#How is Telegram Influencing The Open Network?
Telegram is poised to take on a significant role in The Open Network, which is better known as TON. The CEO of Telegram announced that the messaging platform is assuming control of the TON Foundation. This move positions Telegram as the leading validator within the TON ecosystem.
A notable change in the ecosystem is the decrease in transaction fees, which have been reduced by a factor of six. The fees have dropped from approximately $0.0023 to around $0.0005 for each transaction. This reduction is part of a broader initiative aimed at technological enhancement, referred to as MTONGA, or "Make TON Great Again."
#What Upgrades Have Been Made to TON?
Recently, the network executed an upgrade known as Catchain 2.0, which revamped the consensus mechanism. This enhancement significantly reduced block times from 2.5 seconds to an impressive 400 milliseconds. This improvement means that transactions can now be finalized in less than a second, which is critical for applications requiring fast processing, such as in-app purchases and peer-to-peer transactions within Telegram’s Mini Apps.
The network has successfully completed the first phase of its seven-step plan designed to enhance the platform's performance. The next phase involves further cuts to the already low transaction fees. These advancements signal a strong commitment to making TON a central player in the blockchain landscape.
#What Impact Did These Changes Have on Toncoin?
Following the announcements of these upgrades and fee cuts, Toncoin, the blockchain's native currency, experienced a 6% increase, trading at approximately $1.43. This increasing value reflects market confidence in the improvements being made within the network and the strategic direction taken by Telegram.