TON Telegram integration highlights the synergy between blockchain community
A Telegram bot was created by independent developers from The Open Network community for trading and transferring cryptocurrency. Analysis Users of the Telegram app can now purchase and sell cryptocurrency without leaving the app. The wallet bot was created by The Open Network (TON), formerly Telegram Open Network. The Open Network (TON, formerly Telegram Open Network) developed the wallet bot in April. Cointelegraph was told by a representative of the TON Foundation that the wallet bot was created by an independent development team. We are happy that more projects are choosing TON to create new products. They also stated that the wallet bot serves as a fiat-on-ramp that allows users to purchase TON using their Telegram app credit cards. The current supported fiat currencies to buy and sell Toncoin include the United States, Euros, Ukrainian hryvnias, Belarusian rubles, and Kazakhstani Tenge. The other party may carry out the transactions in complete anonymity; nevertheless, users must provide the bot with their cell phone numbers before participating in any cryptocurrency-related activities made accessible by the application. Recent: Bitcoin miners turn to software to balance Texas’ grid. While Telegram doesn’t charge any fees to buy crypto, sellers will be charged a commission fee equal to 0.9% of each transaction. The app is currently only available for purchase of Bitcoin (BTC) and Toncoin (TON). The TON Foundation plans on expanding the range of cryptocurrencies that are available for purchase. To transfer crypto via the peer-to-peer functionality of Telegram, users must register with The Open Network. When transferring crypto to another person using Telegram, users send the coins instead to their Telegram handle. This feature was highlighted by a representative of the TON Foundation, who said, “The @walletbot team is making great progress in this direction. You can now buy, trade, and send Toncoin directly to your contacts without leaving Telegram. This feature does not require you to have long addresses or use special applications. We believe that projects like these are the future.” History of Telegram and The Open NetworkTelegram Messenger gained enormous popularity in the crypto community because of its encrypted messaging and ability create group chats. Automating tasks within groups and chats is also easier with the bot functionality. Bots can respond to questions, ban users and link users to resources that are useful for their project. Telegram started monetization plans in 2017 as it no longer used ads. Telegram founders Pavel Durov and Nikolai Durov created Telegram Open Network (or The Open Network) as part of this plan. The white paper was published in January 2018. The Open Network was created to provide a platform for decentralized apps as well as an alternative payment processing network to major networks such Visa. Telegram launched a private sale of the GRAM to raise funds for the development and launch of TON. Investors could then exchange the GRAM for the TON token. The United States Securities and Exchange Commission later classified the token sale as an unregistered security offering. Telegram decided to stop its active involvement in TON in 2020. Telegram and SEC reached a deal on June 11, 2020. Telegram agreed to pay $18.5 million penalty and reimburse $1.22 trillion as termination fees in GRAM purchase agreements. Telegram and the SEC reached a deal 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. The community grew to more than 30,000 members in January 2021. Telegram later transferred ton.org and GitHub to the TON Foundation on August 4, 2021. This was to transfer responsibility for the Telegram token’s underlying cryptocurrency (TON). Before this, users of the apps worked together to raise funds for the cause. Before this, users of the apps collaborated on a fundraising effort for the cause. The app has more than 500 million users worldwide, so it could be a catalyst for further cryptocurrency adoption. A representative from TON Foundation told Cointelegraph that Telegram is a user-friendly platform that everyone in the Web3 world can use to communicate and develop products using their disruptive technologies. The open platform allows developers the ability to create products with real-world use cases and deploy them in the app. “The wallet bot, based upon TON, is a great illustration of this.” Telegram has many other services that use TON. These include donate, mobile, and others. They also stated that the launch of the Telegram username bidding is a significant development. This is a great example of how tokenization on TON can open many real-world applications of blockchain technology. The donate bot allows creators the ability to send messages accepting donations via special action buttons. This will allow them to facilitate a payment process within Telegram. Follow the instructions and contact the donate bot. Recent: FTX’s fall could have a significant impact on crypto industry governance standards. Users will need to add the bot as an administrator and submit payment information in order to receive donations. The mobile bot allows users access the internet even when Wi-Fi is not available. Telegram users can now auction off their Telegram usernames for TON tokens. This will help Telegram to be known as a trusted platform for blockchain-based projects that want to build a community. Telegram already has a large crypto community using it, and the ability for users to buy and send crypto could help them gain more users.