ByBit talks TON Wallet - what is it? How does TON Wallet work?

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An increasing number of developers, companies and entrepreneurs are entering the crypto industry in an attempt to bring something new to its markets. One such company is Telegram, which offers a cloud-based instant messaging service and has launched a crypto project known as Toncoin.

While Toncoin has been on the market for over two years, more and more crypto investors are interested in this coin, as well as the TON Wallet that the platform offers. This guide explains everything you need to know about the TON Wallet and whether it's safe to use.

What Is Toncoin?

Toncoin is part of the TON network. It’s the native token for the network itself. TON was designed with scalability in mind to effectively accommodate several billion users.

TON refers to "The Open Network," which is a fully decentralized Layer 1 blockchain. The different layers of a blockchain represent the architecture on which it’s built.

The expansive nature of TON is accomplished via blockchain sharding, which involves the use of numerous blockchains housed on the same network. Each blockchain has its own purpose, which could be anything from governance to recording transactions. 

Since the entire workload is spread out through multiple chains, there's never a situation in which a single chain must handle sizable backlogs of blocks that have yet to be verified. The Ethereum network is also expected to use this technique in the months to come.

TON is based on a proof of stake (PoS) consensus mechanism, whereby validators verify transactions through staking. This mechanism is much more energy-efficient than proof of work (PoW). Toncoin also boasts ultrafast transactions, has flexible architecture and provides low transaction fees.

What Is TON Wallet?

TON Wallet is a noncustodial software program that provides crypto investors with a place to store TON tokens on the TON blockchain. Once your TON Wallet has been created, you can receive and send tokens while also interacting with easy-to-use apps.

Since TON Wallet is noncustodial, no one but you has the ability to use it, which is perfect for users who prefer having total control over their crypto assets and want to interact with other easy-to-use apps. 

TON also offers a built-in custodial wallet on their platform, which can be accessed via the @wallet Telegram bot. This means that Telegram will handle all of your storage needs as you invest or trade with the assets you’re storing in your wallet.

How Does TON Wallet Work?

TON Wallet has two essential components for its users: A seed phrase and a wallet address. The seed phrase is a type of password that consists of 12 separate keywords. Recovering your wallet requires you to progress through the seed phrase login stage. The use of a seed phrase ensures that your wallet is safe and secure on the TON network.

A wallet address is a series of alphanumeric characters that allow you to send your crypto assets to your TON wallet. Coins can also be sent to your wallet with the TON wallet address that you provide. In order to better understand how TON wallets work and the flexible architecture on which they're based, view your TON wallet as a bank account. Your wallet address is your account number, and the seed phrase is your password.

The main difference between your traditional bank account and a TON wallet is that other individuals have your personal information when you create a bank account. TON Wallet allows users to remain anonymous. All transactions to and from the wallet take place with an alphanumerically encoded address. As mentioned, TON boasts ultrafast transactions, so that purchases or sales you make from your TON Wallet can be completed without delay.

With the Telegram app’s wallet feature, you can purchase and send Toncoin. You can also use these coins to pay for different services and apps in the TON ecosystem. In addition, if you'd like to take part in TON's governance program, your assets can be used to vote on changes to the platform as well as development goals.

You'll also have some control over how the platform progresses. Since TON is known as a PoS network, all validator fees are paid in Toncoin. Transactions are highly affordable, which isn't the case with some platforms, such as Ethereum. Toncoin swaps come with fees of less than $0.05.

How to Create a TON Wallet on Desktop

To create a new TON wallet on a desktop, you can select a Linux wallet, MacOS wallet, Windows wallet, web browser wallet or Google Chrome extension. Regardless of the wallet you choose, transaction fees are low.

Step 1: Navigate to https://ton.app/wallets.

Step 2: Select your preferred wallet. You’ll notice a description below each wallet’s name, which tells you which browser or operating system the wallet is compatible with.

Step 3: Once you've selected your preferred wallet, you can read a lengthier description of the wallet and what it does. From here, click on Open.

The next steps depend on the type of wallet you create. For a Google Chrome plugin, you'll need to add the extension to your browser, after which you can continue creating your wallet. The creation process is actually simple and straightforward. When you click Create Wallet, you'll be given a seed phrase that will allow you to recover your wallet if it's ever lost.

How to Create a TON Wallet on Mobile

You can also choose to create a TON wallet on your mobile device. The process for doing so can differ somewhat, depending on the type of smartphone you use.

Step 1: Navigate to https://ton.app/wallets from your mobile device.

Step 2: Select the mobile wallet that’s compatible with your mobile device. You’ll notice a description below each wallet’s name that tells you which device the wallet is compatible with.

Step 3: Once you've selected a compatible wallet, you can read a lengthier description of the wallet and what it does. From here, click on Open. Doing so will direct you to the respective Toncoin Google Play Store and Toncoin Apple App Store pages for you to download the app on your mobile device.

Step 4: Follow the instructions on the app after you’ve downloaded it to create your TON Wallet.

How to Use Your TON Wallet

Once you've created a TON Wallet and have set up your password, the new wallet will be ready for you to use. If you want to add funds to your wallet, all you need to do is select the Receive Grams button. You can then input your wallet address, or create an invoice link that you can send to people if you want to receive payments.

Make sure that you set the exact amount you'd like to receive, after which you can request a QR code that details your invoice information. As touched upon earlier, it's possible to use your wallet to send and receive Toncoin. Additionally, your wallet can be used to interact with apps that are present on the TON network.

Is TON Wallet Safe?

If you want to be certain that your assets are safe, and that you control every aspect of how these assets are used, you might want to opt for a noncustodial wallet to give you confidence that your wallet is safe. On the TON Wallets website linked above, you'll notice blue checkmarks beside a dozen different TON-compatible wallets, including the official TON Wallet. These options have been verified directly by the TON team, which means they’re perfectly safe to use.

Keep in mind that Toncoin is a legitimate coin with an actual purpose. Because of the open network on which Toncoin is based, it scales well and provides users with low transaction fees, two key features that make future growth more likely.

The Bottom Line

TON is an open network that boasts ultrafast transactions, easy-to-use apps and flexible architecture. When you invest in Toncoin, you can use your TON Wallet to send and receive Toncoin as you see fit. The steps above are an easy guide to help you create a TON Wallet on your preferred device or operating system.

Source: What Is TON Wallet & How Does It Work? | Bybit Learn

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