As of April 9, 2024, Toncoin (TON), the native currency of The Open Network blockchain, has moved up a spot to rank as the tenth largest cryptocurrency by market capitalization. The price of TON jumped by 13% that day, reaching $6.65, which gave it a market value of $23 billion, surpassing Cardano‘s ADA token with its $22 billion market cap.
$5 million worth of Toncoin, set aside by TON Society developers recently, could be a factor in the current surge. This fund is intended to motivate users to authenticate their identities through palm scanning technology.
To meet the increasing demand for safe and reliable digital identity verification, the TON Foundation unveiled a partnership between TON Society and HumanCode on April 7, 2024. The collaboration intends to introduce sophisticated verification technology for digital identities within the TON network. This announcement was made during the Hong Kong Web3 Festival on April 8, 2024. The project’s primary focus is using palm scanning as a method to create secure digital identities for users.
Through this collaboration, a $5 million incentive program is introduced to boost adoption among the TON community. HumanCode’s palm scanning tech, which works on any smartphone, offers a unified solution that functions seamlessly across various browsers and camera types, without favoring specific skin tones. The goal is to authenticate the digital identities of Telegram’s projected 500 million users within five years, utilizing a convenient, non-invasive method that caters to all smartphone users.
Using palm scanning for verification demonstrates a dedication to both privacy and security, offering a simpler option compared to more complicated digital identification techniques. This strategy aligns with the overarching goal of TON Society and HumanCode, which is to ensure that digital transactions are as secure as real-life interactions, leveraging blockchain and AI technologies to strengthen user privacy and data safeguards.
This collaboration represents an important advancement in merging artificial intelligence (AI) and blockchain technology to tackle the issue of digital identity verification. It’s considered a major milestone for ensuring authentic identities are used in processes like airdrops or transaction scrutiny within the TON Ecosystem, thereby upholding privacy promises.
In the last month, Toncoin’s value has risen by more than 122.7% compared to Cardano‘s ADA token, which saw a decrease of 21.9%. This year, Toncoin’s price has experienced an incredible growth of 185%, whereas ADA‘s price has taken a hit with a decline of 8.33%.
The significant rise in TON‘s popularity can be attributed to its integration into Telegram, a widely-used messaging app, in September 2023. With over 800 million users globally, this collaboration allowed easy access to the TON wallet and contributed to the early price spike.
On March 20, 2024, the TON Foundation launched a generous Toncoin incentive scheme named The Open League, boasting a reward fund worth over $115 million according to present market rates.
From April 1, the program started distributing 30 million TON tokens to different initiatives and individuals within the TON community.
The Open League’s financing will be distributed using multiple approaches. For instance, there will be a competition based on performance, simple token extraction procedures, free giveaways in the form of airdrops and quests, as well as improvements to the liquidity pools.
In this system, a contest solely for projects built on the TON blockchain has been established, with approximately $15 million in Toncoin set aside as prizes for the victors. Moreover, users within the ecosystem can earn a share of the $100 million worth of Toncoin rewards by interacting with these initiatives.
Projects such as Notcoin on Telegram have adopted fundamental token mining approaches, an method Open League urges its involved projects to employ in order to draw in new cryptocurrency fans to the community.
Approximately $22 million worth of Toncoin is designated for airdrops and quests on the blockchain, while liquidity pool rewards for tokens in The League are enhanced with an extra $40 million in Toncoin. As per the TON Foundation’s announcement, an additional $38 million in Toncoin is reserved to facilitate the commencement of a new project on the TON network.
The implementation of these programs has significantly boosted the number of users and, in turn, influenced Toncoin’s rise in value.
Instead, the interest in Cardano’s ADA token has been relatively low this year compared to the excitement surrounding the launch of Bitcoin ETFs on January 11, 2024, and significant upgrades like Ethereum‘s Denas upgrade that have drawn investor attention.
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2024-04-10 17:58