- The Open Network (TON) launches an on-chain encrypted messaging feature, enhancing privacy for its users and their transaction details.
- TON is consistently improving its blockchain technology, as indicated by recent updates and impressive growth in its Q2 report.
TON Blockchain Elevates User Privacy with Encrypted Messaging
Stepping up its commitment to user privacy and security, The Open Network (TON) recently announced the introduction of its encrypted messaging feature. This groundbreaking feature will allow users to share transaction details and messages securely on the blockchain, encrypted end-to-end and visible only to the sender and recipient.
Secure Communication in the Blockchain Era
Prior to this innovation, TON users had the ability to send messages tied to their financial transactions, but these communications were unencrypted, laying bare to public view. With this new feature, TON is now set to provide an additional layer of privacy on its blockchain platform.
Users can access the encrypted messaging feature on various retail wallet apps such as MyTonWallet and OpenMask. TON also anticipates that this feature will be part of future updates for TON mobile wallets and the Tonkeeper wallet.
Developed by the Telegram team and completed by the TON Foundation, The Open Network is a blockchain technology that touts superior scalability and transaction speed compared to other Web3 ecosystem counterparts.
TON’s Strides towards Growth and Innovation
The launch of the encrypted messaging feature is part of TON’s broader efforts to enhance its technology and ecosystem. Notable recent updates include the implementation of a burn deflationary mechanism in June 2023, which effectively reduces Toncoin’s circulating supply by burning 50% of the network fees.
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Toncoin, the native cryptocurrency of The Open Network, is currently valued at $1.39, with a trading volume of over $6.7 million. As of now, Toncoin ranks as the 16th-largest cryptocurrency in the market, boasting a market cap of approximately $4.77 billion.
In addition to technological enhancements, TON also launched a $25 million accelerator program in May, aimed at encouraging app developers to join the network. This initiative has been designed to attract new Web3 developers and builders, and revitalize the network.
TON’s relentless efforts appear to be bearing fruit, as its Q2 report reflects a notable increase in total accounts and transaction volume, rising to 2.88 million and 173 million, respectively. The network also experienced a staggering 2,200% surge in Total Value Locked (TVL) last quarter, driven by a liquidity mining rewards campaign initiated in May.
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