cointelegraph.com
As a result of a recent update to the wallet bot, users of the Telegram app can now buy and sell cryptocurrencies without leaving the app. The wallet robot was developed in April by The Open Network (TON, formerly Telegram Open Network). Initially, the bot allowed users to buy, sell and exchange Toncoin (TON) within the Telegram app, but a new update added a fully functional crypto wallet to the app.
An independent group of TON developers created a wallet to simplify crypto transactions for Telegram users. A representative of the TON Foundation told Cointelegraph: "The wallet bot is created by an independent development team, and we are certainly glad that more and more projects are choosing TON as a basis for creating new products," continuing:
"TON is designed for million users, and one of our goals is to make blockchain more complex to use than using apps that users are used to
Wallet Robot also works as a fiat ramp that allows users to buy TON with credit cards in the Telegram app. Currently, the currencies supported for buying and selling Toncoin are US Dollar, Euro, Ukrainian Hryvnia, Belarusian Ruble and Kazakh Tenge.
In the case of transactions in Telegram, the exchange service that enables them also acts as a guarantee and resolves all the necessary conflicts that may arise in a transaction between two parties. The other party can complete transactions completely anonymously; however, users must provide the bot with their mobile phone number before any cryptocurrency-related activity the app allows.
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Walletbot does not charge to buy crypto through Telegram, but sellers pay a commission of 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 amount of cryptocurrencies it can purchase. Additionally, users must register on the open network to transfer crypto through Telegram's peer-to-peer platform.
When transferring crypto to another person, users send coins to the recipient's Telegram handle instead of their address.
A representative of the TON Foundation highlighted the feature, saying: "The @wallet bot team is making great progress in this direction, as you can now buy, exchange and send Toncoins to your contacts without leaving Telegram. No need for long addresses or special ones. applications.. We believe that such projects have a future."
History of Telegram and the Open Web
Telegram Messenger has grown extremely popular in the crypto community due to its encrypted messaging and ability to create group chats. The bot feature also makes it easy to automate tasks in groups and chat. For example, bots can block users, answer questions and link users to resources useful for the project.
In 2017, Telegram started a plan to monetize the app because it didn't use ads. As part of this plan, Telegram founders Pavel and Nikolai Durov established the Telegram open network, or The Open Network, and a white paper was published in January 2018. The Open Network was developed as a decentralized application platform and alternative payment processing network for large networks such as Visa.
To raise funds for the development of TON, Telegram held a private sale of GRAM, which investors could exchange for the TON token at launch. However, the US Securities and Exchange Commission later classified the token sale as an unregistered securities offering. As a result, Telegram decided to stop active cooperation with TON in 2020.
On June 11, 2020, Telegram and the SEC reached a settlement in which Telegram agreed to repay $1.22 billion in termination fees for GRAM purchase agreements and pay 18.5 USD. million fine to the SEC. Telegram also agreed to notify the SEC in advance if the company plans to sell digital assets within the next three years.
May 7, 2020 Free TON was launched as an independent company to continue the development of Telegram's open network using freely available source code. The community later grew to over 30,000 members by January 2021, and the Telegram team later transferred the ton.org domain and GitHub repository to the TON Foundation on August
, 2021.
The TON Foundation took responsibility for the cryptocurrency behind the Telegram Token (TON). Before that, the users of the program collected money for this purpose. As a result, they have contributed more than a billion dollars to the growth of the TON ecosystem, which was made possible by their donations.
The Future of TON and Telegram
It is possible that the new Telegram bot update from the TON Foundation could pave the way for a global cryptocurrency payment service. Additionally, the app, which has more than 500 million active users worldwide, could act as a catalyst for further crypto usage if the wallet bot proves popular.
When asked about the future of Telegram and The Open Web, a representative of the TON Foundation told Cointelegraph: "Telegram is a usable platform for everyone in the Web3 world - both for communication and for developing products that use these disruptive technologies. In addition, the open platform allows developers to create products that work for real use and can be enabled in the application.
"TON-based wallet robot is a good example of this. Telegram also has many services that already use TON, such as gifting, mobile and more," they noted, adding: "A notable development is the launch of the Telegram token auction, which is a great example of how easy it is to simplify tokens. . In TON, you can open many real examples of the use of blockchain technology."
In addition to the wallet bot, Open Network has developed more Telegram bots that serve different purposes. The donation bot allows creators to send messages about receiving donations using special action.buttons that facilitate the payment process In the Telegram application, the Process works by the user contacting the donation bot and following the instructions
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The user also needs to add the bot as a channel manager and provide payment information to receive donations Mobile bot allows users to access the Internet when Wi-Fi is not available. Telegram Username Auction allows users to buy and auction their Telegram handles for TON tokens.
The recent update of Telegram wallet rat could open a wider audience to cryptocurrencies. It could also strengthen Telegram's reputation as one of the most popular apps for blockchain projects that aim to build a community, especially as new tokens are added to the platform. Telegram already has a large crypto community using the app, and the ability to buy and send crypto could bring in non-crypto users.
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