Telegram Now Allows Crypto Transactions
Telegram, the instant messaging app now enables the sending and receiving of TonCoin. Interestingly, users can do this without having to pay any fee. The TON blockchain made this known in a tweet.
This then eliminates the burden of inserting long wallet addresses and waiting for several confirmations before a crypto payment in Toncoin can be made.
However, be reminded that in May 2020, the app founder said goodbye to its crypto-focused subsidiary, Telegram Open Network (TON), following a SEC lawsuit.
Also, it should be noted that the Toncoin which can now be transferred using the messaging app is operating independently from Telegram. The project is being run by The Open Network (TON) Foundation.
How To Transfer TonCoin Using Telegram
Transferring crypto from one user to another has never been a tedious task. The same can be said for the transfer of Toncoin within Telegram chats.
If you want to send Toncoin to another user on the chat app then, you must first add the Telegram’s Wallet Bot (@wallet) in your account. The bot is a fast and safe tool that allows you to buy crypto by bank card. Equally, the bot allows the exchange and transfers of cryptocurrency assets to other wallets.
To transfer Toncoin to a friend in the chat interface, tap on your attachment menu, input the desired amount and click send. The receiver should receive tokens in a matter of seconds. Remember, to be able to send Toncoin, you must hold a sufficient amount in your Telegram wallet.
On the whole, the underlying objective is to make Toncoin transfers operate just like sending a text message. Reportedly, the @wallet bot has been used by over 800,000 accounts so far.
Toncoin, Telegram and U.S. SEC: The Story
Here, we will get to understand the transition from Telegram Open Network to The Open Network Foundation.
Some years back, the messaging app began building a blockchain platform called Telegram Open Network (TON), with a native token named Gram.
According to Pavel Durov, “TON was designed to share the principles of decentralization pioneered by Bitcoin and Ethereum, but to be vastly superior to them in speed and scalability.”
Unfortunately, a legal challenge by the U.S Securities and Exchange Commission (SEC) ensued. The U.S. SEC charged Telegram for running an ‘unregistered and unlawful’ securities sale that amounted to $1.7 billion in 2019. A corresponding fine was therefore issued.
Consequently, this hindered the TON and Gram projects from going live on October 31, 2019. In turn, this led to the abandonment of the TON crypto project by Telegram.
The Open Network (TON) and Toncoin
However, a group of developers rebranded the abandoned TON project to ‘The Open Network” renaming Gram to Toncoin. Interestingly, CEO Pavel Durov showed support for the rebranded project.
So far, this new development has seen massive growth as TON users recently donated over $1 billion in Toncoin for the advancement of the ecosystem.
- Once upon a time, we had a ‘Telegram Open Network’ (TON) and Gram crypto project, spearheaded by Telegram
- Following its abandonment, there was a rebranding and what we have today is ‘The Open Network’ (TON) Foundation and Toncoin, which is not owned by the messaging app
- Lastly, Toncoin (TON) can be transferred between Telegram users with zero charges.