What is Toncoin (TON)? How To Buy TON In India?

What is Toncoin (TON)?

Many networks have been developed after Bitcoin and Ethereum that address significant use cases in various aspects of life. Tonocoin is a unique community-driven layer-1 blockchain that offers quick, inexpensive, and energy-efficient transactions. This allows the users to buy/send or store funds safely by facilitating third-party applications. 

The blockchain platform is highly scalable and reliable, as it uses a Proof-of-stake mechanism to validate the transactions. The developers intend to build a full-fledged ecosystem with decentralized storage & services, a domain name system (DNS equivalent), an anonymous network, an instant payment platform, and affordable & fast transaction processing. 

Back in September 2021, the blockchain processed 55,000 TPS during a contest and created a world record then. TON is the native token of the blockchain, which can be used to pay transaction fees, settle payments, or validate transactions. 

Who Are the Founders of the Toncoin?

The platform was originally built by the Durov brothers, Nikolai and Parvel, but was later developed by the Telegram team. Telegram has planned to launch its on-chain token, named Gram, which offers a platform for the decentralized application. Further, the token gained huge attention, which also invited a lot of trouble for the token when it faced an outright ban by the SEC preventing the release of Gram tokens. The founder quickly made an announcement to bring TON to the state of an almost full-fledged product. 

How Does Toncoin Work?

Toncoin utilizes a multi-level structure based on sharding, which uses subnets on the same blockchain, where every shard has a specific purpose. Each shard carries its own data and hence has the potential to reduce latencies, avoid the accumulation of unverified blocks, and also speed up the transaction process. 

The chain facilitates faster transactions using smart contracts and a unique feature called a self-healing vertical blockchain mechanism that makes it reliable, fast, self-consistent, and scalable. Besides, the network also offers a Toncoin wallet, which helps in fund transfers, allowing users to interact with the platform service. 

What Makes Toncoin Unique-Use Cases?

• Using Sharding, the transactions are speeded up as it eliminated the accumulation of unverified blocks
• The fast transactions are a result of well-established interaction between segments which verifies and produced a huge number of TPS
• The network offers, TON wallets which are custodial and non-custodial to transfer funds and interact with the platform
• It also offers TON storage that offers the benefits of private encryption using the private key of the owner’s wallet
• TON proxy uses the platform components allowing access to the TON blockchain via decentralized VPNs
• Besides, the traditional websites may also work on the TON networks using TON DNS or a decentralized name system.

Toncoin (TON) Price Analysis

Source: TradingView

• The TON price is trading within a decisive symmetrical triangle and the recent bearish push may drag the price toward the support
• The ADX has remained largely stagnant for a quiet and long time and is dropping towards the support. However, it has displayed a bullish divergence which may trigger a rebound after testing the support
• Meanwhile, the volume has dropped miserably which may lower the pace of the rally and hence the price may slowly yet steadily reach the apex of the consolidation
• Once it marks the levels, giant price action may soar the price high, slicing through the upper resistance of the triangle

How to Buy Toncoin in India?

To buy Toncoin in India, just follow the below-mentioned steps:

• Download the CoinDCX App on your Smartphone
• Enter the details required for registration
• Complete KYC
• After your profile is verified, fund your wallet and buy a TON