TON Wallet Complete Tutorial! 3 Major Wallet Comparisons, Buying Steps, and Risk Analysis

Telegram Open Network (TON) native token Toncoin has risen to the top ten in global market capitalization. TON Wallet is an essential tool for managing, storing, and trading TON coins. This article introduces the three most commonly used wallets: TON Keeper, Telegram Wallet, and TON Space, along with steps for buying coins, usage tutorials, and risks.

What is TON? Telegram Blockchain in the Top Ten by Market Cap

TON coin is a token issued on the Telegram Open Network (TON) blockchain. The project uses a Proof-of-Stake (PoS) mechanism, so there’s no need to assemble mining rigs. Its main feature is its close association with the well-known messaging app Telegram. The TON blockchain employs sharding technology, distributing workload across multiple chains, preventing any single chain from being overwhelmed with unverified blocks.

Initially developed and launched by the Telegram team, TON aimed to integrate blockchain-based cryptocurrency (Gram) into the Telegram ecosystem. Although it initially garnered widespread attention, legal inquiries from the U.S. Securities and Exchange Commission (SEC) forced Telegram to withdraw from the project in 2020. Later, the open-source community revived and developed the project, renaming it The Open Network (TON).

Core Technical Advantages of TON

Scalability: Sharding allows processing millions of transactions per second

Fast Transactions: Using PoS consensus, near-instant transaction processing

Interoperability: Easily integrates with other blockchain networks, supporting smooth asset transfer between them

Decentralization: Governed by the community, not controlled by any single entity or organization

As of writing, TON’s total supply is 5.11 billion tokens, with a circulating supply of 2.5 billion. Toncoin is the native cryptocurrency of the TON ecosystem, used for gas fees, transaction fees, and storage-related costs, all paid in TON tokens.

What is a TON Wallet? Wallet Address and Mnemonic Phrase Explained

A TON wallet is a necessary tool for participating in the TON ecosystem, used to manage, store, and trade TON coins. Users can interact with multiple platforms on the TON blockchain, including crypto wallets, payment services, blockchain bridges, and decentralized exchanges.

There are various crypto wallets in the TON ecosystem, each with its pros and cons, but they generally consist of two main parts: wallet address and mnemonic phrase. The wallet address is similar to a bank account number, used to receive and send TON coins. The mnemonic phrase is a private password, usually composed of 24 random words, which must be carefully stored. Losing the mnemonic phrase means even the official TON wallet cannot recover your assets.

The importance of the mnemonic phrase cannot be overstated. It is the only proof needed to restore your wallet. It is recommended to write it down on paper and store it securely. Do not take screenshots or save it on your phone or cloud storage, as these digital methods are vulnerable to hacking or loss if your device is lost.

Comparison and Usage Guide for 3 Major TON Wallets

The official TON website lists several approved wallets. Currently, the three most commonly used wallets in the TON ecosystem are as follows.

TON Keeper: Non-Custodial Browser Wallet

TON Keeper is a non-custodial wallet that supports Google Chrome browser extension, suitable for users who want to directly participate in the TON ecosystem. Non-custodial means users have full control over their private keys and mnemonic phrases, offering higher security but requiring responsible management.

How to Use TON Keeper

Download and Install: Search for and download the official TON Keeper extension from the Chrome Web Store

Create Wallet: Click Get Started, choose to create a new wallet or import an existing one (Import Existing Wallet)

Backup Mnemonic: The system will display 24 mnemonic words; be sure to write them down on paper and store securely

Set Password: Create a password to open the wallet and start using

Core Features of TON Keeper

Buy: Purchase TON coins via Moonpay, Mercuryo, and other payment methods, though exchange rates may vary

Receive: Copy your TON wallet address to receive coins from other wallets or exchanges

Send: Paste the recipient’s wallet address to send TON coins

Swap: Exchange cryptocurrencies within the wallet, e.g., swap USDT for TON

Browser: Browse TON ecosystem projects like STON.fi, Swap.coffee, TonGPT, etc.

Telegram Wallet (@wallet): The Easiest Custodial Wallet

@wallet is a third-party bot created by Telegram, serving as a custodial crypto wallet. Its advantage is ease of use, simplifying the management process for users, especially beginners. However, the downside is that users cannot control their mnemonic phrases or private keys, as assets are held by a third party.

How to Use Telegram Wallet

Open Wallet: Search for @wallet in Telegram or click https://t.me/wallet

Link Account: Link your Telegram account to start using

Start Trading: The interface is similar to TON Keeper, allowing buying, depositing, sending, and swapping cryptocurrencies

Unique Feature: @wallet adds a P2P marketplace feature, enabling users to directly trade fiat and cryptocurrencies with others within Telegram

TON Space: Built-in Telegram Non-Custodial Wallet

TON Space launched in September 2023, currently in testing mode, integrated within the @wallet bot. It is a non-custodial wallet, giving users full control over their private keys and assets, ensuring maximum security and autonomy. Combining the ease of @wallet with the security of TON Keeper, it is the most ideal choice.

How to Use TON Space

Activate TON Space: Tap “TON Space (Testing)” on the @wallet homepage

Get Wallet: The system generates a TON wallet address and a 24-word mnemonic phrase

Backup Mnemonic: Optional, can be written down or backed up via email (recommended to write down)

Start Using: Similar functions to @wallet, with additional management of digital collectibles (NFTs)

TON Space also helps blockchain developers create Web3 services directly within the Telegram app, enhancing user experience. When participating in TON ecosystem games or other applications, it can be used for linking or other transactions.

Risks You Must Know When Using TON Wallets

Although the three wallets above are commonly used in the TON ecosystem, there are risks to be aware of. Taiwanese crypto media “Chain News” previously reported that some users experienced wallet access restrictions after submitting KYC information when participating in a 50% annualized yield product via @wallet, due to “verification rejection.” Contacting Wallet support only received canned responses.

The media pointed out that Telegram’s founder is based in Dubai, while most TON ecosystem developers are in Russia. Many users from China, Korea, and Taiwan also use TON. Therefore, all functions similar to “WeChat Mini Programs” on Telegram are not officially endorsed or guaranteed safe, so investors should be cautious of risks.

Key Risks When Using TON Wallets

Loss of Mnemonic Phrase: Losing it means assets are permanently unrecoverable

Custodial Risks: Using @wallet or other custodial wallets means assets are controlled by third parties

KYC Restrictions: Some features may require KYC; failure to verify could result in account freeze

Scam Risks: Fake wallets or phishing sites may steal mnemonic phrases; always download from official channels

Regulatory Uncertainty: Developers and users of the TON ecosystem are dispersed across different countries, posing higher regulatory risks