Telegram's TON Blockchain Launches Decentralized Storage Project

The TON Foundation, the team behind the Telegram Open Network (TON) blockchain, has officially launched a decentralized data storage project called TON Storage.

Telegram's TON Blockchain Debuts Decentralized Storage Solution

TON Storage aims to enable users to exchange files of any size securely, with backup and encryption, without relying on centralized servers. To achieve this, TON Storage encourages users to "become node operators," compensating them with Toncoin for storing files over a specified period.

The project’s developers stated:

"Anyone can become a node operator on the TON network and earn payments from other users for file storage— even if you operate just one node. This will ensure that data can be stored 'almost permanently.'"

This initiative comes amid a challenging period for similar decentralized storage projects like Filecoin (FIL), Storj (STORJ), and Internet Computer Protocol (ICP), which have faced record liquidation of long positions.

See also: What is the Telegram App?

Telegram began exploring blockchain technology in 2018, developing what was initially known as Telegram Open Network (TON). The platform raised $1.7 billion through a private Toncoin token sale that year. However, Telegram abandoned the project after the SEC's scrutiny over the “illegal” token sale in 2019. By 2022, the project was revived by community members and rebranded as The Open Network.

In October 2022, Telegram launched an auction market for usernames built on the TON blockchain. With the introduction of TON Storage, TON Foundation founder Anatoly Makosov stated that this marks a significant step in "realizing TON's vision of an open and decentralized internet."

Toncoin is currently trading around $2.10.

Price Fluctuation of TON in the Past Month, screenshot from CoinMarketCap on the morning of January 6, 2023