Toncoin (TON) has been making waves in the cryptocurrency world, intriguing investors with its potential and unique technology designed by Telegram. But for newcomers, navigating the world of Toncoin can be a bit daunting. So, in this article, we will discuss the meaning of ton coin, where to buy ton coin, it’s current price and exchange rates.
What Is TON Coin?
Toncoin is the native cryptocurrency of The Open Network (TON), a decentralized, layer-1 network popularly known as the TON blockchain. It is used for network operations, transactions, games or collectibles built on TON, making it an attractive option for users for everyday use.
Telegram endorsed TON in September last year, saying the blockchain and associated token would be its “official Web3 infrastructure”. It has leapt in value in recent months, with investors betting its integration with messenger service Telegram could bring the cryptocurrency to the app’s millions of users. In fact, Telegram users can send the stablecoin to each other within the app. ou can read more about the ton coin roadmap, to learn more about the history of TON.
TON Coin Mining
Mining is the sole method to earn new coins, allowing anyone to become a miner and promoting a fair distribution of tokens across the network’s participants.
Mining on TON Blockchain, was a unique case. Unlike older blockchain technologies like Bitcoin that rely on proof-of-work, where mining is crucial for network maintenance, block creation, and coin distribution, TON operates differently. It used proof-of-stake (PoS) consensus algorithm, which speeds up transactions and reduces costs. Here, miners’ role shifts significantly, as the network depends on a different mechanism to stay functional and distribute new coins.
In June 2020, all of the available Toncoin tokens (98.55% of the total supply) became available for mining — up until 28 June 2022. After two years of mining, the last Toncoin was mined, marking the completion of TON’s initial distribution phase.
Uses Of TON Coin
Toncoin is the native currency of TON, which means that it can be used for various purposes on the network, which includes :
- Paying transaction processing fees for smart contracts.
- Exchanging it for other cryptocurrencies or fiat currencies on various platforms eg TON to USDT, Notcoin to TON
- Contributing to network security via staking
- Payment services offered by apps on the platform
- Payment for blockchain-based domain names (DNS)
- Payment for TON Proxy
- Payment for decentralized data storage.
Where To Buy TON Coin
You can buy ton coin from online Cryptocurrency exchanges platforms that support it. These platforms act as intermediaries between buyers and sellers of cryptocurrencies with options of buying toncoin with bank card or exchanging toncoin with another crypto. Some popular CEXs that list Toncoin include:
- BingX
- KuCoin
- OKX
- BIT
- ByBit
- CoinEX
- HitBTC
- Biswap
- MEXC Global
- LBANK
- Huobi
- BitMart
- EXMO
- ZT Global
Important Note: Before using any CEX, ensure they are reputable and operate in your region. Always conduct thorough research and prioritize platforms with strong security measures.
How To Buy Ton Coin From CEX
Buying Ton Coin is a straightforward process:
- Create an account: Sign up for an account on one of the supported exchanges.
- Verify your account: Complete the verification process to ensure compliance with regulatory requirements.
- Deposit funds: Deposit the desired amount of fiat currency or cryptocurrency into your exchange account.
- Search for Ton Coin: Find Ton Coin in the exchange’s list of available cryptocurrencies.
- Place an order: Set the amount of Ton Coin you want to buy and confirm your order.
Alternatively, you can as well buy ton coin from peer to peer crypto marketplaces where users can trade cryptocurrencies directly with each other.
TON Coin Wallet
Once you’ve decided where to buy Toncoin, you’ll need a secure wallet to store it. It’s an app that will hold your Toncoins and help you to interact with other apps inside the network. Some Ton Coin wallet apps you can try include :
- Telegram Wallet
- TonKeeper
- Ton Wallet
- SafePal
- Trust Wallet
- OpenMask
1 TON Price: Understanding Toncoin’s Value
The price of Toncoin, like any other cryptocurrency, fluctuates based on market demand, supply, and overall crypto market sentiment. To get a good grasp of Toncoin’s current value, you can check out reliable cryptocurrency tracking websites like CoinMarketCap or Coingecko. These websites provide real-time price updates, historical charts, and market capitalization data for Toncoin.
TON to USDT
If you’re interested in knowing how much a certain amount of Toncoin is worth in USDT, you can use a cryptocurrency converter. Many cryptocurrency exchanges and financial websites offer conversion tools that allow you to easily see the equivalent value in USD or other fiat currencies.
As of June 3, 2024, the current price of 1 Ton to USDT is approximately $7.
0.5 TON to USDT
If as of June 3, 2024, 1 Ton to USDT is approximately $7, that means 0.5 TON will be approximately #3.5.
However, prices can change rapidly, so it’s essential to check current prices before making any transactions.
How Much is 1 TON in Naira?
Let’s assume current naira to dollar rate is #1,500 per USD and 1TON is $7 as stated above, then 1TON to Naira will be 7 x 1500 = #24,500
0.5 TON to Naira
If one ton to naira is #24,500
0.5 TON to naira will be #24,500 divided by 2 = #12,250
Notcoin To TON ?
You can convert your Notcoin to TON.
How?
If you have your notcoin for example, on binance, sell/convert it to usdt.
Thereafter, withdraw the USDT to your TON wallet and from your TON wallet, convert the USDT to TON Coin.
Conclusion
Ton Coin is an exciting addition to the cryptocurrency market, offering fast and secure transactions. By understanding what Ton Coin is, how it’s mined, and where to buy it, you’re well on your way to exploring the world of Ton Coin. Remember to always do your research and stay up-to-date with market trends before making any investment decisions.
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