payment platform that allows users to pay instant and fast between users.It can currently access through Wallet Bot on Telegram, so as to benefit from the convenience of the application;
(3) TON storage allows to store and distribute files on TON, similar to a decentralized Dropbox;
(4) The TON agent ensures anti -examination by allowing users to run the .ton website that allows users to run independent IP/centralized fields;
Here we mainly analyze the TON blockchain itself.
The architecture of the TON public chain is divided into three layers: masterchain, WorkingChains, and Shardchains.
Among them, the main chain is responsible for the overall coordination and is the role of the central brain, while the working chain and the section chain are responsible for specific transaction processing, with high performance and high expansion.
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The most distinctive and competitive technology of TON Public Chain is sharding technology.
The king of Wanchain Ethereum has also been raised for a long time, but the progress has been very slow. At present, it has achieved layers and modularization through Layer2, but the shards are far from the one -layer network.
The Ton public chain goes further:
TON blockchain consists of a main chain and up to 2^32 working chains.Each working chain is an independent chain with their own rules.Each working chain can be further divided into 2^60 chip chains or sub -shards, which contains the status of a part of the working chain.At present, only one working chain on TON is running -dischain.
2.2 cost mechanism
The transaction fee paid by users is mainly to obtain block space storage transactions. The essence is to compete for block space. Therefore, it can also be said that the business model of blockchain is a business about block space leasing.
For most public chains, including Ethereum, it is a permanent lease model. The user pays a transaction fee, and the transaction is permanently stored on the blockchain.
But the Ton chain is completely different.
First of all, the block fee is not paid by users, but performed by each smart contract, that is, each smart contract needs to pay the cost of its own consumption.
Each smart contract holds a Ton token balance and uses this balance to pay the rent.If the money in the smart contract is used up, it will eventually be deleted (can be restored).
Therefore, in the TON public chain, the payment of payment for the storage on the chain is not disposable, and the rent of the block space is continuous.
If you only store the data for a while, you will be significantly reduced.This cost economic model is actually more in line with the cost of nodes, so it is easier to expand.
2.3 Address mechanism
Most public chain wallets are implicit, that is, you can use a private key to generate a public key, and then generate the address from the public key. The private key, the public key, and the address are corresponding.You can use this wallet.
But on TON, wallets are not implicit. If you want to get a wallet, you must deploy an independent smart contract like any other smart contracts.
This address is composed of wallet contract code and various initialization parameters (such as the user’s public key), which means that users can deploy multiple wallets, and each wallet has its own address.
This also means that in TON, even if users know their private keys, they must remember their wallet address.
The use mechanism of wallets is also different:
Like Ethereum, you use a certain application (ie, smart contract), in fact, you use your own private key to sign message, and then send this message to the application;
But on TON, this transaction is not a smart contract sent to the application first, but the wallet contract is sent to the user’s wallet contract, and the wallet contract forward the message to the application smart contract.
2.4 Development Language
Ton’s smart contract programming language: FIFT, FUNC and TACT.Among them, TACT is Ton’s newly launched static type advanced programming language, which aims to reduce the difficulty of developing smart contracts and improve security.
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TACT has two more important features:
(1) Asynchronous calls: TACT supports asynchronous calls so that smart contracts can run parallel without waiting for other contracts to complete, which enhances the performance and response capabilities of the TON blockchain.
(2) Message programming: This design can eliminate the coupling between the caller and the receiver. At the same time, the object can subscribe and cancel the subscription message at any time, which makes it easier for the dependencies and updates between objects.
Although the new programming language can bring a lot of characteristics and give full play to the technical advantages, it will hinder the entry of developers and eventually affect the development speed and prosperity of the ecology.
I made an independent development language by myself. Although it is more sound and advanced than the Solidity language of Ethereum ecology, the Ethereum ecosystem already has a relatively mature developer ecology. ThereforeIn your own public chain.
Typical Types of Ethereum’s ZK -style second -layer network StarkNet, the financing background is very luxurious, and the team’s technical ability is very strong, but a few years have passed, and the ecology is still very barren.
The most important thing for public chain is ecology, and it is best to migrate directly the existing ecological applications and developers.The new development language is actually an invisible barrier in the start of the new ecology.
03 Dynamics
3.1 Basic data
Several core data of TON tokens are as follows:
(1) Initial supply: 5 billion pieces
This initial supply is relatively large, which is why the price of TON currency is not available for a long time.
(2) Supply: no upper limit, an increase of about 0.6% per year
The inflation rate of TON token is relatively low. In fact, the inflation rate is lower than the Bitcoin and gold. The Bitcoin is 0.85%and the gold is 1.64%.
(3) Current supply: 5.1 billion pieces
Compared with the initial supply, only 100 million pieces have been increased in the past 4 years.
(4) Current circulation: 2.4 billion pieces
The circulation rate is 47.61%. Among the top ten tokens in the market value, the circulation rate is relatively low, indicating that there are many short -term locking, which is conducive to the increase in currency prices. However, in the long run, the throw pressure is large.
(5) Current price: $ 7/Mei (2024.06.09)
In June 2022, the minimum price of TON was $ 0.73. After a round of bear markets, the currency price has increased by 7 times in today’s bull market cycle.
(6) Circulation market value: $ 17 billion
For the Solana public chain, which is also promoted by strong capital, the current market value of SOL tokens is $ 70 billion, so the market value of TON’s circulation is not large.
(7) Total market value: $ 35.8 billion
During the peak of the last round of the bull market, the market value of SOL’s full circulation was $ 150 billion, and there are currently $ 90 billion, so the ceiling of Ton’s full circulation market value is still high.
3.2 token distribution
TON’s tokens distribution is also a twists and turns. At first, some tokens were sold through ICO (initial coin), but after the regulatory intervention was involved, the team adopted a more traditional POW model for initial token distribution. AlsoIt is to distribute tokens fairly through hardware mining.
Since the TON public chain was designed with POS as the bottom consensus, the core team embedded the “GIVER Contract” on TON to achieve POW token distribution model.
The total amount of tokens allocated by POW will account for 98.55% of the total supply, while the remaining 1.45% will be held by the core development team.
In June 2022, the last TON tokens of the total amount of 5 billion contracts were successfully dug out, which also means that Ton’s initial tokens distribution task has been successfully completed.
Although the POW token distribution model is adopted, the Ton project team is mainly mining in the early stage. Therefore, the TON token is basically concentrated in the hands of the project team.
Ton public chain token issuance is too large and the distribution of currency is one of the core issues facing TON. This is also one of the historical burdens left by the Telegram Open Network era, but the Ton Foundation and the community are doing their bestSolve this problem.
On July 28, 2023, the TON community from different language backgrounds jointly established TBF (Ton Beliver Fund).
This organization has launched a special smart contract with two parts of interactive funds: donations and deposits.All donations will be issued directly as an additional reward for deposits, and the deposit will go through the full lock -up period of April, and the linear unlocking of March June will be entered after the end.
The fund received strong support from Ton Foundation on August 18.The Foundation has highly recognized this spontaneous token economic optimization behavior, and publicly promised to donate 1 million TON as support in subsequent community voting.
Thanks to such support, the development momentum of TBF is rapid.Recent blockchain data shows that the TBF contract address has locked up to 970 million TON, and the annualized deposit interest rate is even more than 10%, which is almost twice the benefits of other pledge methods on the main network.
3.3 token application scenarios
The application scenarios of TON token are mainly divided into two types: public chain handling fees and Telegram service fees.
Telegram builds a platform called Fragment. Users can purchase various services of Telegram through TON, mainly including 4 service scenarios:
(1) Purchase user name: Each user name is a NFT that can be traded freely. The username is mainly socially showing off attributes;
(2) Purchase mobile phone number: Register a Telegram account requires the use of mobile phone numbers, but users can buy anonymous numbers on the Fragment blockchain by using Toncoin to further enhance privacy;
(3) Buy members: Contains multiple advanced functions in Telegram applications, such as more cloud space, voice transfer text, real -time translation, etc.;
(4) Buy advertising services: Advertisers use TON to purchase advertising services, which can invest in their marketing activities. This part of the funds are equal to the division between Telegram and content creators;
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04 ecological analysis
Wallets are entrance, DEFI is infrastructure, and games are the biggest advantages of the TON public chain.
4.1 wallet
Wallets are the entrance of users entering the public chain ecology, and the first application to use the public chain.
Therefore, the user experience of the wallet determines the threshold for users to enter the public chain ecology.
Telegram currently integrates a wallet robot called Wallet.
The Wallet Bot is very simple and smooth. The appearance of Wallet Bot is a milestone of Telegram’s transformation to Web3. Since then, a large number of Telegram Bot has also came out one after another. The current popular tracks are various cryptocurrency trading robots to help users improve transaction efficiency.
Wallet is a hosted wallet, and Ton Space is an unbroken wallet expanded in Wallet.
When the user uses Wallet, it is actually an address allocated to the user’s Telegram account. This address is still controlled by the Wallet application project party, so it is a hosted wallet.
The advantage of the hosting wallet is that users do not need to understand the underlying logic of the blockchain, and use the wallet address to collect and pay directly. At the same time, when transferring other contacts to Telegram, there is no need to charge the handling fee and can be received in real time, because this transaction is because of this transaction, because this transactionIt is not on the chain. The essence is the data flow. Wallet will account for accounting in different users’ accounts.
And the disadvantage is also very obvious. Once the user’s own Telegram account is stolen or the project party of Wallet runs, the user’s assets will be completely lost. In addition, the hosting wallet cannot interact with various applications on the Ton public chain in the chain in the chain.Essence
Therefore, the Wallet application has expanded a non -hosted wallet, Ton Space.
Users need to keep their own private keys, and the assets are completely controlled by the user.
Therefore, even if the user’s Telegram account is stolen or the Wallet project party runs, the user’s assets will not be lost. At the same time, after having a non -hosted wallet, the user can interact with various applications on the Ton public chain.
Of course, the biggest disadvantage of non -hosting wallet is that users need to be able to safely keep their private keys, that is, the risk of asset management is passed on to the user himself.
In addition to the Wallet Bot wallet, there are many more popular wallets, including Tonkeeper, MytonWallet, etc., but none of these wallets are integrated into Telegram as deep as Wallet.
In the Telegram’s personal information page, dialogue chat box, and connecting wallet components, Wallet has obvious entrances.
The maturity of wallet applications has laid the foundation for the development of various decentralized applications of Ton ecology. On the other hand, wallet applications meet the payment needs of Telegram and make up for Telegram’s payment section.
Payment is the most basic, clear and high -frequency financial scenario.
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4.2 DEFI
It can be seen from the Tonl’s TVL (Total Value Locked) trend chart that starting from March this year, the Ton public chain has quickly increased.
The TVL here is only included in the DEFI class application, but Defi is the infrastructure of the public chain, which represents the activity and amount of capital of the public chain. Therefore, you can see that the Ton ecology is rising rapidly and explosive growth.
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What happened at this time in March?
Mainly the TON Foundation has begun to vigorously promote the development of the TON public chain. For example, the announcement of announced that the Telegram advertising platform will pay with Toncoin, distribute 30 million TON tokens for liquidity incentives, cooperate with TETHER to launch USDT stablecoin on the TON public chain,Essence
These large actions are very good for the Ton public chain ecology.
On the other hand, it is the early days of the bull market, but the industry still lacks sexy narratives, and the story of the integration of Ton public chain and social giant Telegram is very attractive, so it attracts market attention.
It can be said that the concentrated outbreak of Ton ecology in recent months is the result of the comprehensive factors of Tianshi, geographical interests, people, and various aspects.
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DEFI (decentralized finance) is a must -have application for public chains.
With assets, all kinds of financial instruments are needed.
The three axes of the public chain are exchanges, lending platforms and stablecoins.
We can see from the top ten DEFI applications of Ton ecological TVL that we can basically cover applications such as exchanges, derivatives, and lending.
What’s more is, the DEFI application of the head is a liquidity pledge. This is a typical financial application of the POS public chain. The Ethereum ecological head financial application is also a liquidity pledge lido.
4.3 game
The game is the development direction of Ton can really combine Telegram’s characteristics.
At present, the TON Foundation is pushing a game project Notcoin and making it a benchmark.
Notcoin is a Ton ecological CLICK-to-Earn project. Using Telegram robot to use click on the mobile phone screen to dig tokens, do tasks (sign in, follow Twitter, invite friends, etc.), you can do it.Increase the number of clicks.
It is precisely because of its simple and rude model that it has attracted a large number of users. This game has more than 35 million users and more than 5 million daily life.
Of course, how many users can retain it, but this is a remarkable experimental attempt.
Compared with other GameFi projects, the user of this volume is definitely the head position. For example, the leading chain tour Axie Infinity. At the peak, there were 2.7 million lives daily, which was far below NOTCOIN 5 million.
NOT tokens have launched the top two exchanges in the world at the same time. After the top exchanges were launched, the market value of Notcoin has continued to rise, and its wealth boom has attracted more users to enter the Ton ecology.
In addition to notcoin, there are many games with similar modes, such as the more popular cat raising games Citizen and hamster game Hamster Kombat. These games are basically the same as notcoin.Essence
The Ton Ecological game track is still in the early stages. The game mode is too simple, and subsequent users must be worse.
Only by deep combination of Telegram and using the social relationship chain settled in Telegram can more and more interesting games, such as the raging planting vegetables, grabbing parking spaces, and enduring brand games in China, and so on.
05 Future Development
Compared with other public chain ecosystems, there are three core advantages of the TON public chain:
(1) Active promoter
The Ton Foundation and its related organizations have been actively promoting the development of the Ton public chain ecosystem.
In the development of public chain ecology, there are two genres:
One is to govern inaction, that is, the public chain project party will not intervene in the development of the public chain, mainly to build a full and free market, which is independently developed by the public chain ecology and the community.Layer2, TVL exceeds $ 18 billion.
The other is strong guidance. The public chain project party will lead the development direction of the public chain ecology. The advantage of this is that it can concentrate the resources to develop the ecology, and the development speed will be faster.Typical, such as Solana, is currently the top five public chain.
TON uses the second development model.
(2) Complete infrastructure
The project party of the TON public chain is very positive and strong. Some public chain ecological infrastructure applications have been embedded in the TON blockchain from the beginning, rather than other separate applications based on the blockchain, including decentralization, including decentralization.Storage, agency layer, DNS domain name, payment, site, etc.
(3) User traffic
At present, Ethereum has less than 1 million daily lives, but Telegram has 400 million daily lives and more than 900 million monthly lives. Therefore, the Ton public chain has huge user traffic. What the TON public chain needs to build is to build various application scenarios. It will be able to build various application scenarios.These users successfully introduced the web3 world.
And what is the biggest problem in Ton’s ecological development?
Many people will feel that Telegram, such as Telegram, to enlarge the risk of fraud, too free ecology will exacerbate various types of illegal crimes.
However, the real situation is that the use of blockchain technology can improve the ability to track and deal with criminal activities. The blockchain is a completely transparent and open database. Each user’s transaction is permanently disclosed on the chain. ThereforeIllegal transactions are easier to track.
Compared with fraud, the complexity of cryptocurrencies is the main obstacle to its large -scale popularization.
Therefore, for TON, the strong guidance of the project party, coupled with capital promotion, has deeply fused with Telegram, and basically completed the project’s cold start.After that, how to successfully transition hundreds of millions of users to the web3 world is Ton’s biggest challenge, which is also Ton’s most imaginative space narrative.
