As we all know, Bitcoin was the first cryptocurrency based on blockchain technology, which is why it is also known as a layer one blockchain, which provides basic infrastructure and security to layer two applications and blockchains.
TON is also a layer 1 blockchain developed in 2018 by a popular messaging app, Telegram but it halted this project after some time, then it was taken over by Ton Foundation and renamed it as ‘The Open Network’ from Telegram Open Network’.
Toncoin is a native crypto currency of the TON Network. The main motto for creating blockchain was to integrate coins into easy-to-use applications where users could sell, buy and store their funds. Toncoin was formerly known as ‘Gram’.
Ton crypto currency works on proof of stake (PoS) consensus mechanism for increasing scalability and reliability. According to the website of the project, the network tries to facilitate its users with fast, secure and transparent transactions with minimal fees.
The platform claims that it will build a full-fledged blockchain ecosystem which will allow users to store data in decentralized storage and access to decentralized network service. It is a community-driven network. Ton’s uniqueness is its fast and secure processing of transactions, once in contest in 2021, it recorded around 55,000 transactions per second which was far more than mainstream blockchains.
On the other hand, Bitcoin, developed in 2009 by an anonymous developer or a group of developers who used the name of a Japanese author, Satoshi Nakamoto.Bitcoin and its ledger works on Proof of work consensus mechanism, where miners can mine new bitcoin into the system.
Bitcoin can be divisible up to eight decimal places (100 millionth of one bitcoin). It carries a halving process after creation of 210000 blocks in blockchain. In the first halving process, the network gave 50 Bitcoin in 2009 as a block reward but in 2020 when the third halving process happened it gave 6.25 bitcoin for each block creation.
Bitcoin was developed in 2009, it was the first blockchain technology in the world, so it has an upper edge over Toncoin which was developed far later than Bitcoin (in 2018). Being the first crypto currency of the world, it used the first mover advantage by generating trust among people and capturing a large consumer base.
If we do a comparison of the prices of the coins bitcoin is the costliest crypto currency in the world currently, with price ranging from $29,500 to $31,000 and all time was in the 2021 when it touched $69,000. On the other hand, Toncoin’s price ranges around $ 1 to $1.5 and its all time high was $4.91 in November 2021.
Another point of comparison would be the trading volume in both coins, it is a major factor for the point of investment to track the trading volume of coins. Bitcoin’s daily trading volume is around $12 Billion whereas Toncoin has very less trading volume of around $6 Million. Also the market capitalization of the coins have big differences, Bitcoin’s market cap is $591 Billion and ranked first whereas Toncoin’s market cap is $4.68 Billion.
Both are layer 1 blockchain, showing growth year on year but both operate on different levels. Bitcoin is a way bigger blockchain compared to Toncoin and there is huge price differentiation among both of them. So from the point of view of investment, small investors can invest in Toncoin and big investors can invest in Bitcoin.
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