Telegram Debuts In-App Token 'Telegram Stars' to Boost Digital Services and Cryptocurrency Adoption
Summary:
Telegram has introduced a new in-app token, "Telegram Stars," that allows users to buy digital goods and services. Developers can exchange their Stars for Toncoin via Fragment and use them to promote their apps on Telegram. CEO Pavel Durov stated that ads purchased with Stars on Apple and Google would be subsidized by Telegram, aiming to encourage developers to create digital products on the messaging platform. Future updates are planned to bring more features to Stars. The success of the platform's popular app, Notcoin, played a significant role in this development too. Lastly, TON blockchain's collaboration with Tether is helping to drive more cryptocurrency adoption.
Telegram, the notable social media platform, has initiated a fresh in-app token, named "Telegram Stars". This digital currency can be spent on digital services and goods right on the platform. "Telegram Stars pave the way for mini apps to accommodate payments for digital services via the most straightforward method—on-platform purchases on iOS and Android," relayed Pavel Durov, CEO of the organization, in a statement on June 6. The Stars earned by developers can be converted into Toncoin (TON), the innate cryptocurrency that fuels Telegram's "The Open Network", through Fragment, an exchange majorly employed to trade Telegram handles. Developers can also leverage Stars to further publicize their apps on Telegram, added Durov.
Durov highlighted that advertisements made with Stars on the digital marketplaces of Google and Apple, both of which claim a 30% commission fee on digital goods sales, will receive subsidies from Telegram. This financial incentive is expected to stimulate developers to come up with digital products for Telegram, he suggests: "Assuming that the Stars are re-utilized for app promotion, the cumulative commission charges will drop to almost nil. Hence, venturing into app creation on Telegram is a more profitable move than building conventional mobile apps."
The firm announced on June 6 that upcoming updates will enhance Stars with additional capabilities and features, such as gratuities for content makers and more.
One of Telegram's top-performing apps, Notcoin, has received significant acclaim, garnering 35 million users within the first five months following its release. Notcoin is a "tap-to-earn" token, where users can accrue NOT tokens by accomplishing assorted social missions.
Each month, over 400 million out of Telegram's 900 million user base engages with Telegram bots and mini apps.
With the launch of Tether (USDT) on the TON blockchain back in April, as part of a collaboration with the stablecoin issuer to propel increased cryptocurrency adoption through the messaging platform, Telegram marked another notable milestone. "Users are no longer hampered by the hurdle of needing to secure a separate form of crypto or token," expressed Justin Hyun, director of investments at the TON Foundation, in a conversation with Cointelegraph.
Around 36 hours prior, TON had hit a record high of $7.65, which has now dipped slightly to $7.50, based on data from CoinGecko. Despite this dip, its market capitalization of $18.2 billion still trails $7 billion behind its apex of $25.2 billion registered on April 12.
Finally, there's an intriguing documentary about FTX's downfall on Amazon Prime costing $2,500—made possible with a little motherly assistance.
Published At
6/7/2024 5:18:47 AM
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