Telegram Leveraging TON To Offer Support To Emojis & NFTs

By Thecoinrepublic.com
about 1 month ago
XAUt UTED TOKEN GOLD MM

Pavel Durov, the founder of Telegram, outlined plans for the decentralized messaging app to tokenize stickers and power blockchain functionality on the Open Network.

Utilization Of Blockchain Technology

Telegram founder Pavel Durov is committed to developing the messaging applications’s future, leveraging blockchain technology. It announced significant plans to tokenize futures, share advertising revenue with users, and onboard Tether’s stablecoin at Token 2049.

Durov sang the praises of blockchain ability while speaking in front of a packed house in Dubai. He highlighted blockchain’s ability to promote freedom and privacy before outlining ambitious plans to improve and enhance functionality on the Open Network (TON).

Durov stated, “The reason we love blockchain. It’s a technology of freedom. We care about freedom. Even our logo, the paper airplane, symbolizes freedom to move in three dimensions.”

The founder of the application with nearly 900 Million monthly users said the company strives to give its users the ability to build tools, apps, and businesses on Telegram.

Development Of Telegram

Durov confirmed that Telegram has successfully adopted a different approach to monetizing multiple user bases than other major messaging and social media platforms, as they sell users’ data to advertisers.

Recently, Telegram announced plans to share revenue with content generators on its platform through its Ad Network.

Durov described the move as one of the most desired and appreciated revenue-sharing models in the history of social media. He further said that half of the revenue received by Telegram is generated from displaying ads and broadcasting channels. The revenue would be shared among channel owners and content creators using TON’s network for broadcast channels.

Durov said, “All these transactions, the payments for ads, withdrawals of ads are powered by blockchain. We will use the TON blockchain exclusively for that.”

The founder estimated that the advertising market is running on blockchain channels that could hold a value of tens of billions of USD and that users, from owners of large group chats to content creators, can earn a decent share of revenue.

Blockchain protocols will enable Telegram to mitigate the limited in-app purchase mechanisms enforced by Apple and Google regarding the processing of payments.

Even after this, Telegram has allowed the developers of apps and merchants to sell physical goods and services by integrating 40 payment providers, including Stripe.

Upcoming Development

Moreover, Durov said that Telegram had already experimented with tokenization, and it became the first social media platform to tokenize its user namespace. The founder said that this in-platform market generated $350 Million in sales and that the company is planning to tokenize other elements of its platform.

The founder said, “The next step that we are going to undertake is tokenizing Telegram stickers.”

Durov said that Telegram is required to achieve the desired scalability afforded by TON’s network. It is necessary to process tens to hundreds of millions of transactions in the future.

Following Durov’s address at the conference, stablecoin operator Tether announced the launch of a pegged U.S. dollar token on the TON network. The tether network also unveiled the launch of gold-pegged Tether Gold (XAUT) stablecoin on TON.

Telegram initially developed TON; however, a subsequent legal battle in May 2020 with the United States Securities and Exchange Commission saw the messaging application abandon its efforts at development.

In May 2021, a small group of open-source developers took over the project, which led to the establishment of the TON Foundation.

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