The Open Network: Blockchain Revolution or Simple Mirage?

Question

In this rapidly evolving blockchain world, the Open Network (TON) emerges as a purported fifth-generation blockchain. It claims to bridge the gap between crypto and mass adoption. Frankly, I find that bold - how many times have we heard these promises?

I explored this technology that claims to be revolutionary, and I must admit there are intriguing aspects. The integration with Telegram and its 900 million users? It could be a game changer, but I remain skeptical.

TON Technology: Impressive or Exaggerated?

TON boasts an infinitely divisible architecture - theoretically, millions of transactions per second. Their masterchain with 2^32 workchains that can be divided into 2^60 shardchains looks impressive on paper.

I personally tested a few transactions, and yes, it's fast. But millions of TPS? Never seen in practice! In 2025, TON processes about 1 million daily transactions with a supply of around 3.5 billion tokens out of a maximum of 5 billion.

This partnership with Telegram since September 2023 is their real strength. Sending crypto as easily as a message? I like the idea, but the real question is: do ordinary people really care?

Toncoin: just another token?

First, let's distinguish: TON is the infrastructure, Toncoin is the token that powers the machine. It funds transaction fees, the staking of validators, and the execution of smart contracts.

Compared to Bitcoin, which stubbornly remains slow, or Ethereum with its ridiculous fees, TON offers a smooth experience. But what does it actually bring that is new? Instant transactions and minimal fees have become standard in the industry.

A chaotic story that worries me

The story of TON does not inspire confidence. Launched by the Durov brothers in 2018, the project raised 1.7 billion dollars before being blocked by the SEC. Then abandoned, revived by enthusiasts, and ultimately reclaimed by Telegram.

This instability makes me doubt. A solid project should have a more stable foundation. What if regulators come back for more? Telegram has already folded once...

Features Worth Exploring

I must acknowledge some interesting innovations:

Their Hypercube routing system enables near-instant messaging between shards
The TON virtual machine is powerful with its flexible arithmetic operations.
Self-repairing vertical blockchains avoid permanent forks

And above all, this integration with Telegram makes the user experience remarkably simple. I sent some TON to a friend who had never dealt with crypto before - he didn't even realize he was using a blockchain!

Real utility or marketing hype?

In Telegram, TON powers concrete services: payments for Telegram Premium, advertising purchases, and the auction platform Fragment.com. The DeFi ecosystem is expanding with STON.fi, which handles impressive volumes.

Blockchain games, the TON DNS system with over 50,000 .ton domains, and services like TON Storage showcase a diverse ecosystem. But how many active users are there? The real numbers are still unclear.

Tokenomics: controlled inflation or programmed dilution?

The 2% annual inflation model rewards validators while maintaining long-term value. This is reasonable compared to the excessive emissions of other projects.

What bothers me is this mechanism of continuous storage fees. Unlike Ethereum where storage is essentially free after the initial deployment, TON charges continuously. Convenient for validators, less so for developers.

The Future: Massive Adoption or Flash in the Pan?

TON aims for 500 million Web3 users by 2028. Ambitious? Certainly. Realistic? I have my doubts.

The expansion strategy targets emerging markets where traditional banking services are limited. It's smart, but cultural and regulatory barriers are often underestimated.

The grants from the TON Foundation support thousands of applications, but how many will survive? The history of crypto is paved with abandoned projects.

The TON against the competition

Facing Ethereum ( 15-30 TPS, high fees ), Solana ( 65,000 TPS but frequent outages ) or Near Protocol ( sharding but limited routing ), TON has technical advantages.

But its true strength is its direct access to Telegram users. While other blockchains must build their user base from scratch, TON starts with 900 million potential users. This is an advantage that money can't buy.

To conclude

TON represents an interesting approach with its infinite division and integration with Telegram. The technology is impressive and the user experience is smooth.

But as in the entire crypto universe, there is a gap between promises and reality. Millions of TPS? To be proven. Massive adoption? Not there yet.

If you're curious, try it for yourself. Send some Toncoins via Telegram and judge the experience. The blockchain that will succeed will be the one that people use without even knowing they are using a blockchain. TON could be that blockchain... or just another unfulfilled promise.