TON Wallet is the official wallet of The Open Network (TON), designed to address the complexities of managing multiple wallets and to provide a more convenient user experience. It supports storing Toncoin and various other cryptocurrencies, offering high security and complete user control. TON Wallet features multi-chain management, ensuring users can handle different blockchain assets from a single interface. Additionally, its mobile-first design allows users to operate easily on mobile devices. Moreover, TON Wallet integrates seamlessly with Telegram, making it convenient for users to handle and manage multiple crypto assets on one platform, simplifying the process and enhancing user experience.
Most blockchain platforms have their own unique wallets for handling transactions and storing specific blockchain assets. However, this makes storing other cryptocurrencies in the same wallet more challenging, requiring users to create multiple digital wallets to store different tokens.
As the official wallet of The Open Network (TON), TON Wallet aims to solve these issues. It allows users to store native Toncoin tokens while also supporting other tokens such as Bitcoin and Ethereum. Therefore, it is necessary to detail the specific features of TON Wallet.
TON Wallet
TON Wallet is the official wallet of The Open Network (TON), a first-layer (L1) platform providing a scalable and user-friendly blockchain architecture. Its scalability is achieved through blockchain sharding technology, which allows multiple blockchains to coexist within the same network, each responsible for specific functions such as governance and transaction records.
TON uses a Proof of Stake (PoS) consensus mechanism, where validators verify transactions by staking their Toncoin tokens. This method is more environmentally friendly than the traditional Proof of Work (PoW) mechanism and allows TON to process transactions quickly with low fees while maintaining a flexible and modular architecture.
TON Wallet is used to store TON tokens and TON721 standard tokens within the TON ecosystem. It enables users to send and receive TON tokens and interact with various dApps on the platform. Users have complete ownership of the wallet, with no other entity able to use or access it besides the user.
TON Wallet can be used across various operating systems, including macOS, iOS, and Android. It comes in multiple forms and can be customized according to user needs.
How TON Wallet Works
TON Wallet consists of a mnemonic phrase and a wallet address. The mnemonic phrase, made up of 12 random words, serves as a password to ensure the security of the TON network. The wallet address is a series of alphanumeric characters that allows users to transfer assets anonymously between TON wallets.
Users can utilize TON Wallet to trade Toncoin and other supported tokens and make payments for various services and applications within the TON ecosystem. Additionally, holders of TON Wallets are eligible to participate in TON’s governance programs, using their assets to vote on platform changes and development goals.
TON provides various wallet contracts to meet different wallet functionalities. For example:
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Wallet V1 supports single transactions.
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Wallet V2 introduces transaction time limits to prevent unconfirmed transactions.
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Wallet V3 features sub-wallet ID functionality to create sub-wallets.
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Wallet V4 introduces plugins and subscription features while remaining compatible with V3 contracts.
Other contract types include high-load Wallet V3, which supports batch transactions, locked wallets (allowing users to lock assets for a specific time), and restricted wallets (which only trade with specific accounts and perform staking verification).
TON Chain charges fees for all on-chain transactions, but TON Wallet does not impose additional fees. However, users must pay a one-time fee for deploying wallet contracts on-chain, which requires a small amount of TON coins. TON also charges periodic on-chain storage fees. If there is no TON coin balance after deployment, the contract storage fee will be deducted from the next received TON coins, leading to minor discrepancies between received and sent amounts.
Differences Between TON Wallet and Other Wallets
Here are the main differences between TON Wallet and other wallets:
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Multi-Chain Support：TON Wallet allows users to manage cryptocurrencies such as Bitcoin, Ethereum, and Binance Chain from one place, eliminating the need for multiple wallets and simplifying portfolio management.
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Decentralization and Security：TON Wallet emphasizes security and user control. Users possess their private keys, granting them complete autonomy over their accounts and funds. Additionally, the use of the PoS consensus mechanism enhances security, making TON Wallet more resilient to attacks.
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Mobile-First：Many popular TON Wallets, such as Tonkeeper, are designed for convenient use on mobile devices, making them a top choice for users who prefer managing cryptocurrencies on their phones.
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Integration with Telegram：Tonkeeper is a TON Wallet that integrates seamlessly with Telegram, allowing users to send and receive Toncoin directly within Telegram chats. This integration enables Telegram’s large user base to manage their cryptocurrencies within the app, eliminating the need for multiple platforms. The integration also leverages Telegram’s end-to-end encryption to ensure transaction security and data privacy, providing a unified solution for communication and cryptocurrency management.
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Hardware Wallet Support： TON is exploring integration with popular hardware wallets like Ledger Nano S to offer enhanced security for users who prefer offline storage of their cryptocurrencies.
Types of TON Wallets
Users can choose from various TON Wallets based on their needs and preferences. They support basic operations like receiving, storing, and sending Toncoin and align with TON’s vision of fast, low-cost blockchain transactions. These include:
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TON Space：A new non-custodial wallet launched in September 2023, integrated with Telegram. It allows users to interact with the TON blockchain directly within the Telegram app and supports NFT collections and direct exchange services within Telegram.
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MyTonWallet： A simple and secure tool for desktop users to manage their cryptocurrencies. Available as a desktop extension and on the Apple App Store and Google Play Store, MyTonWallet allows users to create new wallets or import existing ones using 24 secret words or Ledger.
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Ledger: A hardware wallet designed for users seeking higher security for their assets. It announced support for the TON blockchain in December 2023. Users need to download and install the Ledger Live application on their computer, connect their Ledger device, and install the TON application to receive TON tokens.
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Tonkeeper：A secure wallet for managing Toncoin and NFTs, available on Google Play Store and Apple App Store.
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Tonhub: Designed for mobile users, especially those interested in staking Toncoin. It offers a user-friendly platform for staking and rewards and can be downloaded from Apple App Store and Google Play Store.
Creating a TON Wallet
When creating a TON Wallet, users have two options: they can use the Telegram encrypted wallet bot, which generates a recovery mnemonic phrase for accessing the account, or they can create a wallet through the TON website. It is crucial to keep the mnemonic phrase confidential, as sharing it could expose the user to security risks and potential loss of funds.
Conclusion
TON Wallet is renowned for its security and user-friendliness within the blockchain industry. With features like NFT support, staking, and robust security measures, it is a top choice for users seeking a comprehensive and efficient cryptocurrency management solution.