On April 26, the TON Foundation announced a new bot that enables cryptocurrency transactions using The Open Network’s token TON in the Telegram app.
This new feature will benefit the more than 550 million users who use Telegram, who will be able to send and receive TON at zero cost and take advantage of the blockchain once proposed by Telegram.
The feature was launched on April 28, the day TON will be available for purchase on OKX, a Malta-based cryptocurrency exchange formerly known as OKEx.
The exchange will begin accepting deposits on April 28, starting at 03:00 UTC, and spot trading will resume at 5:00 UTC.$TON Withdrawals will be open from April 29 at 9:00 AM UTC.
— TON (@ton_blockchain) April 27, 2022
Will Toncoin live up to community expectations?
With this new feature, Telegram has the potential to compete with other social media platforms such as Twitter, which has been supporting tips in Bitcoin and Ethereum since last year and recently partnered with Stripe to add payment features through Coinbase’s created stablecoin, USD Coin (USDC). ). Other social media sites with similar approaches include Reddit and even WhatsApp, with its fiat-powered Whatsapp Pay feature available in Brazil and India.
According to the Foundation, the goal of this new feature is to allow users to make transactions as easy as sending a text message, avoiding the complications associated with managing a crypto wallet and the long non-human-readable crypto. addresses.
According to a statement shared with Coindesk, the TON Foundation also expects this payment method to be used by consumers to purchase goods and services from various companies.
“We expect this functionality to extend to consumer-to-business payments so that people can easily acquire goods and services by sending toncoin through bots in the Telegram app,”
Telegram left Toncoin, but the community kept it alive
In 2020, Telegram had to abandon the original TON project due to a lawsuit issued by the SEC, which was in an anti-ICO spree at the time, chasing major players such as Ripple, Facebook, KIK, and Telegram, along with other huge players. scams like Bitconnect and Onecoin.
Currently, the TON project is independent of Telegram, so according to Pavel Durov, CEO and founder of Telegram, the new team in charge of the project is building “something epic” that manages to keep the platform at the top of social networks, competitive with Elon Musk’s “new Twitter”, which no one knows for sure what functionalities will offer in the future.
So while Pavel Durov believes TON is “years ahead” of its competitors, this new cryptocurrency will have a lot of work to prove its worth as the ecosystem has grown and matured.
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