Independent developers from The Open Network (TON) community developed a Telegram bot for trading and transferring crypto.
Due to a recent upgrade to the wallet bot, users of the Telegram app can now buy and Sell cryptos without having to leave the application. The wallet bot was created by The Open Network (TON), previously Telegram Open Network) in April.
Originally, the bot enabled users to buy, sell, and trade Toncoin (TON) within the Telegram app, but a new update has added a wholly functioning crypto wallet to the application.
An independent team of TON developers created the wallet bot to simplify crypto transactions for Telegram users. One representative from the TON Foundation said:
“The creation of the wallet bot is handled by an independent development team, and we are certainly happy that more and more projects are choosing TON as the basis for creating new products.”
“TON is intended for millions of users, and one of our goals is to make the use of blockchain no more complicated than using applications that users are used to.”
The wallet bot also works as a fiat on-ramp, enabling users to purchase TON using their credit cards within the Telegram app. For now, the supported fiat currencies for selling and buying Toncoin are euros, US dollars, Kazakhstani tenge, Belarusian rubles, and Ukrainian hryvnia.
Looking at the transactions within Telegram, the exchange service that facilitates them also works as a guarantee and resolves any issues that might arise between the two parties involved in the transaction. The other party may execute the transactions in total anonymity; nonetheless, users need to offer the bot their cell phone numbers before participating in any crypto-related activities made accessible by this application.
This wallet bot does not charge any fees for purchasing crypto via Telegram, but sellers will get charged a commission fee that is equal to 0.9% of the selling price for every completed transaction. For now, the app can just be used to buy Toncoin (TON) and Bitcoin (BTC).
Nonetheless, the TON Foundation wants to expand the number of cryptos available for purchase. Moreover, to transfer crypto via the peer-to-peer functionality on Telegram, users would have to register with The Open Network.
When transferring crypto to another person, the users send these coins to the recipient’s Telegram handle instead of their address. The TON Foundation representative commented on this feature, saying:
“The @wallet bot team is making great strides in this direction, as you can now buy, exchange, and send Toncoin to your contacts without leaving Telegram. There is no need for long addresses or special applications. We think that the future lies in projects like this.”
Telegram And The Open Network History
Telegram Messenger grew explosively in popularity within the Crypto community because of its encrypted messaging and ability to set up group chats. Notably, the bot functionality also makes automating tasks within the chats and groups easier. For instance, bots can ban users, respond to various questions, and link users to useful resources for a project.
In 2017, Telegram started monetization plans for the application since it never used any ads. As part of that plan, Telegram Open Network, or The Open Network, was launched by Telegram founders Nikolai Durov and Pavel, and the white paper was unveiled in January 2018. The Open Network was developed as a platform for decentralized apps and an alternative payment processing network to major networks like Visa.
To raise the funds for the development of TON, Telegram held a private sale for the GRAM, which investors may exchange for the TON token when launched. Nonetheless, the US Securities and Exchange Commission would later categorize the token sale as an unregistered securities offering. As a result, Telegram decided to end its active involvement with TON in 2021.
On June 11, 2021, 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. Telegram agreed to offer the SEC before notice in case the firm planned to sell any digital assets in the next three years.
On May 7, 2021, Free TON was launched as an independent venture to continue the development of the Telegram Open Network, using the freely available source code. The community later grew to more than 30,000 members by January 2021, and the Telegram team later transferred the ton.org domain and GitHub repository to the TON Foundation by August 4, 2021.
The TON Foundation has assumed responsibility for the Telegram token’s underlying crypto, TON. Before that, users of these apps partnered on a fundraising effort for the cause. As a result, they contributed over $1 billion to the growth of the TON ecosystem, which was made possible by their donations.
What Next For TON And Telegram?
The TON Foundation’s new Telegram bot update might likely pave the way for a global crypto payments service. Additionally, since the app has more than 500 million active users worldwide, it can act as a catalyst for increased crypto adoption in case the wallet bot proves to be highly popular.
When asked about the future of Telegram and The Open Network, a TON Foundation representative said:
“Telegram is a user-friendly platform for everyone in the Web3 world — both for communication and developing products using their disruptive technologies. Furthermore, the open platform allows developers to create working products with real-world use cases that can be deployed in the app.”
“The wallet bot, based on TON, is a great example of this. Many services on Telegram already use TON, such as donate, mobile, and others. A significant development is the launch of the Telegram username auction, which is a great demonstration of how the simplicity of tokenization on TON can open up many real-world examples of the use of blockchain technology.”
Apart from the wallet bot, The Open Network has developed more Telegram bots that serve a variety of purposes. The donate bots let creators post messages that accept donations through special action buttons that will facilitate a payment process within the Telegram application. This process works by a user contacting the donate bot and following the instructions.
The user will also need to add the bot as an administrator on the channel and submit payout information so that they can receive the donations. This mobile bot lets users access the internet when Wi-Fi is unavailable. The Telegram username auction lets users buy and auction off their Telegram handles for TON tokens.
Notably, the recent update to Telegram’s wallet bot can open up a bigger group of the public to adopt crypto. It can also help in strengthening Telegram’s reputation as one of the go-to apps for blockchain-based projects aiming to build a community, mostly when additional tokens are added to the platform.
Telegram already has lots of the crypto community using the application, and the ability to purchase and transfer crypto could bring non-crypto users into the market.