More than 550 million active users view messages on the popular messenger every month. Now they can use their own cryptocurrency of the revived blockchain project Telegram Open Network for payments.
As reported in a Twitter post on Tuesday, instant messaging app Telegram has launched payments in Toncoin (TON) , the native cryptocurrency of the Telegram Open Network.
“Now you can send Toncoin directly in Telegram chats! This is a new way to send Toncoin without transaction fees to any Telegram user. With this service, you will no longer need to enter long wallet addresses and wait for transaction confirmation. Watch the video and test the new feature!” Toncoin said in a post.
To access this feature, users first need to register through the official Telegram Wallet bot, which allows them to buy cryptocurrency with a bank card, exchange it, and transfer it to other wallets. According to the company, they can then send Bitcoin (BTC) or Toncoin to other users by clicking on the Wallet icon in private messages.
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TON stands for Telegram Open Network. The network was originally created by Telegram in 2017 for decentralized services such as decentralized storage, anonymous networks, DNS, instant payments, and others, using a stake verification mechanism. It was previously reported that Telegram abandoned TON in May 2020 after a lengthy battle with the US Securities and Exchange Commission (SEC).
The decision was made as the SEC alleged that the company was selling unregistered securities to the public through an initial coin offering (ICO). To complicate matters, a New York judge had previously ruled that the company could not distribute Grams, a token similar to TON from the then Telegram Open Network, to investors outside the US.
As a result, a fork of the Telegram Open Network was created with the Toncoin (TON) cryptocurrency. This network and its coin are positioned as completely decentralized, owned by the community and not affiliated with Telegram.
