TON is the abbreviation for a blockchain project called The Open Network. TON originally stood for Telegram Open Network, but Telegram exited the endeavor in 2020.
Originally headed up by Telegram, the company behind the Telegram messaging app, TON started as a blockchain for decentralized applications and speedy transactions. The Telegram TON initial coin offering, or the TON ICO, ran in 2018, garnering approximately $1.7 billion through its GRAM token sale. TON subsequently saw significant backlash from the United States Securities and Exchange Commission, or SEC. Various developments surfaced regarding investor refunds.
Run by the community, a subsequent and separate project known as Free TON came to life in 2020. Free TON operates without Telegram as a blockchain formed from the original project’s code. Other TON solutions have also arisen based on available open-source data.