Telegram Commits to TON Blockchain, Plans to Support Sticky Emojis and NFTs
Pavel Durov of Open Network has attributed the messaging app's future to blockchain technology, announcing major plans to tokenize features, share ad revenue with users, and use Tether's stablecoin Token2049.
Speaking in front of a packed house in Dubai, Durov praised blockchain's ability to promote freedom and privacy before revealing plans to build functionality on the Open Network (TON).
“That's why we love blockchain. It's a technology of freedom. We care about freedom. Even our logo, the paper plane, represents freedom of movement in three dimensions,” Durov said.
The founder of the app, which reportedly has more than 900 million monthly users, said the company strives to empower its users to build tools, applications and businesses through Telegram.
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According to Durov, Telegram has taken a different approach to monetizing its user base than other major messaging and social media platforms, which sell user data to advertisers. Telegram recently announced plans to share revenue with content creators on the platform through an ad network.
Durov described the move as one of the most generous revenue-sharing models in social media history. Telegram claims that 50% of the revenue it earns from advertising and displaying broadcast channels will be shared with channel owners and content creators using the Ton network.
“All these transactions, payments for ads, opting out of ads are powered by blockchain. We use a ton block just for this.
Durov estimates that the blockchain-based advertising market is worth tens of billions of dollars, and that users ranging from large group chat owners to content creators will get a fair share of the revenue.
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Using the blockchain protocol allows Telegram to reduce the limited in-app purchase methods implemented by Apple and Google regarding payment processing.
However, Telegram also allows app developers and merchants to integrate with 40 payment providers such as Stripe to sell physical goods and services.
Durov also claims that Telegram has experimented with tokenization, becoming the first social media platform to spoof usernames. According to the founder, this platform market has generated 350 million dollars in sales and the simulation of other elements of the platform is in progress.
The next step we are going to take is to simulate Telegram stickers.
According to Durov, Telegram wants the scalability offered by the Ton network, which could handle tens to hundreds of millions of transactions in the future.
Following Durov's address at the conference, statecoin operator Tether announced the launch of a US dollar-pegged USDT (USDT) token on the Ton network. Tether has unveiled its inaugural gold-backed Tether Gold (XAUT) stablecoin on Tons.
Ton was originally developed by Telegram, but a legal battle with the United States Securities and Exchange Commission saw the messaging application abandon development efforts in May 2020.
A small group of open source developers took over the project, leading to the establishment of the Ton Foundation in May 2021.
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