In the past 30 days, Toncoin (TON) Cryptocurrency has seen solid Performance

The massive sell-off that surprised the investors is easing off, with cryptocurrencies now fighting for a recovery. Major players like Bitcoin, Ethereum, and BNB are witnessing a bloodbath. Then there's the Toncoin (TON) cryptocurrency, which has seen a solid performance simultaneously. As the backbone of the TON network, this cryptocurrency serves a multi-faceted role, powering various network operations. Toncoin's underlying technology, coupled with its use cases in diverse applications, positions it for potential growth and adoption. During the past year, the Toncoin crypto's overall performance was between US$1.26 and US$1.48.

Before slightly recovering, BTC fell as low as US$25,886 on Binance, CoinGecko data shows. Major tokens XRP, Cardano's ADA, and Solana's SOL fell as much as 2.2%, continuing a downtrend since last week. Ether (ETH) fell 1.1% even as trading aggregator protocol 1Inch invested over US$10 million worth of stablecoins from its treasury to purchase 6,088 ETH late on Sunday, providing some buying pressure to an otherwise tepid market.

With a market cap of US$5,186,563,943 and a 24-hour trading volume of US$21,650,449, the Toncoin cryptocurrency is now the 14th largest on the top 100 list. In the past 30 days, Toncoin has increased 25.4% and nearly 13% in 2 months, indicating that the bear market does not influence it. Based on the Toncoin price prediction, data suggests it will reach US$2.83 by the end of the year.

Since 2020, the technology has developed thanks to a non-commercial group of supporters and an independent community of enthusiasts called the TON Foundation. Toncoin, formerly known as Gram, is the native cryptocurrency of the TON network.

The original idea was to integrate TON into an easy-to-use application that allows users to buy/send/store funds. Clients pay transaction fees and use TON to settle payments or validate transactions. Toncoin utilizes the proof-of-stake (PoS) consensus model for network scalability and reliability. According to the project website, the platform provides customers with fast, transparent, and secure payment services, facilitating transactions with minimal fees and third-party applications.

The developers' mission is to build a full-fledged ecosystem with decentralized storage, services, a domain name system (DNS equivalent), an anonymous network, an instant payment platform, and affordable/fast transaction processing.

The Open Network Is a community-driven blockchain with a flexible architecture focused on serving a typical consumer. TON stands out due to the fast processing/validation of transactions per second (TPS). In September 2021, the network processed a then-world record of 55,000 TPS during a contest, although the current TPS could be in the hundreds of thousands or even millions. This feature allows the project to grow rapidly while avoiding performance losses. At the same time, the project does not harm the environment.

The TON network offers the following services: TON Wallets, a built-in wallet function designed to transfer funds and interact with platform services and offers two categories of wallets: custodial and non-custodial; TON Services allows developers to create various dApps while users can access third-party apps through a user-friendly interface; TON Storage offers the benefits of private encryption using the private key of the owner's wallet; TON Proxy uses all platform components and allows clients to access the TON blockchain via decentralized VPNs; TON DNS (decentralized name system) makes it possible for traditional websites to work in the TON network, allowing users to set short, readable names.