Tag: Telegram

Coinbase Launches Crypto Transactions via WhatsApp, Telegram, and Other Messaging Platforms

by Blockchain News

Coinbase Wallet, a prominent player in the cryptocurrency exchange sector, has rolled out a game-changing update that simplifies and accelerates international money transfers. This new feature, part of Coinbase’s strategy to make cryptocurrency transactions more accessible, allows users to send money via links shared through various messaging and social media apps​​​​.

How the Feature Works

The process is designed for user-friendliness. Users can create a link within the Coinbase Wallet and share it through popular messaging apps like WhatsApp, Telegram, iMessage, Snapchat, TikTok, and even email. When the recipient clicks the link, they are directed to download the Coinbase Wallet app (if they haven’t already) and are then able to create a wallet with one click to claim the funds. If the funds remain unclaimed for a 12-day period, they are automatically refunded to the sender. This approach ensures convenience and security in transactions​​​​.

No Fees and Instant Settlement

Coinbase has highlighted that there are no fees for transactions made through this feature and that settlement of transactions is instant. This is particularly notable for USD Coin (USDC) transfers, a U.S. dollar stablecoin co-launched by Coinbase and its issuer, Circle, in 2018​​​​.

Simplifying International Money Transfers

The update addresses the complexities and costs typically associated with traditional methods of sending money internationally, such as expensive wire transfers, bank fees, and processing times that can take up to five business days. This feature allows users to bypass traditional banking hurdles while eliminating fees and ensuring instant settlement of transactions​​.

Global Reach and Usability

Coinbase Wallet’s new feature supports 20 languages and is accessible in over 170 countries, significantly improving liquidity and access globally. This includes introducing cash payment methods in key regions like Brazil, Nigeria, and the Philippines. Additionally, Coinbase introduced a “simple mode” for its wallet app, streamlining usability to focus on essential features like crypto swaps and digital asset storage​​.

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Telegram’s TON Q2: Significant Account and Transaction Growth, Deflationary Measures, and Developments in DeFi, NFT, and Cross-Chain Solutions

by Blockchain News

In Q2 2023, The Open Network (TON) saw a 2.88 million total accounts and 173 million transactions, making it the 14th largest cryptocurrency by market capitalization. TON’s technology, ecosystem, and economy improved significantly, comparable to the previous quarter.

TON’s 2023.06 update introduces burn functionality, incinering 50% of network fees, potentially decreasing Toncoin supply. Additionally, a “Black Hole” mechanism permanently eliminates all Toncoin sent, potentially forming future deflationary measures.

In order to increase user involvement, a new smart contract called “The Locker” has been created. It enables users to lock up their Toncoin for a long time in exchange for rewards. Additionally, the network now allows users to send encrypted messages using TON wallets, guaranteeing secure communication even in the absence of conventional messaging servers.

Due to the Liquidity Mining Rewards Campaign, the network’s Total Value Locked (TVL) surged by 2200%, and more than $20 million has passed via the token bridge that was set up in the previous quarter. Staking and a decentralised cryptocurrency exchange have been added into the well-known TON wallet Tonkeeper, and other exchanges on TON have either been updated or just created.

Users now have the ease of earning staking rewards while also using their assets in DeFi thanks to the development of a liquid staking solution. The alteration of TON addresses to prevent asset loss from incorrect transactions and advancements in Non-Fungible Tokens (NFT), with well-known artists presenting their work and collecting royalties in Toncoin, are additional improvements.

TON has updated its virtual machine (TVM) and launched a new WebApp API in collaboration with Telegram. The system’s core has been optimized for optimization, security, and DDoS attack protection. Progress has been made in the development of the Rainbow cross-chain solution, which operates without intermediaries and private keys. Five TON contests have been conducted, with a prize pool over $200,000, and a large-scale Hack-a-TON program announced with a prize pool of 150,000 Toncoin. TON plans to introduce new cross-chain solutions, optimize tokenomics, stimulate growth in the DeFi segment, and conduct public stress testing of the blockchain in the next quarter.

Toncoin support has been added to a number of sites, including Changelly, Onramp, Mooli, CoinStats, and Chainalysis. Trust Wallet has integrated TON. Important partnerships have also been started with the cryptocurrency exchanges MEXC and BIT.com.

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Telegram Employs Blockchain-Based Mechanism to Auction Usernames

by Blockchain News

The Telegram messaging application, one of the top 10 most popular apps globally is yet again breaking ground in the blockchain ecosystem by organizing a bid for unique usernames that are not in use to interested users.

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Telegram’s CEO Pavel Durov gave the news in a statement made through the company’s official channel. 

Telegram users will be allowed to buy and sell unique preowned usernames in protected contracts by using the Telegram Open Network (TON). The company concluded using TON since it is fast and highly scalable and TON was previously used by Telegram for conducting an auction sale for domain/wallet names where they recorded a huge success. Casino.ton was sold for approximately $244,000, Toncoin was sold for approximately $260,000 while Wallet.ton was sold at approximately $215,250.

According to Durov, “the development phase is almost over, and the auction platform will be launched soon. Make sure you don’t miss your chance to acquire the most valuable usernames and secure your ownership of them in the TON blockchain’s immutable ledger”. 

“This marketplace might also include other Telegram ecosystem components like channels, stickers, or emojis”, Durov added.

What has been going on with Telegram

 

Telegram published the TON testnet explorer and node software in 2019. Soon after, the iOS alpha version of the Gram token wallet was made available. Since the TON network is interoperable with the Ethereum network, users were able to transfer their Ethereum smart contracts over to it.

In 2020, Durov made an announcement to abandon TON and Gram token wallets as a result of a protracted legal dispute with the United States Securities and Exchange Commission (SEC). The CEO of Telegram further stated that he feels US courts are abusing their power over the dollar and going beyond their purview of domestic law to decide what is best for the rest of the globe.

 

In recent news, Telegram with its 700 million users is now able to trade Toncoin and Bitcoin using Wallet Bot. Users of Telegram can buy the two cryptocurrencies and send them to one another over chat messages.

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Telegram Launches P2P Trading in Advancement of TON Project

by Blockchain News

Social media giant, Telegram has launched its latest crypto trading service, giving users the flexibility with which to acquire both Toncoin (TON) and Bitcoin (BTC).

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As reported by Blockworks, Telegram users can purchase the two cryptocurrencies and send them to one another via chat messages.

This is one of the most ambitious moves from the Telegram platform following the regulatory end to the Gram Token project that was squashed by the United States Securities and Exchange Commission (SEC). The TON and BTC trading options are the only available crypto tokens that can be traded for now, and users can make these purchases through a small range of fiat currencies including USD, EUR, UAH, BYN, and KZT.

While the Telegram trading option is being pitched as an “anonymous P2P deals,” users will have to share their phone numbers in order to be able to deposit, exchange or purchase crypto. According to the Blockworks report, the service will be free for buyers, however, those selling their coins will need to pay a 0.98% commission.

“It is aimed towards ordinary users and provides a low entry threshold for learning about blockchain. Many services on TON are similar to the usual applications that people are already used to using,” a TON Foundation representative said in a shared statement, adding that “without leaving Telegram you can buy cryptocurrency, send it to your friends using a short nickname without long wallet addresses, get access to the internet with the @mobile bot, pay for a subscription to your favourite Telegram channel along with many other services.”

Telegram has always been positively tilted towards blockchain technology, pioneering the TON protocol. When the project and the developers behind it were forced to return $1.2 billion of funds received from investors alongside a fine of $18.5 million. The project refused to pack up and has been spearheaded by Anatoliy Makosov and Kirill Emelyanenko after Telegram stepped away.

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Russian tech and political executives denounce crypto ban proposal

by Cointelegraph

Russia’s recent ban on crypto has drawn criticism from a number of big names, including Alexei Navalny’s chief of staff Leonid Volkov, and Telegram founder Pavel Durov.

On Jan. 20, Russia’s Central Bank published a report proposing a blanket ban on domestic crypto trading and mining. The report stated that the risks of crypto are “much higher for emerging markets, including Russia.”

However, it appears that this proposed ban isn’t universally accepted in the former Soviet Union. A Jan. 22 post by the Telegram founder, Pavel Durov stated that the proposed ban on crypto would “destroy a number of sectors of the high-tech economy.” He added:

“Such a ban will inevitably slow down the development of blockchain technologies in general. These technologies improve the efficiency and safety of many human activities, from finance to the arts.”

While Durov conceded that the “desire to regulate the circulation of cryptocurrencies is natural on the part of any financial authority,” he concluded that “such a ban is unlikely to stop unscrupulous players, but it will put an end to legal Russian projects in this area.”

Leonid Volkov: banning crypto is “impossible”

Meanwhile, in a Telegram post on Jan 20. Volkov, who is the chief of staff for Alexei Navalny, wrote that the ban would be like “calling a spade a spade.”

Navalny is an opposition leader in Russia and founder of The Anti-Corruption Foundation (FBK). In August 2020, he was poisoned with the nerve agent Novichok. After recovering in Germany, he returned to Russia in January 2021 where he was arrested and has remained imprisoned since.

In his announcement, Volkov referenced a Jan. 20 report by Bloomberg. It claimed that Russia’s Federal Security Service (FSB) was instrumental in advancing the ban because crypto can be used to finance “non-systemic opposition and extremist organizations.”

He went on to add that he was “sure that the Bloomberg version, in this case, is 100% close to reality, but nothing will happen” because Russians are more likely to use crypto to buy drugs rather than donate it to the Moscow-based non-profit FBK.

“Technically, banning cryptocurrency is the same as banning person-to-person transfers (i.e. it’s impossible)… Yes, they can make it very difficult to deposit funds on crypto exchanges, which means that intermediary services will simply appear that will do this through foreign jurisdictions. Yes, transaction costs will rise. Well, that’s all, I guess.”

Related: Bank of Russia governor: Banning crypto in Russia is ‘quite doable’

Many of Russia’s neighbors have also taken a hard-line stance on crypto. On Jan. 19, citizens in neighboring country Georgia were made to swear an oath to cease mining crypto. The governments of Kosovo and Kazakhstan, have also recently been added to the list of countries that have banned crypto mining.

Perhaps one exception is Russia’s neighbor Ukraine, which passed a number of laws to facilitate the country’s adoption of cryptocurrencies in September 2021.

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TON Names Andrew Rogozov as Founding Member Heading Product Efforts

by CryptoPotato

The TON Foundation has announced the onboarding of Andrew Rogozov as a founding member. He will oversee Product Efforts at the blockchain project, initially launched by Telegram’s Durov brothers in 2018.

Increasing Interaction Between TON and Telegram Likely

The Ton Foundation announced a recent press release shared with CryptoPotato. The document informed that Rogozov will now contribute with his leadership experience to assist TON to reach its potential of creating an open-source, efficient, and widely used blockchain.

However, Rogozov, at the helm of Product Efforts at TON, may work to expedite the integration of its features and leverage Telegram’s over 500 million-strong user base.

“As we speak, multiple products have already been shipped that are at the intersection of TON and Telegram: the Tonkeeper wallet, the @donate inline bot in Telegram handling subscriptions to paid channels with Toncoin, and the wallet bot,” added Rogozov.

Rogozov is currently holding the position of Vice President Social at VK, which was earlier known as Mail.ru. He has overseen VK.com, which was acquired by Mail.ru in 2014 before the entire conglomerate rebranded itself as VK.

“In 2007, Andrew Rogozov joined VKontakte, the leading Russian social media company widely regarded as the “Russian Facebook” (later shortened to VK). Starting as an engineer, Rogozov climbed the ranks to become the CEO of VK.com, a position that he held from 2017 to 2021,” the release explained.

Besides his role as a founding member at TON, Rogozov will continue with VK in an advisory role.

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TON: A Successor of Telegram’s Blockchain Project

The Open Network came into being as Telegram Open Network, a blockchain system that promised to solve the issues of speed and scalability. However, Telegram withdrew from the project after the SEC raised red flags over the blockchain project and barred it from issuing tokens.

Even as Telegram backed out from the project, the TON community decided to continue and forked out the network into a new entity, The Open Network (TON). It was one of the first few blockchain projects that used proof-of-stake to validate transactions.

“I see huge opportunities at the intersection of the TON blockchain, the Telegram platform with its active audience of over 600 million users, and the community of world-class developers who have the potential to create a large number of next-generation global product companies,” said Rogozov.

Convergence of Interests Between TON and Telegram

Now that both Telegram and TON are in stable waters and the blockchain industry is more resurgent with increasing adoption and engagement of regulators, a convergence of interest can see TON’s integration with the Telegram platform.

“A key adoption strategy pursued by TON will be to integrate with Telegram platform, APIs and development tools leveraging its user base of over 500m monthly active users that heavily intersects with the audience of crypto power users,” the release said.

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Telegram’s Toncoin Partners With ‘Donate’ for Subscription Payments

by Blockchain News

Telegram’s brainchild, TON Blockchain has partnered with the social media giant’s verified payment protocol ‘Donate’ to use its native token ‘Toncoin’ for subscription payments, amongst other things.

“TON Community is proud to announce that the TON blockchain and Donate, a Telegram-verified payments service, have become official partners,” the blockchain protocol said on its official Telegram handle. “Soon, users will be able to make donations and pay for their subscriptions in Toncoin, and channel administrators, conversely, will be able to collect their income in the same cryptocurrency,” it added.

The network said it will publish additional details bordering on the partnership in the coming days, showcasing the involvement of its coin will be an evolving innovation.

The TON Blockchain was conceived and developed by Telegram Founder, Pavel Durov and his brother Nikolai in 2017. The project advanced into the Initial Coin Offering (ICO) stage with GRAM tokens offered to investors in a record $1.7 billion sales in 2018. However, this ICO was the source of the project’s trouble as the US SEC came after the Durov and the TON team alleging they broke securities laws. The lawsuit was extended for a long period and eventually ended up with Telegram paying $18.5 million in settlements. 

Since the lawsuit was concluded, Durov and His brother stepped away from the project, but he expressed excitement that the project did not die afterwards, noting the current team which rebranded the GRAM tokens to Toncoin has all they need to succeed beyond the level it’s currently operating at.

“When Telegram said goodbye to TON last year, I expressed the hope that future generations of developers would one day carry on with our vision of a mass-market blockchain platform…So I was inspired to see the champions of Telegram’s coding contests continue developing the open TON project, which they rebranded to Toncoin…I’m proud that the technology we created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain realm. It would have been a shame to see this project not benefiting humanity,” Durov said in a statement posted on his Telegram channel.

Meta Platforms Inc (formerly Facebook) also faced similar backlash from lawmakers and regulators, keeping its Libra (now rebranded to Diem) project bound from launching since it was conceived.

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TON’s Journey Isn’t Over Yet, Scores Partnership With Telegram-Verified Payments Bot

by CryptoPotato

Telegram may have abandoned its crypto project, but the token lives on. None other than the CEO of the cloud-based instant messaging service Telegram and the creator of the blockchain project, Pavel Durov, is happy that it’s alive and well.

TON blockchain had a rough start, but that might be changing soon. The TON Community has announced the partnership of the TON blockchain and Donate, the recently introduced payment service verified by Telegram.

TON Community Fetches New Partnership

According to the official announcement, the latest deal essentially enables the users to make donations and pay for their subscriptions using the Toncoin cryptocurrency. On the other hand, the admins of the channels will be able to collect their income in the same cryptocurrency. Not much is known about the details of the partnership. The official post, however, mentioned that additional information about the same will be published in the next couple of days.

Interestingly, Telegram co-founder and CEO Pavel Durov also recently posted on his channel wherein he had conveyed support and excitement for how Toncoin turned out.

For the uninitiated, the TON blockchain was created by the Durov brother back in 2017. However, Telegram, as well as the two co-founders, had to step away from the project last year. Talking about it, Pavel Durov stated,

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“When Telegram said goodbye to TON last year, I expressed the hope that future generations of developers would one day carry on with our vision of a mass-market blockchain platform. So I was inspired to see the champions of Telegram’s coding contests continue developing the open TON project, which they rebranded to Toncoin.”

Durov also said that he was proud that the technology that “alive and evolving.” Toncoin, on the other hand, is independent of Telegram, unlike the original TON. But that did not stop the exec to wish the team behind it the same success.

Telegram Passes the Mantle to the Community

Dubbed ‘Telegram Open Network,‘ the initiative was meant to be an amalgamation of a proof-of-stake (PoS) blockchain platform and native token, generating payments on its chat app. Additionally, the creators also sought to explore Web3.0 Internet with decentralized storage, anonymous network, DNS, and various decentralized services.

However, just weeks before its scheduled launch in October 2019, the United States Securities and Exchange Commission sued the company and accused it of a securities law violation.

As a result, the launch was halted. It was in May 2020 when the popular messaging app dropped support from the TON blockchain. In a bid to keep the project alive, Telegram made TON’s code open-source and handed it over to the community.

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Telegram-verified payments bot to accept Toncoin cryptocurrency

by Cointelegraph

Telegram co-founder and CEO Pavel Durov has expressed excitement about the Telegram Open Network (TON) technology still developing after Telegram officially abandoned the project last year.

“I’m proud that the technology we created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain realm,” Durov said in a Telegram post on Thursday.

He noted that the project rebranded from TON to Toncoin. Unlike the original TON, the new project is independent of Telegram. “But I wish its team the same success. Coupled with the right go-to-market strategy, they have all they need to build something epic,” he noted.

Durov’s remarks came amid Donate, a Telegram-verified payments service, preparing to enable donations on Telegram using the Toncoin cryptocurrency.

TON on Thursday announced a partnership with Donate, saying that users will soon be able to make donations and pay for their subscriptions in Toncoin. At the same time, channel administrators will be able to collect their income in the cryptocurrency. The Subscriptions service previously announced the news on Monday.

TON is a blockchain that was created by brothers Nikolai and Pavel Durov in 2017, but the two and Telegram stepped away from the project in 2020 after a lengthy battle with the United States Securities and Exchange Commission. The SEC specifically won a case where it accused Telegram of violating the U.S. securities laws by conducting its $1.7billion initial coin offering in 2018.

Despite Telegram officially terminating the project more than a year ago, the idea of TON has not been abandoned, with the original open-source project giving rise to a number of independent spinoffs.

At the time of writing, the TON Russian community has almost 160,000 subscribers on its official Telegram channel, while the global Toncoin community counts about 50,000 followers.

Related: The International Chess Federation is first global sports association with its own NFT marketplace

Toncoin 30-day price chart. Source: CoinGecko

Amid the latest news, Toncoin’s price has seen notable growth, surging over 23% over the past 24 hours and trading at $2.93 at the time of writing, according to data from CoinGecko. The token’s all-time high was $4.5 recorded on Nov. 12. The token is listed on some of the world’s largest crypto exchanges, including OKEx, FTX and EXMO.