Toncoin Surges 16% After TON Network Reveals New Identity Verification System

Toncoin (CRYPTO: TON), the native cryptocurrency of the TON network, is up 16.5% on the day, reaching a new all-time high of $6.25.

This surge comes amid a flurry of developments within the TON ecosystem, including a new palm scanning initiative aimed at on-chain identity verification.

Toncoin’s Rise: Capitalizing On Momentum

While Bitcoin and Ethereum continue to dominate headlines, Toncoin’s strong growth can be attributed to several factors.

The announcement by Telegram founder Pavel Durov of a new financial reward system for Telegram channel owners last month likely fueled investor interest in TON, given Telegram’s association with the TON network.

Additionally, reports that Telegram received a preliminary valuation of $30 billion further bolstered confidence in the project.

The TON Network: A Phoenix Rising from the Ashes

The TON network itself has a somewhat turbulent history.

Launched by the Durov brothers in 2018, the project initially faced legal challenges from the U.S. SEC regarding its Gram token offering.

However, the TON community persevered, and in 2022, the open-source network was revived under a new name – The Open Network.

The latest development within the TON ecosystem is a new palm scanning initiative by TON Society, a community of developers contributing to the network.

This program, launched in partnership with AI company HumanCode, offers Toncoin users a voluntary option to verify their identity on the blockchain using a simple palm scan.

This approach stands in contrast to Worldcoin‘s (CRYPTO: WLD) controversial eyeball-scanning Orbs, which have faced regulatory hurdles over privacy concerns.

Also Read: Why Ripple CEO Brad Garlinghouse Predicts A $5 Trillion Crypto Market Cap In 2024

The Future Of Identity On TON: Privacy-Preserving And Scalable

The palm-scanning technology promises a fast, secure, and privacy-focused method of verifying users on the TON network.

With over 500 million monthly active users on Telegram, the potential for mass adoption of this identity verification system is significant.

This development aligns with the TON Foundation’s vision of creating a “scalable, private, and decentralized identity” to onboard the first billion users to the Web3 space.

Developments within the TON ecosystem are likely to be a hot topic of discussion at Benzinga’s upcoming Future of Digital Assets conference on Nov. 19.

Whether you’re a seasoned investor or just starting to explore the world of crypto, the Benzinga conference promises to provide valuable insights into projects like TON and the broader digital asset landscape.

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