More and more developers, companies and entrepreneurs are entering the crypto industry in an attempt to bring something new to its markets. One such company is Telegram, which offers a cloud-based instant messaging service and has launched a crypto project called Toncoin.
Although Toncoin has been on the market for more than two years, more and more crypto investors are interested in this coin, as well as the TON wallet that the platform offers. This guide explains everything you need to know about the TON wallet and whether it is safe to use.
What is Toncoin?
Toncoin is part of the TON network. This is the native token for the network itself. TON has been designed with scalability in mind to serve several billion users efficiently.
TON stands for “Open Network”, which is a fully decentralized first-level blockchain. The different layers of the blockchain represent the architecture on which it is built.
The expansive nature of TON is achieved through blockchain sharding, which involves the use of multiple blockchains hosted on the same network. Each blockchain has its own purpose, which can be anything from governance to registering transactions.
Since the entire workload is distributed across multiple chains, there is never a situation where one chain has to process a significant number of blocks that have yet to be verified. The Ethereum network is also expected to use this technique in the coming months.
TON is based on the proof of stake consensus mechanism (PoS), in which validators validate transactions through a stake. This mechanism is much more energy efficient than proof of work (PoW). Toncoin also boasts ultra-fast transactions, flexible architecture, and low transaction fees.
What is TON Wallet?
TON Wallet is a storage-free software that provides crypto investors with a place to store TON tokens on the TON blockchain. After creating a TON Wallet, you can receive and send tokens, as well as interact with easy-to-use applications.
Since the TON wallet is not custodial, no one but you can use it, which is ideal for users who prefer to have full control over their crypto assets and want to interact with other easy-to-use applications.
TON also offers a built-in custodial wallet on its platform, which can be accessed via the @wallet Telegram bot. This means that Telegram will cater for all your storage needs while you invest or trade the assets you hold in your wallet.
How does TON Wallet work?
TON Wallet has two important components for its users: Seed Phrase and Wallet Address. The seed phrase is a type of password that consists of 12 separate keywords. To restore the wallet, you must go through the login step using the initial phrase. Using the seed phrase guarantees the safety and security of your wallet on the TON network.
A wallet address is a series of alphanumeric characters that allows you to send crypto assets to a TON wallet. Coins can also be sent to your wallet using the TON wallet address you provided. To better understand how TON wallets work and the flexible architecture they are based on, think of your TON wallet as a bank account. Your wallet address is your account number and the seed phrase is your password.
The main difference between a traditional bank account and a TON wallet is that when you create a bank account, your personal information is shared with others. TON Wallet allows users to remain anonymous. All transactions to and from the wallet take place using an alphanumeric coded address. As mentioned, TON boasts ultra-fast transactions so that the purchases or sales you make from the TON wallet can be completed without delay.
With the wallet feature of the Telegram app, you can buy and send Toncoin. You can also use these coins to pay for various services and applications in the TON ecosystem. In addition, if you wish to participate in the TON Governance Program, your assets can be used to vote on platform changes as well as development goals.
You will also have some control over the evolution of the platform. Since TON is known as a PoS network, all validator fees are paid in Toncoin. Transactions are very accessible, which cannot be said about some platforms such as Ethereum. Toncoin exchange is carried out with a commission of less than $0,05.
How to create a TON wallet on PC
To create a new TON wallet on desktop, you can choose from a Linux wallet, MacOS wallet, Windows wallet, web browser wallet, or Google Chrome extension. Regardless of the wallet you choose, transaction fees will be low.
Step 1: Go to the site https://ton.app/wallets.
Step 2: Choose your desired wallet. Under the name of each wallet, you will notice a description that tells you which browser or operating system the wallet is compatible with.
Step 3: After selecting the desired wallet, you can read a more detailed description of the wallet and its features. After that click on the Open button.
The next steps depend on the type of wallet you are creating. For the Google Chrome plugin, you will need to add an extension to your browser, after which you can continue creating your wallet. The creation process is actually simple and straightforward. When you click the Create Wallet button, you will be provided with a seed phrase that will allow you to recover your wallet in case you lose it.
How to create a TON wallet on a smartphone
You can also create a TON wallet on your mobile device. The process for creating a wallet may vary slightly depending on the type of smartphone you are using.
Step 1: Go to the site https://ton.app/wallets from your mobile device.
Step 2: Choose a mobile wallet compatible with your mobile device. Under the name of each wallet, you will see a description that tells you which device the wallet is compatible with.
Step 3: After choosing a compatible wallet, you can read a more detailed description of the wallet and its features. After that click on the Open button. This will redirect you to the relevant pages ToncoinGoogle Play Store и ToncoinApp Store to download the application to your mobile device.
Step 4: Follow the app instructions after downloading it to create your TON wallet.
How to use the TON wallet
Once you have created a TON wallet and set a password, the new wallet will be ready to use. If you want to top up your wallet, all you have to do is select the Receive Grams button. You can then enter your wallet address or create an account link that you can send to people if you want to receive payments.
Be sure to enter the exact amount you would like to receive, after which you can request a QR code containing your account information. As stated earlier, you can use your wallet to send and receive Toncoin. In addition, your wallet can be used to interact with applications that are present on the TON network.
Is the TON wallet safe?
If you want to be sure that your assets are safe and that you are in control of every aspect of how those assets are used, you can opt for a no-custodial wallet to ensure that your wallet is safe. On the TON Wallets website linked above, you will see blue checkmarks next to a dozen different TON compatible wallets, including the official TON Wallet. These options have been verified directly by the TON team, which means that they are absolutely safe to use.
Remember that Toncoin is a legitimate coin with a real purpose. With the open network that Toncoin is based on, it scales well and provides users with low transaction fees are two key characteristics that make future growth more likely.
Сonclusion
TON is an open network that boasts ultra-fast transactions, easy-to-use applications, and a flexible architecture. When you invest in Toncoin, you can use your TON wallet to send and receive Toncoin as you wish. The steps above are a simple guide to help you create a TON wallet on your preferred device or operating system.