This is the second part. Look at the first article here. The Open Network is proof-of-stake, decentralized layer-1 blockchain that focuses on scalability and providing cheap transactions.
We recently released the first part of our review. Now, let’s look at how to buy TON.
How to Buy TON?
Buying TONcoin is a pretty easy task. Although TONcoin is not listed on Binance, you can still purchase the token by connecting your crypto wallet to a decentralized exchange (DEX) using your Binance account to buy the base currency. Here are the steps:
- Download the MetaMask wallet.
- Set up your MetaMask.
- Buy Ethereum as your base currency: Login to your Binance account after setting up your wallet. Then proceed to the Buy & Sell crypto webpage to buy the Ethereum.
- Send Ethereum from Binance to your metamask wallet.
- Choose a decentralized exchange (DEX). An exchange such as 1inch would be preferable.
- Connect your metamask wallet to 1inch, or other DEX compatible with Ethereum’s blockchain.
- Trade Ethereum for TON.
- Copy TON’s smart contract and past it in 1inch and in your metamask wallet. You can get the smart contract address securely from Coingecko.
- Click on the “Swap” button once you are done with the previous steps.
You can now send #Toncoin directly within Telegram chats!
It’s a new way to send Toncoin without transaction fees to any Telegram user. With this service, you’ll no longer need to enter long wallet addresses and wait for confirmations.
Watch the video and test the new feature! pic.twitter.com/EtXSMFtJj6
— TON (@ton_blockchain) April 26, 2022
How to Use TON’s Wallet
The wallet is where you store your TON, which has its own token standard: TON-721. You can use the wallet to send and receive TON tokens and interact with TON-based apps on operating systems, including MacOS, iOS, and Android.
However, you have to create a TON wallet and set up your password to use the wallet. If you want to add funds to the wallet, then select the Receive Grams button. You can then add your wallet address, or create an invoice link that you can send out for payment purposes.
Ensure you set the amount you’d like to receive. Then, you can request a QR code that has your invoice info. You can also send funds by clicking the [send] button. Then, copy the receiver’s address and paste it. Add your password and watch your transaction go through. You’ll see a change in your balance once your transaction goes through.
How to Stake TONCoin?
TON network users can leverage the nominator’s smart contracts to stake your TON coins and earn up to 14% per annum in TON. Open tonvalidators to see a list of available pools.
1/x Hey fam, did you know that the TON blockchain is essentially a 🔥PoS blockchain? It was never a PoW, but is a consensus algorithm based on PoS and implements sharding expansion.
First up: https://t.co/9SEN1UhTK8
Author: Chen Po Wei
Key summary thread🧵below👇
— TON Society Intern (@ton_society) September 28, 2022
The pool’s total investment must be greater than 300,000 TON in order for it to operate and generate revenue. Also, the pool will be inactive until it has accumulated the required amount. Once the pool stake exceeds 900,000 TON, sending coins won’t be lucrative. The excess will not be factored into the calculation of the reward.
Here’s how to stake:
- Go to the pool’s page.
- Ensure the information about the pool is spelt out. There will be no information if the pool has a wrong smart contract.
- Click on the [ADD STAKE] button or scan the QR-code using the TON Wallet.
- Once you’ve transferred to the wallet, enter the amount of TON and send the transaction. Your TON coins will later be added to staking.
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