Telegram Affirms TON Network for Web3 Integration, TON Token Value Rises
Telegram's choice of TON for Web3 boosts Toncoin's worth; integration benefits both platforms.
Fri, 15 Sep 2023, 10:45 am UTC
Telegram, the renowned messaging platform, has expressed its commitment to using the TON network as the foundational layer for its Web3 services. Following this revelation, TON's native cryptocurrency, Toncoin, experienced a swift appreciation in its value, recording a 6.5% growth in just a half-hour.
TON's specialty is its Web3 wallet, which has already gained popularity among 3 million Telegram users as an independent bot. The plan is to bring this feature directly to the platform, expanding its reach to a staggering 800 million users. Moreover, an exclusive version, dubbed TON Space, is on the horizon for Telegram enthusiasts located outside the United States. All these implementations are anticipated to materialize by November, as indicated by the TON Foundation through an electronic communication.
John Hyman, Telegram's primary financial strategist, articulated the importance of providing their extensive user base with digital property rights. He emphasized that this move not only benefits users but also propels TON-related ventures to capitalize on Telegram's massive audience, making it the most substantial collaboration between Web3 and Web2 platforms.
The messaging platform's foray into blockchain isn't recent. Its engagement dates back to 2018 when it kickstarted an internal blockchain initiative. However, a wrench was thrown into its progression in August 2020. This disruption arose from a legal scuffle with the U.S. Securities and Exchange Commission, which accused Telegram of dealing in unauthorized financial instruments. Nevertheless, hope for the project's future was rekindled the subsequent year when community stalwarts took the reins, culminating in the establishment of the TON Foundation.
Even though the Foundation took charge of the project's evolution, its intrinsic link with Telegram remained unbroken. This became evident as many pivotal advancements of TON happened on the Telegram platform.
Drawing a clear boundary, it was conveyed by Hyman that while TON will operate as an autonomous decentralized platform, Telegram's core vision will persist in enhancing its messaging capabilities. Rather than delving deep into the Web3 domain, Telegram aims to harness its advantages for the user community.
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