- 1 Recently, Telegram announced that it would have its own crypto wallet that would work on the TON blockchain.
- 2 With this initiative, Telegram took the first step into Web3. Crypto users are excited about this project.
In the past, Telegram took many steps that showed its commitment to Blockchain. Recently, it took all its efforts one step ahead with an all-new project. During the Token2049 event in Singapore, Telegram revealed its visionary project.
Telegram’s Journey So Far
On August 14, 2013, Telegram was first launched on the iOS platform. After receiving positive feedback, the developers rolled it out on Android on October 20, 2013. To manage the data load efficiently, it has data centers spread across the globe. Its operational center is based in Dubai, United Arab Emirates. Today, it is available on all major platforms including Linux, MacOS, Windows, and smart TVs.
It also has two official web twin apps and many unofficial clients. Although its servers are closed-sourced, all its official clients are open-source. Telegram has made end-to-end encryption an optional choice for its customers. On the data-sharing front, users can send audio files, contacts, animated stickers, and location information. In the last few years, the app has gained huge popularity.
Everything You Want to Know About Telegram’s Wallet
Telegram announced that it would launch its own crypto wallet very soon. It would run on the Open Network (TON), making the transactions seamless and secure. Notably, this was a long-awaited initiative from the freemium platform. According to it, the platform marks Telegram’s foray into the Web3 ecosystem.
Soon after the announcement, the value of Toncoin surged 7%. Also, the TON Foundation disclosed incentives for projects that’ll be developed on its blockchain. More than that, these projects will get preferential access to Telegram’s advertising platform too. The spokesperson of the instant messaging service informed that the wallet is currently available only to its users.
However, it will be acbcessible to all crypto users by the month of November. But it will not be available to the US and a few other nations. Telegram started working on this project in 2019. Shortly afterward, the development work stalled due to a lawsuit filed by the SEC. The regulator alleged that Telegrams’s ICO which was valued at over $1.7 billion was an unregistered security.
Unlike many other crypto entities, the messaging platform opted for a settlement with the SEC. It agreed to pay a fine of $18.5 Million along with refunding unspent proceeds back to its investors. As soon as the case was resolved, development was back on the table. Telegram partnered with TON Foundation and started working on Web3 infrastructure development.
From the beginning, the platform’s motto was to eliminate barriers. It wanted to create a user-friendly gateway to crypto for all its users. The platform is all set to reshape the landscape of digital asset management. Everything would happen right on a messaging platform for the very first time.
Since the platform already has a wide outreach, everyone’s expecting this project to become a huge success.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.