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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.
OKX Wallet Embraces TON: A Win for Telegram's Crypto Ambitions?
Jul 17, 2024
OKX Wallet has added support for the Toncoin (TON) network. This marks its 100th protocol. The move aligns with OKX's "on-chain, any chain" philosophy. TON is linked to the Telegram messaging app. OKX Wallet operates separately from the centralized exchange. It integrates into OKX's decentralized exchange. OKX aims to provide access to various tokens and protocols. However, not every token makes the cut. Chief Marketing Officer Haider Rafique shared some insights. "We look for terminal velocity before listing," Rafique said. "Timing is key. We want a built-up community and significant demand." TON has been a hit on OKX. It's the sixth most-traded coin on the centralized exchange. It trails just behind BTC-USDT and SOL-USDT pairs. TON trading spikes with new gamification features. These drive user interest, according to Rafique. "People are excited about network incentives and programs," he noted. "This gamification is the most popular, based on our signals." Rafique added that some users are in it for speculation. They hope the token will appreciate due to Telegram's backing. The growing TON-based economy uses Telegram as a hub. This has driven the token's recent market outperformance. It's been doing better than the broader crypto market. Before TON, OKX Wallet added support for NEAR, Blast, and zkLink Nova chains. It also integrated Uniswap Labs' trading APIs and launched a platform for Web3 game developers. OKX's strategy seems to be paying off. But it's still early days for TON. Will it live up to the hype? Only time will tell.
Polygon and TON Join Forces in Layer-2 Race
Jul 15, 2024
The TON Application Chain (TAC) is teaming up with Polygon Labs. Their goal? To make the TON ecosystem play nice with the Ethereum Virtual Machine (EVM). It's a big deal. TAC is building a Layer-2 network for TON. This blockchain is known for its ties to Telegram, the messaging app. Why does TON need this Layer-2 integration? It's simple. They want to tap into Ethereum's massive developer community. The new Layer-2 chain will use Polygon's tech. It'll leverage Polygon CDK and Agglayer, an interoperability protocol. This combo will let EVM-compatible decentralized apps (DApps) run on TAC. Pavel Altukhov, TAC's CEO, spilled the beans to CoinDesk. "We're going with Polygon for a few reasons," he said. "EVM compatibility, easy liquidity access, solid support, and their EVM know-how." What's in it for developers? A lot, actually. They can port their Ethereum-based apps to TAC without breaking a sweat. And they'll get access to Telegram's huge user base. Altukhov's pretty stoked about recent developments. He pointed to USDT's integration on TON and the success of Notcoin, a popular Tap-to-Earn game. The numbers are looking good. TON's got 5.8 million monthly active on-chain wallets on Telegram. That's nothing to sneeze at. Here's a kicker: TON recently beat Ethereum in daily active addresses. On June 3, it hit 568,300 DAAs and it's worth noting that Ethereum - second most popular crypto in the world - hasn't seen those numbers since September 2023. The Layer-2 race is heating up. Coinbase launched Base last August. It's built on the OP Stack and has already locked in over $6 billion. Other players like Blast, Optimism, and Arbitrum are in the mix too. With TON joining the fray, things are bound to get interesting. It's a young man's game, and TON's playing to win.
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.

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