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The Open Network (TON)

What is The Open Network (TON)?    

TON is a decentralized computer network consisting of a layer-1 blockchain with various components. It is embraced by a global community of independent contributors.    

The Open Network's fundamental infrastructure is a scalable multi-blockchain platform designed to support the creation and operation of decentralized applications (dApps) and smart contracts. Utilizing the proof-of-stake consensus mechanism, it can theoretically support up to 2^92 accompanying blockchains.

TON employs an advanced proof-of-stake consensus mechanism. Validator nodes use deposit stakes to vouch for their reliability, achieving consensus through a variant of the Byzantine fault tolerance protocol. This approach is resource-efficient and allows TON to devote the computing power of nodes to processing transactions and executing smart contracts.

The TON network comprises a masterchain and up to 2^32 workchains, each with its unique ruleset. These rulesets dictate various aspects of the workchains, such as account address formats, transaction protocols, and virtual machines for executing smart contracts and managing basic cryptocurrencies. The workchains function cohesively within the TON ecosystem while maintaining their individual characteristics.

Leading dApps from TON

TON Storage, introduced on December 31, 2022, is a decentralized file storage system accessible through the TON P2P Network. It resembles torrent-like technology that utilizes smart contracts for reliability, providing a platform for the storage and exchange of large amounts of data using the TON blockchain network, eliminating the need for centralized web servers.

TON Payments, launched on June 30, 2022, can be used for instant off-chain value transfers between users, bots, and other services. Security measures embedded in the system ensure that these transfers are as secure as on-chain transactions.

   

Visit The Open Network TON website for more information

Visit their official website to learn more:
https://ton.tg/
Accounting Features Supported for
The Open Network (TON)
Unrealized G/L & Impairment Calculation
Soon
Reconciliation & Sanity Checks
Soon
DeFi Protocols
Soon
NFTs Valuation
Soon
Automated Rule Categorization
Soon
Integration to ERPs, QBO, Xero, Netsuite, etc.
Soon

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