Blockchain Events
TON Telegram Integration With Blockchain
Is there even synergy between TON Telegram with Blockchain and its community?
The Open Network’s independent programmers designed a Telegram bot for cryptocurrency trading and transfer.
Telegram users may now buy and trade cryptocurrencies without leaving the app after upgrading their wallet bot. The wallet bot was created by TON in April. The bot previously allowed users to buy, sell, and trade Toncoin (TON) via Telegram, but a recent update added a cryptocurrency wallet.
The wallet bot makes crypto transactions easier for Telegram users. “A separate development team produces the wallet bot, and we are really thrilled that more and more companies are using TON as the foundation for developing new products,” a TON Foundation official told during an interview.
“TON is for millions of people, and one of our aims is to make blockchain as simple as using applications that consumers are already familiar with.”
The wallet bot also allows Telegram users to purchase TON using credit cards. Toncoin may be purchased and sold in the following currencies: USD, EUR, UAH, BYR, and KZT.
The Telegram exchange service ensures transactions and resolves any disagreements between the parties. The other party can transact anonymously, but users must provide their cell phone numbers to the bot before using the app’s bitcoin functions.
Buyers of Telegram wallet bots pay no fees, but sellers pay 0.9% of the selling price per transaction. Toncoin (TON) and Bitcoin are the only currencies supported by the software (BTC). The TON Foundation wishes to sell additional cryptocurrency. Open Network registration is required for Telegram’s peer-to-peer crypto transmission.
Instead of addresses, users send crypto to Telegram handles. “The @wallet bot team is making major efforts in this direction,” stated a TON Foundation official. “You may now buy, exchange, and send Toncoin to your contacts without leaving Telegram.” Long addresses and applications are superfluous. These kinds of projects are the future.”
Telegram’s History and The Open Network
Telegram Messenger became famous in the crypto community because of its encrypted conversations and group chats. Bots make a group and chat automation easier. Bots can block users, respond to inquiries, and provide project resources.
Because Telegram did not use advertisements, income initiatives began in 2017. In January 2018, Pavel and Nikolai Durov founded Telegram Open Network or The Open Network. The Open Network is a decentralized app platform and a payment processing network that competes with Visa.
To raise funds for the development of TON, Telegram held a private sale for the GRAM, which investors can exchange for the TON token once it is released. However, the Securities and Exchange Commission of the United States would eventually classify the token sale as an unregistered securities offering. As a result, Telegram has decided to end active collaboration with TON in 2020.
Telegram and the SEC reached an agreement on June 11, 2020, in which Telegram agreed to reimburse $1.22 billion as a termination fee in GRAM purchase agreements and pay an $18.5 million penalty to the SEC. Telegram also agreed to notify the SEC three years before selling digital assets.
On May 7, 2020, Free TON was established as an independent enterprise to continue the development of the Telegram Open Network using open-source code. The Telegram team gave the ton.org domain and GitHub repository to the TON Foundation on August 4, 2021. The group had grown to over 30,000 members by January 2021.
The TON foundation has accepted the administration of the underlying cryptocurrency of the Telegram token (TON). Previously, users of the applications worked together to raise funds for the cause. Their contributions contributed more than $1 billion to the TON ecosystem.
What the future holds for Telegram and TON
The TON Foundation’s new Telegram bot update could pave the way for a global cryptocurrency payments solution. The app’s 500 million users may increase bitcoin acceptability if the wallet bot works.
“Telegram is a user-friendly platform for everyone in the Web3 globe – both for communication and generating things using their breakthrough technology,” a TON Foundation official told during an interview. In addition, the open platform enables developers to create working products with real-world use cases that can be deployed in the app.”
“A nice example of this is the wallet bot built on TON.” “There are also numerous services on Telegram that already employ TON, such as contribute, mobile, and others,” they added.
In addition to the wallet bot, the Open Network provides various Telegram bots. The give bot allows producers to accept donations through Telegram action buttons. Users make contact with the contribution bot and follow the instructions.
The user must additionally add the bot as an administrator to the channel and enter payout details in order to collect donations. When Wi-Fi is unavailable, the mobile bot allows users to access the internet. The Telegram username auction will enable users to buy and sell their Telegram handles in exchange for TON tokens.
The modification to Telegram’s wallet bot may enhance bitcoin usage. It can also help Telegram cement its reputation as one of the go-to apps for blockchain-based enterprises looking to grow a community, especially if other coins are added to the platform. Telegram is already used by a large portion of the crypto community, and the ability to buy and exchange cryptocurrency may entice non-crypto users to join the market.
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