Telegram Open Network （Ton）Adds Crypto Support On Telegram App

2022-05-13, 08:08

-Telegram Open Network, now The Open Network (TON), is a decentralized blockchain network technology. It was created by the brothers Nikolai and Pavel Durov to enable fast transactions based on open-source protocols.

-The open network is designed to support a wide variety of decentralized applications (DApps). The network was created by the creators of the popular messaging app, Telegram. However, Telegram later relinquished it after litigation from the U.S securities and exchange commission. A few other networks are now claiming ownership over it, like FreeTon, thanks to their contributions to the growth of the TON community.

-Telegram has introduced crypto transactions as a new function on the messaging app. The function aims to simplify crypto transactions and make it as easy as sending a message on Telegram.

-Telegram users will be able to send and receive Toncoin via the app and buy Bitcoin with the wallet bot. The Ton foundation promises users fee-free transactions through the app after an upgrade to the latest version… learn more in the body of the article.

On Tuesday, 26th of April 2022, cryptocurrency support was added to Telegram via the TON (The Open Network) blockchain, intending to make crypto transactions feel just like sending a message on Telegram, especially because it attracts no transaction fees. The addition of crypto payments to the app will enable users to transact Toncoin and Bitcoin in the messaging app. They will be able to send and receive only Toncoin within the app but buy Bitcoin through the wallet not.

The TON foundation, on may 1st, said that the bot had been used by 443,708 Telegram accounts since its addition and is expected to extend into the consumer business payments so that payment for physical trades can be made by sending Toncoin via bots in the messaging app.

The TON blockchain, which has been nurtured by the TON community and developers after Telegram was forced to abandon the project, has grown over time, allowing it to host the NFT marketplace Disintar.io on its ecosystem. This shows the foundation's commitment to improving the web3 experience of the 550 million users of the Telegram app. There is a general belief that the adoption of crypto payment by Telegram will make cryptocurrency payments via messaging apps a widely adopted practice.

Pavel Durov endorsed the Toncoin as a separate token from Telegram after the app was sued by the SEC in 2019. Telegram raised $1.7 billion from the users to develop its token and had the project labeled as an 'illegal token offering' by the SEC when they sued the company. After the case was resolved by the settlement of the SEC and a capital refund to the investors, Toncoin was initiated and is now the payment token on Telegram.

WHERE DO I GET TONCOIN?

Users may face difficulty locating places to buy the coin because it is listed on some exchanges and not sold there, so the TON community on Telegram was gracious enough to compile a list of exchanges where it can be bought. The message read;

· In the Telegram app: through the wallet Telegram bot. The wallet accepts crypto and bank cards for payment. Users can buy Toncoin into their wallet via the wallet, not on Telegram.

· On Mercuryo: With only a bank card.

· On Neocrypto: Toncoin can also be bought with a bank card on the Neocrypto app.

The community included a list of decentralized exchanges like Uniswap, Pancakeswap, and Biswap. After the token is purchased, users are free to use it for payment via the payment wallet on Telegram.

HOW DO I MAKE TRANSACTIONS ON THE APP

As Telegram added crypto support for payments via the messaging app. It also created a wallet bit on the application to enable users to send Toncoin without transaction fees. In a video on the foundation's official Twitter page, the Ton foundation displayed how to add the wallet to the attachment menu feature in personal chats. The feature removes the need for users to enter long wallet addresses and wait for confirmations before they can send their cryptocurrency.

A step-by-step process given in their Telegram community showed the simplicity present in every transaction made via the platform.
Open a chat with another user, tap the paper clip icon to pull up the 'attachments menu,' and tap 'wallet.'

Enter the amount of Toncoin and send it. The instructions read. As easy as it sounds, the Toncoin gets sent immediately, as fast as a normal message would within a chat.

The community via the Telegram channel expressed their excitement that their users can now transfer the cryptocurrency by using a convenient and straightforward function. For user convenience, the exchange rate from TON to Dollar at the time of the transaction will be displayed in the wallet. So that users know exactly how much they're sending at once.

They encouraged subscribers to test the new features after they upgraded to the latest version of the app. A significant feature of Telegram that can make crypto payments a mainstream product quickly is the global adoption of the messaging app. Since the platform presents the opportunity to millions of users already, the user base will begin to see it as a cheaper, faster alternative for crypto transactions.

IS THERE A NEED FOR SUCH A PROJECT?

Cryptocurrency transactions usually require blockchain knowledge and long wallet addresses that might pose difficulties for a user. TON creates this opportunity to simplify crypto transactions greatly and provide an alternate currency with which users to carry out transactions.

After Telegram stopped the development of its open-source blockchain, TON, in 2019, other blockchain developers and enthusiasts came together to continue developing the TON blockchain and grow the community. Currently, the developers identify under the pseudonym Free TON.

WHAT MAKES THE PROJECT OUTSTANDING?

While the TON blockchain is not the first to have been invented, the blockchain was built to be able to handle millions of transactions per second, now and in the future, without any essential changes to the logic of its smart contracts and their interaction. Here is a comparison of Ethereum 2.0, Solano, and TON to fully understand why the TON blockchain is an excellent network for establishing fast cryptocurrency transactions for millions of users per second.

The move by Telegram and the TON blockchain to adopt crypto support as a means of payment is likely to create a movement for more messaging platforms to do the same. Thanks to the simplicity it brings to the cryptocurrency transactions.

Author: Gate.io Observer: M. Olatunji
* This article represents only the views of the observers and does not constitute any investment suggestions.
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