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Telegram is known to be yet another prominent messaging platform where more than 550 million users surf the app monthly
Now the crypto payments feature has rolled out on instant messaging app Telegram which will use blockchain based platform Toncoin (TON), as per the twitter post of Ton blockchain on Tuesday. The feature would be accessed by users by opting out via the official Telegram Wallet Bot. This will allow users to purchase cryptocurrency via exchanges, transfer to other wallets and bank cards etc.
According to the instant messaging company, users can then send the cryptocurrencies like Bitcoin (BTC) or Toncoin (TON) to other users by just using the wallet icon showcased in the direct messages window. So, as it turns out, now sending Toncoin on Telegram chats is possible. This is the new way for sending Toncoin without any transaction fees to any user of the Telegram app. Having this service no user would need to enter wallet addresses and wait too long for confirmations.
Alongwith these details on the twitter post, Ton blockchain has also posted a video that detailed about the features.
TON means for The Open Network while created in 2017 by Telegram itself for several decentralized services such as anonymous networks, DNS, decentralized storage, instant payments and using a proof of stakes mechanism. Earlier it was reported that Telegram had abandoned TON in May 2020 that followed a lengthy battle with none other than the United States Securities and Exchange Commission.
After which the decision came after the SEC alleged the company had sold unregistered securities to the public via its initial coin offering. Complicating the matter more, a Judge in New York had ruled previously that the company could not distribute the token that likened to TON from the open network of telegram back then known as Grams, to investors residing outside of the United States.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
