Toncoin price drops by more than 10% after arrest of Telegram founder

Both cryptocurrencies are linked to the TON blockchain project of Russian-born businessman Pavel Durov.

By 00.43 Moscow time, the price of Toncoin fell by 11.71% to $5.9933; the price of Notcoin fell by 5.48% to $0.01069.

The Open Network (TON) is a completely decentralized, extremely fast site theoretically capable of handling several million transactions per second.

Known to be highly scalable and secure, TON was initially launched by social media giant Telegram in 2018 with the aim of democratizing in-app payment.

After raising $1.7 billion in funding during the ICO (Initial Coin Offering) and some problems with the SEC (Securities and Exchange Commission), Telegram distanced itself from the project in order to grant guardianship to the TON Foundation. The TON Foundation then raised nearly $250 million from well-known investment funds such as Kucoin Venture and Mexico Pioneer, which heralded a great enthusiasm for the project.

In fact, TON wants to be able to accommodate millions of users on its network. To do this, TON is adopting a multi-network architecture, in order to achieve the goal of mass adoption. The TON network is designed to enable the integration of all existing site networks into a single decentralized network.

Source: RT