- TON is a decentralized Layer 1 blockchain that was designed by Telegram but run by a community that kept the idea alive.
- This blockchain works with an API that connects to Telegram as a Wallet bot, however, since it is the TON blockchain, its native token can only be mobilized through this function.
Telegram has become one of the most comprehensive applications currently on the market, and despite this, many people are still clueless about it and its relevance.
However, if you’re a member of the crypto community, you’ll probably find it interesting because, yes, Telegram is an instant messaging application that now allows you to send cryptocurrencies.
If a person does not know what Telegram is and its features, they would probably think how insecure it should be to trade cryptocurrencies through the application and probably, the idea that instant messaging applications are not safe to send and receive sensitive information, derived of several scandals related to privacy issues.
How does Telegram work?
Telegram, like any other application of its kind, allows you to send messages to other users, create groups, call people, make video calls and send files. It even has its own collections of fun stickers. Nevertheless, this application stands out for its privacy.
In particular, Telegram uses end-to-end encryption specifically for its “secret chat” feature. These chats offer superior and stronger security, and although normal chats do not have such a high level of security, Telegram has earned the trust of its users in terms of privacy and security because the API is open source, therefore, any person in the world can review the code in detail.
Although WhatsApp uses end-to-end encryption in all conversations, this application uses end-to-end encryption in all messages sent and received, but unfortunately, the application belongs to Meta (formerly Facebook) and, given the scandals Facebook’s privacy policy, privacy advocates take a dim view of WhatsApp.
Although use Telegram It does not necessarily mean that it will be exempt from a data leak, and it is not necessarily a more secure application than WhatsApp, it is true that has earned the trust of those who defend your privacy.
Telegram Open Network, or The Open Network
In mid-December 2017 and early 2018, Pavel Durov, CEO of Telegram, announced the launch of a blockchain project called “The Open Network” or “Telegram Open Network” (TON) and its native token called “Gram”.
The objective was to connect the Telegram user base with cryptocurrencies and, with this, TON could become one of the most relevant blockchains in the industry.
The problem occurred when, in order to finance the project, Telegram held a private sale of Gram, in which investors gave Fiat currency to the project and, in exchange, received a contract stating that they would receive the Gram token once it was launched. TON.
For a long time the development of TON and the launch of Gram remained in the shadows, until the launch of the TON blockchain was scheduled to happen on October 31, 2019.
However, a couple of weeks before the launch of TON, the SEC obtained a restraining order that would prevent Telegram from distributing Gram as promised to investors. A lengthy legal battle ensued that ultimately concluded that Gram’s sale, distribution to initial purchasers, and future resale should be viewed as a scheme to distribute Gram to the secondary market in an unregistered stock offering.
Following the decision, in May 2020 the end of Telegram’s active participation in TON was announced. Likewise, Telegram reimbursed TON investors and paid a significant fine
However, since TON was developed as a free software project, its code was available on GitHub. Although Telegram could not launch it, the community could develop the idea and this is precisely what happened.
Community develops TON
In May 2020, the FreeTON project started, but the most important project that followed in the footsteps of TON is TONCOIN, under the web domain of Ton.org.which has become the benchmark for what Durov sought to build.
currentlye TON is a decentralized Layer 1 blockchain that was designed by Telegram but run by a community that kept the idea alive. This blockchain is not from Telegram nor is the native token of said blockchain and it works with an API that connects to Telegram as a Wallet bot.
Like Discord, Telegram makes it easy for its users to create bots to perform certain activities on the platform. This does not mean that Telegram endorses it and it is essential to keep this in mind.
Use of cryptocurrencies through Telegram
Independent developers behind Toncoin (TON) implemented a crypto payment option on Telegram using a Wallet Bot, but there is a detail: Since it is the TON blockchain, only its native token can be mobilized through this function.
A user must first communicate with the bot, configure their wallets and they will be able to send and receive the TON token with other users.
How to send TON?
To be able to send TON on Telegram, it is necessary to start by configuring the application:
1) Download Telegram on your mobile, through the Play Store or the iStore. If you have it downloaded, it is essential to verify that you have the latest version of it.
2) Sign in to the app
3) In the magnifying glass that is in the upper left, you will look for “Wallet”.
4) Click on the verified bot.
5) Click on “Start”
6) A series of options will appear, among which we will click on “Add bot in the attached files” and confirm the action.
And ready. We will have successfully added the wallet.
Now, in order to send, we will obviously need to enter TON into our wallet, for this:
- We will click on “My wallet” and then “Deposit”.
- It will ask you to share your phone number.
- You will be able to select between sending TON or BTC to a specific address for each. The funds will take between 30 and 60 minutes to be credited to your wallet. In this case, you must have TON or BTC in some other wallet or crypto exchange.
- You can also buy TON or BTC directly with a debit card. To do this, you will select the amount of crypto you want to acquire and then you will be sent to an external link where you must pay with your card. The disadvantage of this option is that you will have to go through a Know Your Customer (KYC) process.
Once we have configured and recharged the Telegram wallet, we can send them through the application.
1) He goes to the chat he has with the user on Telegram to whom he wants to send the cryptocurrencies.
2) Select the attach function and click on Wallet.
3) Enter the amount you want to send in TON and that’s it.
What is the advantage of this function?
To a certain extent, it makes the process of sending cryptocurrencies to a person easier. In general, to do it from a crypto exchange or other type of wallet, users must know and register the wallet address of the other person, which is usually long. But, in addition, they will have to wait for confirmations.
While, through Telegram, it is only necessary to have a chat with the person to whom you want to send the cryptocurrencies. Also, in theory no commissions are paid for sending TON on Telegram.
Still, it is somewhat of a disadvantage that the only crypto that can be traded is TON. Said cryptocurrency is traded on crypto exchanges such as OKEx and FTX.
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