Tokens on The Open Network

Discover the key features of tokens on The Open Network. Learn how they function, their advantages, and their significance in the blockchain ecosystem.

While Toncoin (TON) is frequently highlighted as the primary token of The Open Network, there are numerous other tokens and coins within the ecosystem.

The Open Network isn’t just about promoting digital ownership or integrating blockchain with Telegram; it also focuses on real-world Web3 applications. A significant aspect is Decentralized Finance (DeFi), which relies on creating various fungible and non-fungible tokens (Jettons and Collectibles) on the blockchain.

TON provides an optimal environment for developing and utilizing all types of digital tokens, giving users full control and enabling them to maximize their value within the ecosystem.

Jettons

The TON Jetton standard, established in March 2022, allows developers to create unique cryptocurrencies called ‘Jettons’ on the TON Blockchain. Just as Ethereum hosts various tokens like SHIBA, USDT, and USDC alongside its native ETH, the TON Blockchain, with Toncoin (TON) as its primary asset, supports a range of distinctive jettons such as PUNK, BOLT, and STON.

Jettons on TON serve various purposes beyond being mere transactional instruments or monetary assets, including:

Ecosystem Enhancement: Jettons play a crucial role in building micro-ecosystems around different products within the TON Ecosystem, nurturing more cohesive and engaged communities focused on shared interests.
User Engagement: They encourage user participation in projects by rewarding involvement and contribution to the TON community.
Rights Representation: Jettons can symbolize more than just monetary value; they may represent access rights to specific services or shares in projects. For instance, PUNK allows participation in exclusive tournaments within TON Punks, while STON provides access to unique digital Collectibles.

The TON App offers a comprehensive overview for those interested in exploring jettons, including details on trading volumes, price changes, and distribution. The TON Ecosystem anticipates a surge in new Jettons, especially in areas like NFT gaming and TON-based services.

Tokenova’s launch, a no-code Jetton self-launch platform on TON, simplifies this expansion.

Buying Jettons

Acquiring Jettons is straightforward and quick. You can purchase them directly within Telegram via TON Space using Wallet in Telegram or through exchanges like STON.fi or DeDust.

Storing Jettons

Storing TON Jettons has become more user-friendly; they can now be saved directly in major TON wallets such as Tonkeeper and TON Space in Telegram, making it more convenient compared to platforms like MetaMask.

Collectibles

In contrast to Jettons, which are fungible, Collectibles are unique or ‘non-fungible’ digital assets. These assets can include digital art or rare items, each with distinct features and value. Collectibles grant users complete ownership over the items they represent. For example, Telegram usernames and virtual phone numbers on Fragment are unique digital Collectibles.

Collectibles within the TON Ecosystem offer a range of functionalities, including:

Trading Potential: Collectibles serve as tradeable digital assets, allowing users to buy, sell, and exchange them within the TON Ecosystem.
Exclusive Access: They can provide special privileges such as access to exclusive events or ticketing.
Gaming Integration: Collectibles can be used in GameFi, enabling players to engage with blockchain-based games on TON.

TON supports advanced NFT standards beyond traditional Collectibles, including the Soulbound Token (SBT) and the Compressed NFT (cNFT). SBTs are non-transferable tokens suited for social permissions or certifications, like marketplace discounts or educational credentials.

The cNFT standard, featured in Egg Fight Club on Getgems, facilitates the creation of large NFT collections, accommodating up to a billion elements, making it ideal for gaming competitions.

Conclusion

Tokens, both fungible and non-fungible, are integral to the TON Ecosystem. TON’s user-friendly interfaces for acquiring and storing digital assets, along with its diverse marketplace options, reflect its mission to democratize digital ownership and integrate crypto into everyday use.

As the network continues to grow and evolve, the potential and utility of these tokens are expected to expand, offering exciting opportunities for both users and developers.