TON Telegram integration highlights synergy of blockchain community

As a result of a recent update to the wallet bot, users of the Telegram app can now buy and sell cryptocurrency without leaving the app. The wallet bot was developed by The Open Network (TON, before open telegram network) in April. Initially, the bot allowed users to buy, sell, and trade Toncoin (TON) within the Telegram app, but a new update added a fully-functioning cryptocurrency wallet to the app.

An independent team of TON developers created the wallet bot to simplify crypto transactions for Telegram users. A representative from the TON Foundation told Cointelegraph: “The creation of the wallet bot is being handled by an independent development team, and we are certainly glad that more and more projects are choosing TON as the basis for creating new products,” continuing. saying:

“TON is intended for millions of users, and one of our goals is to make using blockchain no more complicated than using applications that users are used to.”

The wallet bot also serves as a fiat onramp, allowing users to purchase TON using their credit cards within the Telegram app. The currently supported fiat currencies for buying and selling Toncoin are US dollars, Euros, Ukrainian hryvnias, Belarusian rubles, and Kazakh tenges.

Regarding transactions within Telegram, the exchange service that facilitates them also works as a guarantee and resolves any necessary conflicts that may arise between the two parties involved in the transaction. The other party can carry out the transactions in complete anonymity; however, users must provide the bot with their cell phone numbers before engaging in any cryptocurrency-related activities that the app may access.

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The wallet bot does not charge any fees for buying crypto through Telegram, but sellers will be charged a commission equal to 0.9% of the sale price for each completed transaction. Currently, the app can only be used to buy Toncoin (TON) and Bitcoin (BTC). However, the TON Foundation plans to expand the number of cryptocurrencies available to purchase. Also, in order to transfer cryptocurrency through the peer-to-peer functionality on Telegram, users need to register with The Open Network.

When transferring cryptocurrencies to another person, users send the coins to the recipient’s Telegram identifier instead of their address. The TON Foundation representative highlighted this feature, saying, “The @wallet bot team is taking big steps in this direction as you can now buy, trade and send Toncoin to your contacts without leaving Telegram. There is no need for long addresses or special applications. We believe that the future lies in projects like this one”.

History of Telegram and The Open Network

Telegram Messenger grew enormously in popularity within the crypto community due to its encrypted messaging and ability to create group chats. The bot functionality also makes it easy to automate tasks within groups and chats. For example, bots can ban users, answer questions, and link users to useful resources for a project.

In 2017, Telegram started app monetization plans since it did not use ads. As part of this plan, the Telegram Open Network, or The Open Network, was founded by Telegram founders Pavel and Nikolai Durov, and the white paper was published in January 2018. The Open Network was developed as a platform for decentralized applications and an alternative payment. processing network to major networks such as Visa.

To raise funds for the development of TON, Telegram held a private sale for the GRAM, which investors could exchange for the TON token when it launches. However, the United States Securities and Exchange Commission would later classify the token sale as an unregistered securities offering. As a result, Telegram decided to end its active involvement with TON in 2020.

On June 11, 2020, Telegram and the SEC reached a settlement in which Telegram agreed to reimburse $1.22 billion as a termination fee in the GRAM purchase agreements and pay an $18.5 million penalty to the SEC. Telegram also agreed to provide advance notice to the SEC if the company planned to sell any digital assets within the next three years.

On May 7, 2020, Free TON was launched as an independent company to continue the development of the Telegram Open Network, using freely available source code. The community subsequently grew to over 30,000 members in January 2021, and the Telegram team later transferred the domain and GitHub repository to the TON Foundation on August 4, 2021.

The TON foundation has taken responsibility for the underlying cryptocurrency (TON) of the Telegram token. Prior to this, users of the apps collaborated in a fundraising effort for the cause. As a result, they contributed over a billion dollars to the growth of the TON ecosystem, made possible by their donations.

What the future holds for TON and Telegram

It is possible that the new update of the TON Foundation Telegram bot could pave the way for a global cryptocurrency payments service. Also, since the app has over 500 million active users worldwide, it can act as a catalyst for further crypto adoption if the wallet bot proves popular.

When asked about the future of Telegram and The Open Network, a TON Foundation representative told Cointelegraph: “Telegram is a user-friendly platform for everyone in the Web3 world, both for communication and product development. that use their disruptive technologies. Additionally, the open platform allows developers to create functional products with real-world use cases that can be implemented in the application.”

“The TON-based wallet bot is a great example of this. There are also many services on Telegram that already use TON, such as donation, mobile and others,” they stated, adding: “A significant development is the launch of the Telegram username auction, which is a great demonstration of how simplicity of tokenization on TON can open up many real-world examples of using blockchain technology.”

In addition to the wallet bot, The Open Network has developed additional Telegram bots that serve different purposes. The donation bot allows creators to post messages accepting donations through special action buttons that will facilitate a payment process within the Telegram app. The process works when a user contacts the donation bot and follows the instructions.

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The user will also need to add the bot as an administrator in the channel and submit the payment information so that it can receive donations. The mobile bot allows users to access the Internet when Wi-Fi is not available. The Telegram Username Auction allows users to buy and auction their Telegram identifiers in exchange for TON tokens.

The recent update to the Telegram wallet bot may open up a wider range of the public to use cryptocurrency. It can also further cement Telegram’s reputation as one of the go-to apps for blockchain-based projects looking to build a community, especially if additional tokens are added to the platform. Telegram already has a large portion of the crypto community using the app, and the ability to buy and transfer crypto could bring non-crypto users to the market.