This summary text is fully AI-generated and may therefore contain errors or be incomplete.
The Open Network (TON), a decentralized blockchain developed by Telegram, has expanded its web3 ecosystem. TON is described as an extensive, decentralized supercomputer capable of providing a wide range of services on a large scale. The platform includes components such as the TON blockchain, DNS, storage, and hosted websites, with Telegram at its core. TON offers seamless blockchain integration and supports applications like DeFi and NFTs. The native token, Toncoin, facilitates transactions and incentivizes node operation.The TON project was introduced by Telegram’s founder, Pavel Durov, in January 2018. Telegram conducted a significant ICO in February 2018, raising $1.7 billion for its cryptocurrency Gram. However, the project faced legal challenges when the SEC initiated legal action against Telegram and the TON project in October 2019. The SEC claimed that the Gram tokens sold during the ICO were unregistered securities. Despite the legal obstacles, Telegram supported the TON project until May 2020 when Durov announced its official end due to regulatory issues.In August 2021, the project was transitioned to “The Open Network” with a new team taking over development. The decision was made because Telegram could no longer work on the project and responded to the community’s request to transfer all resources to them as the main developers. The new team plans to continue the project as originally planned by Telegram and ensure adherence to the original documentation. TON aims to provide a decentralized platform for various applications and services, with Toncoin serving as its financial backbone.