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TON Foundation Unveils 'Hack-Proof' Bitcoin Bridge
Jul 19, 2024
TON Foundation has introduced a Bitcoin bridge. It allows users to transfer BTC into the TON ecosystem. The bridge will enable the use of Bitcoin in TON's decentralized applications and lending platforms. Jack Booth, TON Foundation's marketing director, explained the security measures. He emphasized the use of trustless architecture. The bridge aims to be secure and transparent. TON's long-term vision is to become a "blockchain of blockchains". They want to integrate top Web3 services into one network. It's a pretty ambitious goal, if you ask me. Blockchain bridges aren't new. They allow token transfers between different networks. This improves interoperability. Users can access features of other blockchains with their native tokens. But bridges have a sketchy history. In 2022, the Ronin Bridge hack resulted in over $600 million in losses. It was a massive blow to the crypto community. Booth claims TON's bridge is different. They've implemented a Simplified Payment Verification Client as a smart contract. It verifies Bitcoin block states directly on TON. All key operations are handled by smart contracts. This includes transaction verification, confirmation, and token issuance. Everything is recorded on the TON Blockchain immediately after confirmation. The bridge is designed to resist private key compromises. No single party creates or holds private keys. TON's Validators generate a joint public key using Distributed Key Generation. They sign transactions with aggregated signatures using the FROST protocol. Booth says this makes the bridge "highly resistant to compromised keys or insider threats". Sounds fancy, right? Private key compromises are no joke. In the first half of 2024, they caused over $400 million in losses across 42 incidents. TON's approach aims to eliminate this risk. Will TON's Bitcoin bridge live up to its promises? Only time will tell. But it's clear they're pulling out all the stops to make it work. Let's see if they can walk the talk.
TON Blockchain to Launch Layer-2 Network Using Polygon Tech
Jul 10, 2024
The TON Blockchain ecosystem is set to expand. A new layer-2 network is in the works. It's called the TON Applications Chain (TAC). TAC will use Polygon's technology. This includes Polygon's Chain Development Kit and AggLayer. The Open Platform, a TON-focused investor, backs the project. The announcement came on Tuesday. It was made at the Ethereum Community Conference in Brussels. The new network will be EVM-compatible. This is a big deal. EVM compatibility means easy porting. Ethereum developers can move their apps to TAC with little fuss. And that is very promising as it opens so many doors for the TON ecosystem. The press release outlines TAC's goals. It aims to bring EVM-based decentralized apps to TON. It also wants to attract Ethereum developers to build for Telegram users. TAC could boost TON's capabilities. DeFi apps, gaming, and decentralized identity solutions are on the cards. Polygon's tech is key to this expansion. Pavel Altukhov, TAC's founder, explained the choice. "We chose Polygon for its EVM compatibility," he said. He also cited liquidity availability and deployment support as factors. This move follows a trend. Major blockchain companies have been launching layer-2 networks. Most have focused on Ethereum. Coinbase kicked things off last August. They launched "Base" using Optimism's OP Stack. Others followed suit. Celo and Worldcoin announced similar plans. OKX joined the party in April. They launched "X Layer" using Polygon's CDK. The layer-2 race is heating up, and TON is jumping in with both feet.
Telegram Faces Surge in Toncoin Scams Targeting User Wallets
Jun 26, 2024
Telegram, the popular messaging app, is grappling with a significant increase in Toncoin (TON) ecosystem-related scams, according to a report by blockchain reporter Colin Wu. The layer-1 blockchain, which is closely associated with Telegram, has become a breeding ground for phishing attacks and pyramid schemes. Blockchain security firm SlowMist has identified numerous phishing links and bots spreading through Telegram groups. These scams often employ fake airdrops and other deceptive methods to compromise users' TON wallets. "Many phishing links (or bots) are spread through groups, using fake airdrops and other methods to hack assets in users' TON wallets, especially Anonymous Telegram Numbers," Wu quoted SlowMist's findings. Anonymous Telegram Numbers, which allow users to create accounts without revealing their identity, are particularly vulnerable to theft. In addition to phishing scams, cybersecurity firm Kaspersky reported a Toncoin-focused pyramid scheme operating on Telegram in April. Scammers promote a "super-secret awesome bot" and referral links as a way to earn Toncoin. "Scammers promote a 'super-secret awesome bot' and referral links as the key to earning Toncoin. In short: you invest your money, buy 'booster' tariffs, invite friends, and earn commission from every coin invested," Kaspersky explained. The pyramid scheme incentivizes larger investments with the promise of higher returns. Kaspersky's data suggests that this scam has been active since at least November 2023, targeting both Russian and international users. "The scammers promise earnings from two sources: a fixed payment of 25 TON for each invited friend and commission based on the booster tariff purchased by your referrals," Kaspersky detailed. The scheme ultimately proves to be a classic pyramid structure, where only the scammers profit while all other participants lose their investments. Kaspersky concluded, "It turns out to be a classic pyramid scheme, where each participant is 'a partner rather than a freeloader'. Sadly, nobody profits except the scammers, and all 'partners' lose their investments." As Telegram continues to face these challenges, the need for enhanced security measures and user awareness has become increasingly apparent. The platform's close association with the Toncoin ecosystem has made it a prime target for malicious actors seeking to exploit unsuspecting users. Telegram is an instant messaging and voice-over-IP service developed by Telegram FZ LLC, a privately held company registered in Dubai.Telegram is run by Pavel Durov, the many behind VKontakte, Russian social network overtaken by Putin's regime. Durov had to flee from Russia. Durov claims that Telegram is extremely secure, offering end-to-end encrypted video calling, VoIP, file sharing, and several other features. TON, or The Open Network, is a decentralized layer-1 blockchain platform originally developed by the Durov and his team. After facing regulatory challenges, Telegram officially withdrew from the project, and it is now maintained and developed by the open-source community.
Durov vs. Buterin: Telegram’s TON Blockchain Surpasses Ethereum in Daily Active Addresses
Jun 13, 2024
Telegram’s “The Open Network” (TON) blockchain has been consistently outperforming Ethereum in terms of daily active addresses throughout this month, analysts say. Telegram, a popular messaging app, created by Russian emigrant Pavel Durov, is not only competing against WhatsApp and Signal, it's also making waves in crypto world. TON blockchain is now emerging as a serious competitor to Vitalik Buterin's Ethereum, a current king of blockchain solutions. According to a recent post on X from Delphi Digital, a prominent firm, TON’s daily active addresses have surpassed Ethereum. Analysts think this success can be attributed to Telegram’s colossal user base of 900 million. TON’s popularity relies on Telegram’s wide distribution, Delphi Digital concludes. Another analyst company, Artemis, has published their report, showing that TON and Ethereum have been closely competing in a number of daily transactions since May 17. That figure shows how many unique wallets were active on a given day. In June, TON was surpassing Ethereum on 10 out of the 11 days so far. There even was a day when TON reached a peak usage level, which Ethereum wasn't able to grasp since September 2023. That happened on June 3, when TON had a little over 568,000 transactions. Despite these impressive figures analysts say there is a need to consider the broader context. Direct comparison of TON and Ethereum might be unfair because of all the recent technological advances the latter has reached. Ethereum has many layer 2 solutions up and running now. A significant number of transactions have migrated there. And they can't be measured using traditional metrics mentioned above. Even without beating Ethereum, TON can celebrate a significant surge in popularity. Several factors to blame here. Integration of Tether (USDT) on TON is the most prominent of them. As well as raising user base of Notcoin, a "tap-to-earn" token.
Notcoin's Epic Rise: 6% Surge and 40 Million Players on Telegram
Jun 10, 2024
Notcoin just hit a major milestone. The hot new crypto based on a Play-to-Earn game on Telegram messenger has its player base has exploded to a whopping 40 million. And with this surge in players, Notcoin's value jumped 6%. Players on Telegram have earned $1.5 million across 20 campaigns, according to the project's Twitter account. The crypto-gaming world is buzzing with excitement. Notcoin’s integration with popular online games has really paid off. Players on Telegram are earning and trading Notcoin like never before. This massive growth in users shows just how popular Notcoin is becoming. Why the big jump? Well, it’s all about the games. The games that use Notcoin are super engaging. They’re attracting a lot of new players. And these players are sticking around. They love earning Notcoin as they play. It's a fun way to earn crypto, and it's proving to be very popular. This seamless integration is key. Players, who are basically the regular Telegram users, don’t need to be crypto experts to get started. They just play the games they love and earn Notcoin along the way. The recent 6% price increase is no surprise. More players mean more demand for Notcoin. As the player base grows, so does the value of the coin. It’s a simple case of supply and demand. And right now, demand is through the roof. What’s next for Notcoin? With 40 million players, the sky’s the limit. The developers are planning even more game integrations. This could bring in even more players. And as the player base grows, so too could the value of Notcoin.

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