• 28 May, 2024
News

Toncoin Soars as TON Blockchain Claims to Achieve Record Speed

The price of Toncoin (TON) surged over 8% after the TON blockchain announced its unprecedented achievement in transaction speeds. According to the TON Foundation, TON can now process 104,715 transactions per second (TPS), potentially making it the world’s fastest blockchain if this claim holds.

This remarkable development in TON’s capabilities triggered a swift and significant response in the cryptocurrency market. Toncoin (TON), the native cryptocurrency of the Telegram-originated TON blockchain, briefly overtook Dogecoin, becoming the 10th largest cryptocurrency by market capitalization. 

TON reached a price of $2.61 on November 8, marking its highest valuation since February 2022, with the cryptocurrency’s market capitalization also breaching the $10.5 billion mark during this bullish run.

This speed test was conducted on the TON testnet using 256 validators. The results were verified by blockchain auditor CertiK, providing credible third-party confirmation. On average, CertiK found TON was processing 78,134 TPS during the tests under heavy loads. 

The TON Foundation claims these speeds far exceed all other major blockchains, including Bitcoin at 5-7 TPS, Ethereum at 15 TPS, and Solana with a current rate of 4,000 TPS despite higher lab speeds. Even payment networks like Visa and PayPal purportedly operate slower than the demonstrated TON throughput.

Toncoin has been on a positive trend over the past week, with a price increase of 23.80%. This is a promising sign for the cryptocurrency. Still, it’s important to remember that price movements in the crypto world can be highly volatile and are only sometimes indicative of long-term success. 

The market cap of Toncoin has also grown by 6.86%, which suggests that more investors are buying into the cryptocurrency. However, Toncoin’s market cap is still relatively low compared to other cryptocurrencies, which could indicate that it has room to grow in the future.

The TON Foundation has taken the reins of the project, which operates as an open-source blockchain. The network has focused on facilitating fast, no-fee transactions that leverage Telegram’s established user base. This past September, TON integrated its self-custodial wallet called TON Space into Telegram. This helped drive significant user adoption and a price surge for the native Toncoin.

TON has also received recognition from regulators in Dubai, a crypto-friendly jurisdiction. The ability for thousands of financial firms there to utilize TON added further momentum.

The cryptocurrency market eagerly awaits independent confirmation regarding TON’s purported speeds. For now, the claims have sparked renewed investor interest. If validated, TON could shift the landscape for blockchain scalability and speed. However, it remains volatile amid ongoing adoption and the consequences of its 2018 run-in with the SEC.

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