May 25, 2024
Telegram Supports Tokenized Emojis on TON
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Telegram Supports Tokenized Emojis on TON

At the Token2049 event, Pavel Durov, the founder of The Open Network (TON) and messaging application Telegram, unveiled ambitious plans to leverage blockchain technology for the future development of Telegram. Durov emphasized blockchain’s capacity to foster freedom and privacy, aligning with Telegram’s commitment to empowering its users.

Empowering Users Through Blockchain Technology

Durov highlighted Telegram’s dedication to enabling users to create tools, apps, and businesses within the platform, diverging from conventional monetization models that rely on selling user data to advertisers. Telegram’s alternative approach involves sharing revenue with content creators through its Ad Network, an initiative described by Durov as one of the most generous revenue-sharing models in social media history.

With blockchain integration, Telegram aims to revolutionize its revenue-sharing model by allocating 50% of advertising revenue to channel owners and content creators within TON’s network. Durov projected that leveraging blockchain for advertising could unlock a lucrative market worth tens of billions of dollars, ensuring users receive a fair share of the revenue.

“All these transactions, the payments for ads, withdrawals of ads are powered by blockchain. We will use the TON blockchain exclusively for that.”

Tokenization and Scalability on TON’s Network

Telegram’s adoption of blockchain extends beyond revenue-sharing, encompassing tokenization initiatives and addressing limitations imposed by app store policies. By integrating TON’s blockchain protocol, Telegram aims to circumvent payment processing restrictions enforced by Apple and Google, empowering developers and merchants to sell goods and services seamlessly.

Pavel Durov announced plans to allow the tokenization of stickers and emojis on Telegram using the TON blockchain. Source: YouTube

Durov emphasized Telegram’s pioneering efforts in tokenization, citing the platform’s successful tokenization of user namespaces, which generated $350 million in sales. This success paves the way for further tokenization endeavors within Telegram’s ecosystem, aligning with the platform’s commitment to innovation and user empowerment.

“The next step that we are going to undertake is tokenizing Telegram stickers.”

Tether’s Integration with TON Network

Following Durov’s keynote address, stablecoin operator Tether announced the launch of its U.S. dollar-pegged stablecoin, USDT, on the TON network, along with the introduction of the gold-pegged stablecoin, Tether Gold (XAUT). This integration marks a significant milestone for TON, originally developed by Telegram but later entrusted to open-source developers after a legal battle with the United States Securities and Exchange Commission.

Despite the legal challenges faced by Telegram, the establishment of the TON Foundation in 2021 signals a renewed focus on advancing blockchain innovation. With Tether’s entrance into the TON ecosystem, users can expect enhanced accessibility to stablecoin transactions, further fueling the growth and adoption of blockchain technology within Telegram’s network.

Photo by Viralyft

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