The basic TON coin is used to pay commissions, validator rewards, and transactions between users via standard wallets.
Thanks to a recent update, it is now possible to create your own crypto – Jettons.
This is essentially a full-fledged cryptocurrency running on the TON blockchain. Smart contracts published by the developers allow creating any coins.
This process is similar to launching tokens on the Ethereum blockchain under the ERC-20 standard, but as always TON outperforms its competitors. By the way, we recently published an article comparing TON and Ethereum.
Alternative coins opens up a wide range of possibilities for developers and users. The most obvious and popular way of application is stablecoins. Coins, the price of which is tied to relatively stable financial instruments, such as USD.
In addition to settlements in familiar currencies, the first decentralized exchanges will soon appear on TON, which will allow buying and selling TON and other coins directly on the blockchain without the risk of blocking, leakage of personal data or theft of funds by exchange staff, which regularly happens on centralized platforms.
In addition, by creating their own coins on the blockchain projects will be able to build entire economic models, once the ICO boom made a lot of noise and made blockchain a truly mainstream product. Billions of investments were raised by various crowdfunding projects, which dramatically impacted the industry in 15-17.
All this can attract new players to TON and have a positive impact on the market and the exchange rate, the first jettons have already started to appear.
Each wallet in TON is an independent smart contract that stores the user's balance and can interact with other smart contracts on demand, not only for simple TON transfers, but also for decentralized subscriptions, nominating coins to validators and more.
Jettons work on the same principle, each user can have jettons on their balance in the form of smart contracts that will be managed by a common wallet smart contract.
Of course, interfaces will simplify such interactions and most will not go into such details. Nevertheless, it does affect the principles of displaying balances in wallets and explorer.
In today's tonscan.org update, we have added jettons display as well as jetton wallets. Please note that jetton wallets have a separate address. There is also a new tab on your address page, where you able to see all your jettons.