Toncoin is the native asset of The Open Network (TON), a proof-of-stake, infinitely-shardable layer-1 originally designed by Telegram's core engineering team and announced around 2018–2019 as the Telegram Open Network. Telegram exited the project in 2020 following regulatory action from the US SEC over its token sale, after which an independent community of developers took over, open-sourced and continued building the network under the renamed 'The Open Network'.
Category
layer-1
Consensus mechanism
Proof of Stake
Launched
2019
From Telegram's project to a community network
After Telegram's 2020 exit and an SEC settlement that returned funds to investors and barred Telegram from further involvement in the token, an independent community — including the TON Foundation — continued developing the open-sourced codebase, and the network has since operated separately from Telegram as a company. Telegram the messaging app has, however, more recently integrated TON-based wallets and mini-apps directly into its interface, giving TON exposure to Telegram's large user base without Telegram itself controlling the underlying network.
Technical design
TON's architecture is built around dynamic, near-infinite sharding intended to let the network scale horizontally as demand grows, secured by proof-of-stake validators, alongside its own smart-contract environment (distinct from the EVM used by Ethereum and its compatible chains).
Tokenomics
| circulating-supply | — |
|---|---|
| max-supply | — |
| issuance-model | No fixed cap; ongoing proof-of-stake validator block rewards |
Last verified: 8 July 2026. before you rely on any figure — live circulating supply and market cap are never published here; check a live tracker.
Risks & criticisms
- TON's early history involved an SEC enforcement action against Telegram over the original token sale — worth understanding as background, even though the network today operates independently of Telegram as a company.
- Its integration with the Telegram app is a product relationship, not a claim that Telegram controls or is legally responsible for the TON network — check current documentation on how this relationship is structured.
- As with other sharded architectures, verify current validator decentralisation and network-health metrics directly rather than assuming parity with more established single-shard chains.
Where to buy
Frequently asked questions
Is TON owned by Telegram?
No, not currently. Telegram's core team originally designed the network but exited in 2020 following an SEC settlement; an independent community, including the TON Foundation, has developed it since, though Telegram the app has integrated TON-based wallets and mini-apps.
What does TON stand for?
The Open Network — originally conceived as the Telegram Open Network before Telegram's 2020 exit and the project's rename.
What consensus does TON use?
Proof of Stake, combined with a dynamic sharding architecture designed to let the network scale horizontally.