Telegram launched as a simple messaging app in 2013. Today, it’s a major player in the cryptocurrency space, integrating the TON blockchain. When brothers Nikolai and Pavel Durov founded Telegram, the startup quickly gained popularity for its emphasis on privacy and speed. Over the years, Telegram transformed from a communication tool to a key platform for crypto users and applications.

Telegram Origins and Shift to Crypto

Initially, Telegram was known for its strong security features and user-friendly interface, utilizing encrypted chats and large group chats. The introduction of bots in 2015 marked a significant milestone, allowing users to automate tasks, manage groups, and facilitate complex interactions. As the platform grew, it introduced voice calls in 2017 and video calls in 2020. Channels were launched to broadcast messages to large audiences, further enhanced by stories for channels, offering unique dual-camera functionality and detailed privacy settings.

Telegram also introduced a transparent giveaway system within channels, enabling users to win real-world prizes. Beyond messaging, the Durov brothers aimed to create a decentralized platform for digital transactions and communications. This vision led to the creation of the Telegram Open Network (TON) blockchain, designed to process millions of transactions per second while integrating seamlessly with Telegram’s messaging platform. The project aimed to introduce decentralized applications, smart contracts, and a native cryptocurrency, Gram.

Developing the TON Blockchain

The TON Blockchain development began when Pavel Durov released a whitepaper in 2018, outlining its technological advancements and potential. Designed with scalability in mind, TON aimed to handle millions of transactions per second through a unique multi-blockchain architecture and sharding mechanism, splitting the blockchain into a master chain and multiple work chains operating independently.

Telegram raised about $1.7 billion from 175 investors in a private sale of its native Gram token. However, the U.S. Securities and Exchange Commission (SEC) filed a complaint against Telegram in October 2019, alleging that the company conducted an unregistered securities offering. A U.S. federal court ruled in favor of the SEC in March 2020, halting the distribution of Gram tokens. Telegram subsequently abandoned the project in May 2020, returning the money raised to investors and paying an $18.5 million civil penalty.

Independent developers continued to build TON, now renamed The Open Network, supported by the TON Foundation based in Zug, Switzerland. Throughout 2021 and 2022, the TON community focused on improving the network’s architecture, implementing dynamic sharding, and refining its proof-of-stake consensus mechanism.

Telegram’s Continued Support and Integration

While no longer developing TON, Telegram has continued to support the platform. In September 2023, Telegram integrated the TON Space self-custodial wallet, followed by an ad revenue-sharing system with payments made exclusively in Toncoin. Telegram officially endorsed TON, declaring the blockchain and its associated token as the app’s “official web3 infrastructure.” This endorsement sparked investor interest, with the total value locked on TON surpassing $300 million on May 27, 2024.

Telegram’s Current Role in Crypto

Despite setbacks, Telegram remains pivotal in the crypto space. The app is a central hub for the crypto community, facilitating discussion, collaboration, and information sharing. Telegram groups and channels are widely used for announcements, trading signals, and community building. The platform has introduced features catering to crypto users, such as a digital marketplace and integrations with popular wallets like Trust Wallet. This collaboration enables Trust Wallet’s 100 million users to send and receive TON tokens.

TON will soon support Tether tokens on its blockchain, allowing Telegram users to send the stablecoin within the app. This development boosted TON’s value, with the token reaching $7.63 on April 11 from approximately $2.21 a year ago. Currently, a TON token is valued at $5.46, making it the tenth-biggest digital asset by market cap.

Rise of Mini-Apps and the Tap-to-Play Ecosystem

On July 31, Telegram announced a new in-app browser, expanding its blockchain capabilities and user experience. The browser offers features akin to traditional web browsers and integrates web browsing with messaging. Additionally, Telegram introduced a mini app store, where users can find popular mini apps. These apps now include a new in-app payment unit, “Stars,” launched on June 7, which can be used for transactions within mini-apps and later exchanged for Toncoin.

Popular mini-apps like Notcoin and Hamster Kombat have millions of users worldwide. Notcoin has amassed over 35 million users in five months, while Hamster Kombat boasts over 300 million users since its launch in March 2024. Despite some delays in token airdrops for HMSTR and Catizen’s CATI tokens, the mini-app ecosystem continues to thrive.

Telegram’s journey from a messaging app to a significant player in the crypto space demonstrates its ability to adapt and innovate. Despite facing regulatory challenges and setbacks, it remains a vital platform for the crypto community. Stay updated with the latest cryptocurrency news on Global Crypto News.

Post Views: 3