Telegram-related Toncoin catapults into top 10 digital assets following hand scanning tech News ▸ TON ▸ Technology
Telegram-related Toncoin catapults into top 10 digital assets following hand scanning tech
TON's price has surged by over 22% in the last 24 hours to a new all-time high.
2 min read
Updated: Apr. 9, 2024 at 11:17 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Toncoin, the native token of The Open Network (TON), surged into the top 10 digital assets by market capitalization amid recent developments within the network.
TON is a layer-1 blockchain network intricately linked with the renowned social messaging platform Telegram.
TON developments
On April 8, TON Society, a community contributing to the TON blockchain, revealed it was partnering with AI company HumanCode to launch an identity verification system involving palm scanning technology.
The group stated:
“This technology works on any smartphone and browser and is designed to recognize all skin tones, ensuring everyone can benefit from this advanced proof-of-human system. It’s a privacy-centric solution that validates human presence without compromising individual anonymity.”
TON Society said it was offering a million TON tokens, approximately $7 million, as incentives for users to verify their identity.
Notably, this advancement is coming around the same period Telegram integrated Toncoin payments for its novel advertising initiative.
The advertising product enables users to purchase ads using Toncoin and offers revenue sharing with public channel creators boasting over 1000 subscribers.
The messaging application also transitioned from Euro to the TON network to facilitate ad service payments.
Rising metrics
Following this development, TON’s price has surged by over 22% in the past day alone. This upward trend has been consistent, with gains exceeding 30% over the past week, propelling TON to a record high of nearly $7, according to data from CryptoSlate.
This surge in value has propelled TON’s market capitalization to over $23 billion, surpassing notable blockchain networks such as Cardano, Avalanche, and Dogecoin.
Simultaneously, this new peak arrives amid a significant surge in network activity within the TON blockchain ecosystem.
According to TonStat data, the number of active Ton blockchain wallets has skyrocketed to 1.65 million during the past month.
Notably, the exponential rise in active wallets has spurred various blockchain metrics, with daily transactions surpassing 4 million during the last day.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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TON is a third-generation proof-of-stake blockchain designed in 2018 by the Durov brothers, the founders of Telegram Messenger.
Telegram Open Network
Launched in 2018, this cryptocurrency is based on multi-blockchain Proof-of-Stake system – TON (Telegram Open Network, after 2021 The Open Network) – designed to host a new generation of cryptocurrencies and decentralized applications.