Most blockchain platforms come with unique wallets, used to process transactions and store crypto assets native to the particular blockchain. As such, storing their other crypto assets in the same wallet becomes more difficult, so they would have to create multiple digital wallets to store different tokens.

Serving as the official wallet of The Open Network, TON Wallet aims to solve these issues by allowing users to store their native Toncoin tokens while offering storage capacities for other tokens like Bitcoin, Ethereum, and more. As such there is a need to dissect what exactly a TON Wallet is all about.

The TON Wallet

The TON Wallet serves as the official wallet for The Open Network (TON), a Layer 1 platform providing a scalable and user-friendly blockchain architecture. Its scalability is achieved through blockchain sharding, a technique that allows multiple blockchains to exist within the same network, each serving specific purposes such as governance and transaction recording.

TON uses a proof of stake (PoS) consensus mechanism, where validators verify transactions by staking their Toncoin tokens. This approach is more environmentally friendly than the traditional proof of work (PoW) mechanism and allows TON to process transactions quickly with low gas fees, all while maintaining a flexible and modular architecture.

The TON Wallet is the storage space for TON-based tokens (such as TON and TON721 standard tokens) within the TON ecosystem. It allows users to send and receive TON tokens and engage with various dApps on the platform. Users retain full ownership of the wallet, and as such, no other entity can use or access it except them.

TON Wallet is also available on various operating systems, including MacOS, iOS, and Android. It comes in various forms and can be customized to suit user needs.

How Does the TON Wallet Work?

A TON Wallet has two main components: the seed phrase and wallet address. The seed phrase, composed of 12 distinct keywords, acts as a password, ensuring security on the TON Network. Meanwhile, the wallet address, a series of alphanumerically encoded characters, allows users to remain anonymous while transferring assets to and from their TON Wallet.

Users can leverage TON Wallets to trade Toncoin and other TON-enabled tokens, as well as make payments for various services and apps within the TON ecosystem. Moreover, TON Wallet holders are eligible to participate in TON’s governance program, using their assets to vote on platform changes and development goals.

TON provides various wallet contracts, each catering to different wallet-based functions. For instance, Wallet V1 supports single transactions, while Wallet V2 introduces transaction time limits to prevent unconfirmed transactions. Wallet V3 enables the creation of sub-wallets using the Subwallet ID feature, and Wallet V4 introduces plugins and subscription features, remaining compatible with the V3 contract.

Additional contract types include Highload Wallet V3, which facilitates batch transactions, a lockup wallet allowing users to lock assets for specific periods, and a restricted wallet that only transacts with a specific account and runs staking validation.

The TON Chain collects all on-chain transaction fees, and TON Wallets do not collect any extra charges. However, every user must pay a one-time expense to deploy the wallet contract on the chain, which requires a small amount of Toncoin. Furthermore, TON also charges recurring on-chain storage fees.

If there’s no Toncoin balance after deployment, the contract storage fee will be deducted the next time the user receives Toncoin, so there may be a slight difference between the amount received and the amount transferred out.

What Sets TON Wallets Apart From Other Wallets?

Below are the key features that set TON wallets apart from other wallets:

Multi-chain support

TON Wallets make it easier for users to manage different types of cryptocurrencies, such as Bitcoin, Ethereum, and Binance Chain, all in one place. This means that users don’t have to juggle multiple wallets to manage their crypto assets, further simplifying the management of their cryptocurrency portfolio.

Decentralized and Secure Wallets

TON wallets are designed with a focus on security and user control. Users possess their private keys, which gives them full autonomy over their accounts and funds. Moreover, the utilization of a proof of stake (PoS) consensus mechanism in the network enhances the security of TON wallets and makes them more resistant to attacks.

Mobile-first approach

Many popular TON wallets, such as Tonkeeper, are designed for easy use on mobile devices, making them a top choice for people who prefer to manage their cryptocurrency on their phones.

Integration with Telegram

Tonkeeper is a TON wallet that works seamlessly with Telegram. It allows users to send and receive Toncoin directly within their Telegram chats. This integration makes it easy for Telegram’s large user base to manage their cryptocurrency within the app, eliminating the need to use multiple platforms.

Users can utilize TON Wallet to conduct transactions, check their balance, and participate in crypto discussions without leaving Telegram. The integration also leverages Telegram’s end-to-end encryption for secure transactions and data privacy. This unified solution offers convenience, accessibility, and enhanced security for communication and cryptocurrency management.

Hardware Wallet Support

TON is exploring integration with popular hardware wallets like Ledger Nano S. This integration will offer added security for experienced users who prefer keeping their cryptocurrency in offline storage.

Types of TON Wallets

Various TON Wallets are available for users depending on their needs and preferences. They support the fundamental operations of receiving, storing, and sending Toncoin, aligning with TON’s vision of providing high-speed, low-cost blockchain transactions, and they include:

TON Space

Source: wallet.tg/ton

TON Space is a new, non-custodial wallet launched in September 2023. It was the first wallet to integrate with the Telegram app, allowing TON to reach Telegram’s vast user base and enabling users to interact with the TON blockchain directly from within the Telegram app.

TON Space is important to the TON ecosystem, as it enables developers to create web3 services directly in the Telegram app to enhance user experience. Its introduction represents a significant step toward making blockchain services more user-friendly and accessible. TON Space is engineered to support a variety of functions, including NFT collectibles and direct swapping services within the Telegram platform.

MyTonWallet

Source: mytonwallet.io

MyTonWallet provides desktop users with a flexible, accessible, and secure tool for managing their cryptocurrencies. After installing the extension, users can create a new wallet or import an existing one using either 24 Secret Words or Ledger. MyTonWallet is also available for download on desktop, Apple App Store and Google Play Store.

Ledger

Source: ledger.com

Ledger is a hardware wallet designed for users looking for a more secure option for their assets. In December 2023, it announced its support for the TON blockchain.

Users must download and install the Ledger Live app on their computer to use the Ledger hardware wallet. Afterward, they can navigate to the My Ledger tab and connect their Ledger device. Then they must search for the TON app in the catalog and install it on their Ledger device.

After this process, all they have to do is connect the Ledger device to MyTonWallet. They will then be able to use the Ledger TON address to receive TON tokens in their Ledger account.

Tonkeeper

Source: tonkeeper.com

Tonkeeper is an all-encompassing wallet for secure crypto and NFT management. It is ideal for individuals who frequently use TON apps and aims to balance security and ease of use. Tonkeeper is also available on Google Play Store and Apple App Store.

Tonhub

Source: tonhub.com

Tonhub is designed for mobile users, especially those interested in staking Toncoin. It offers an easy-to-use platform for staking and rewards. Users can get the Tonhub wallet on the Apple App Store and the Google Play Store.

Creating a TON Wallet

When creating a TON wallet, users have two options. They can either use the Telegram crypto wallet bot, which will generate a recovery passphrase for them to use when accessing their account, or they can create their wallet through the TON website. It’s crucial to keep in mind that the seed phrase provided during the wallet’s creation is highly confidential. Revealing this phrase to anyone else could make users vulnerable to attacks and put their funds at risk.

Conclusion

TON Wallets are known for being some of the most secure and user-friendly wallets in the blockchain industry. They include features such as NFT support, staking, and robust security measures, making them a top choice for users looking for a comprehensive and efficient crypto management solution.