The Open Network, TON, is commonly regarded as “Telegram’s official cryptocurrency.” But is it really Telegram’s?

Indeed, The Open Network (TON) was founded by Telegram in 2018 as a unique Layer-1 blockchain aiming to improve on existing blockchain architectures to facilitate better transaction speed, security, and decentralization. However, Telegram publicly abandoned the project just before the official launch date after an 8-month legal battle with the Securities and Exchange Commission (SEC).

However, despite “abandoning” the project, TON was picked up by community members, who followed through with the project and ensured that it launched, while Telegram maintained its position of being totally unaffiliated with TON.

The Open Network and its native token, Toncoin ($TON), have since grown in popularity and have been one of the most sought-after cryptocurrencies for the past 3 years. In this article, we'll critically explore TON and Toncoin and how you can safely store your assets.

What is Toncoin?

Toncoin ($TON) is the native token of The Open Network (TON), used as an ecosystem fuel to:

• Pay on-chain and cross-chain transaction fees
• Access the decentralized TON storage system, the TON Domain Name System (DNS), and other embedded TON services.
• Facilitate governance via staking.

The Open Network (TON) is a user- and service-provider-friendly blockchain network that is capable of processing hundreds of thousands of transactions per second with a unique 3-layer network architecture.

TON’s blockchain architecture is made up of three concurrent chains: the masterchain, the workchain, and the shardchains.

• The masterchain uses a proof-of-stake (PoS) consensus mechanism to rapidly validate transactions via staking power, providing security and integrity for the system.
• The workchains are subsidiary chains linking to the masterchain and housing various connected chains (including the shardchains).
• The shardchains, via “sharding” technology, make it possible to process a huge number of transactions at once, achieving scalability by dividing and parallelizing work.

As a result of this scalable architecture, TON can assure users of unbeatable transaction speed and cheap fees without compromising security.

Since Telegram relinquished ownership of TON, it has become a community-driven blockchain, as the new developers, who claim to be unaffiliated with Telegram, picked up the project while maintaining its domain name and code repository, and then successfully launched it in 2021.

Although Telegram maintains a no-affiliation stance with TON, Telegram’s founder and CEO have publicly endorsed the project, and when Telegram launched an in-app crypto wallet in 2023, it was launched on the TON blockchain network.

TON is very promising, and if you intend to invest in Toncoin, the network’s native token, it is important to understand how best to secure your assets with crypto wallets.

Below are four important tips to safely store and manage your TON holdings.

1. Choose a Reputable Crypto Wallet

The most important tip to safely manage your $TON as well as other crypto assets is to choose a reputable crypto wallet, whether custodial or non-custodial.

Generally, digital finance systems are a target for cybercriminals, and no matter how much you adhere to security practices; if your wallet service provider is hacked, then your funds may be compromised. Therefore, it is crucial to select a reputable crypto wallet that has top-notch security features and is independently audited.

2. Don't Store Your Seed Phrase Online

Your seed phrase, also known as your mnemonic phrase, is a set of words used to encrypt your wallet’s private key; the private key, on the other hand, is a long string of numbers and letters that is used to sign transactions and access the assets stored within the digital wallet.

The seed phrase and, by extension, private key are unique and cannot be easily replicated. They are generated randomly; hence, it is nearly impossible for a potential attacker to guess the seed phrase, even with access to the public key.

When creating a non-custodial wallet, you’d be presented with auto-generated random words to encrypt your private keys, so that in the event that you want to access your wallet froma new device or simply want to recover your wallet, you can easily use this seed phrase.

However, if you are careless with your seed phrase, cyber attackers can easily steal it and access your crypto wallet behind you, stealing your assets.

So, to be safe, it is important to back up your seed phrase offline. Storing it on your email or on your phone’s photo gallery could be risky, as any slight security breach may be costly. So, the ideal way to nack up your seed phrase is by writing it down on a piece of paper or book that no one can access but you, as anyone with the seed phrase can quickly wipe out all assets in a crypto wallet.

3. Use a Secure or Complex Password.

Many people erroneously use the most basic of their personal details as a password. Any combination that involves your public information, including your names, nicknames, children’s names, pet name, or birth year, is pretty easy for hackers to get via social engineering.

For example: If your name is John, born in the year 1982, with a pet dog called scooby, using a password like “John82” or “Johnlovesscooby” is pretty much an easy guess.

The best password security practices include:

• Create a complex password, typically involving a mix of uppercase and lowercase characters, numbers, special characters, and the avoidance of repetitive patterns
• Do not repeat the same password on multiple accounts, as a data leak from one point can get all associated accounts compromised.
• Do not login your accounts on public computers
• Avoid autosaving critical passwords on your browser.

4. Use Two-factor Authentication

Two-factor authentication (2FA) is a simple yet powerful security mechanism that is a secondary line of defense for your digital assets. This extra layer of security makes it far more difficult for hackers or unauthorized access to access your assets, as your wallet cannot be compromised with a single password.

Even if your password is compromised, 2FA gives you a window of opportunity to quickly take action before the attacker tries to scale through the extra layer of security. Also, many crypto wallets with secure infrastructure may place a temporary restriction on your account if 2FA codes are incorrect after a number of tries.

Most times, 2FA codes expire within seconds or minutes, so it is usually too short a window for attackers to break within the time limit. You must also ensure that you never share your 2FA code with anyone, as no crypto wallet personnel will ever ask for the code.

Cwallet: The Best Crypto Wallet To Store Your $TON Holdings

Cwallet is crypto wallet app with a two-in-one custodial and non-custodial wallet within a single app, giving you flexibility to enjoy the benefits of both custodial and non-custodial options within a single interface.

So, whether you prefer to manage your private keys with a seed phrase or have it secured by a custodian, Cwallet allows you to enjoy the best of both worlds within a single app.

Cwallet facilitates optimal security by facilitating two-factor authentication as well as using clous-based encryption to ensure your private keys and other sensitive data are always safe. Compared to wallets that store keys and data on local devices, this advanced encryption method protects your digital assets from potential threats and adds an extra layer of security.

Furthermore, Cwallet employs Multi-Party Computation (MPC) encryption algorithm, which allows multiple parties to compute a function without revealing their inputs. In simple terms, there is no single point of failure, and to overcome the security, an attacker would need to successfully hack all encryption points, which is nearly impossible. This novel approach to encryption strengthens Cwallet's position as a reliable and safe option for managing your $TON holdings.

You can easily send, receive, and hold Toncoin ($TON) via Cwallet without any transaction fees. Moreso, you can get updates on Toncoin’s price as well as other information, as Cwallet updates the Toncoin chart in real-time, so you can stay informed.

End Note

Despite initial setbacks, TON and its native token, Toncoin ($TON), have shown remarkable promise within the crypto space. With continual innovation, Toncoin is becoming even more popular among everyday users, and is shaping ip to be one of the best cryptocurrencies to invest in.

However, it is important to remember the importance of safeguarding your assets as you explore opportunities with Toncoin. Choose a reputable crypto wallet like Cwallet, which offers both custodial and non-custodial options for enhanced security. With features like two-factor authentication and advanced encryption, Cwallet ensures your peace of mind while managing your digital assets.

Experience the convenience and security of managing crypto assets with Cwallet. Sign up and download now!