What are TON coins? What can TON coins do? How to store TON coins?

TON coins are versatile cryptocurrencies fueling transactions, staking, governance, smart contract execution, and decentralized app access on the TON blockchain.

Oct 03, 2024 at 06:24 am

1. What are TON Coins?

TON coins (TON) are the native cryptocurrency of the TON blockchain, a decentralized, flexible, and scalable blockchain platform. TON coins serve as the fuel for all transactions and operations on the network, including sending and receiving payments, storing and retrieving data, and executing smart contracts.

2. What Can TON Coins Do?

TON coins play a crucial role in empowering the TON blockchain and enabling a wide range of applications and services:

• Transaction fees: TON coins are required as transaction fees for all operations within the TON network. This encourages efficient resource utilization and prevents network congestion.
• Staking: TON coins can be staked to earn rewards and support the network's security. By staking TON coins, node operators validate transactions and participate in the consensus mechanism.
• Governance: TON coins grant holders the right to participate in network governance. They can vote on proposals, decisions, and upgrades that shape the future of the TON ecosystem.
• Smart contract execution: Smart contracts on the TON blockchain require TON coins as their execution fee. This ensures that smart contract transactions are properly processed and executed based on the agreed-upon terms.
• Access to decentralized apps: TON coins facilitate access to decentralized applications (dApps) built on the TON blockchain. Users can interact with these dApps, participate in their services, and engage in their governance by using TON coins.

3. How to Store TON Coins

To securely store TON coins, users have the following options:

• Software wallets (custodial): Custodial wallets, such as Trust Wallet or Ledger Live, provide a convenient and secure way to store TON coins. The user's private keys are managed by the wallet service provider.
• Hardware wallets (non-custodial): Non-custodial hardware wallets, such as Trezor or Ledger Nano X, offer enhanced security by storing users' private keys offline. These devices are typically used for long-term storage and provide peace of mind.
• Web wallets (custodial): Custodial web wallets, such as TON Wallet or WalletIO, allow users to access and manage their TON coins via a web browser. This option requires trust in the wallet provider's security measures.