The Open Network (TON) has taken the blockchain world by storm as it became the world’s fastest blockchain. With a remarkable achievement in speed during recent public testing, the TON development team reported that in a 12-minute experiment, an astounding 42 million transactions were conducted, setting a new record of 104,715 Transactions Per Second (TPS).
TON Sets a New Speed Record
Blockchain technology has long struggled with scalability issues, but TON has shattered the limitations that plagued previous networks. In a mere 11 minutes, the TON test network, consisting of 256 validators, managed to process a staggering 43,012,970 transactions. The peak transaction speed of 108,409 TPS recorded is a feat that surpasses all existing blockchain networks.
For comparison, established cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have long struggled with transaction speed limitations, with Bitcoin managing a mere 5-7 TPS and Ethereum slightly better at 15 TPS. Even Solana (SOL), the previous speed champion, pales in comparison with a reported 65,000 TPS.
Now, TON has shattered these records, completing a staggering 104,715 transactions per second. This achievement is not just a technological feat, but also represents a significant milestone in the blockchain and crypto industry. Faster transaction speeds mean that TON has the potential to outperform its competitors in various aspects, including scalability and usability.
The TON blockchain’s exceptional speed has not gone unnoticed in the crypto market. As of the time of writing, the native cryptocurrency, Toncoin (TON), is trading at $2.18, showing a gain of 3.14%. This performance is a testament to the confidence the market has in TON’s potential to transform the digital transaction landscape.
TON Blockchain’s Remarkable Journey
The rise of TON began gaining momentum in September, coinciding with the introduction of the TON wallet within the Telegram messenger platform. This move not only streamlined access to TON but also contributed significantly to the growth of Toncoin’s value.
At one point, TON came tantalizingly close to the $3 mark, catapulting it into the top ten digital assets in terms of high market capitalization. In this regard, it even managed to surpass Solana, which had held the position of the previous speed record holder.
A key feature that adds to TON’s appeal is its accessibility. All Telegram Wallet users have the opportunity to access TON Space. The Telegram Wallet is a bot that enables users to buy and sell various cryptocurrencies, including Bitcoin. In November, this functionality will extend to Telegram users worldwide, with the exception of the United States and a few other countries. This expansion will further democratize access to crypto trading and storage, making it more inclusive.
TON’s success is not limited to its technical achievements. The Foundation’s collaboration with Mantle Network also signifies another crucial milestone for TON. Mantle Network, renowned for its expertise in EVM Layer 2 solutions, now stands as a pivotal ally in furthering the development of Layer 2 capabilities that are EVM-compatible on the TON blockchain.
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