Telegram Integrates Tether and Mini-Apps for Seamless P2P Interactions and Developer Opportunities
Summary:
Telegram is integrating mini-apps and the Tether (USDT) stablecoins to enable its 900 million users to engage in seamless peer-to-peer transactions. This move will facilitate smoother operations for developers working on ecommerce, gaming, paywalled content, and other commercial activities on The Open Network's (TON) layer-1 blockchain. Alongside this, TON is expanding its TON-based wallet. Emphasizing TON's global reach, TON Foundation's director, Justin Hyun, described how Tether's incorporation allows Telegram to bypass payment restrictions by Google and Apple.
The integration of mini-apps and the Tether (USDT) stablecoins into Telegram will enable its 900 million users to seamlessly participate in peer-to-peer transactions. This addition could potentially introduce many to cryptocurrency without them realising it. Developers are set to gain also, as the stablecoin will facilitate smoother operations of ecommerce, gaming, paywalled content, and other commercial activities on The Open Network's (TON) layer-1 blockchain. Justin Hyun, TON Foundation director of investments, shared this information in his discussion with Cointelegraph's Ezra Reguerra at the Token2049 conference in Dubai. Alongside these developments, TON is also expanding its TON-based wallet.
The integration of Tether on TON is set to boost the creative economy that is currently thriving on TON and Telegram by making it easier for users to adopt a different type of crypto or token. Hyun stated, "Engaging use cases are those with social viral mechanics, with daily creation of games powered through Telegram mini-apps."
These products will be accessible without the need for downloading external apps. For instance, the developers of the Catizen game gained 2 million users within two months of joining TON – a considerable increase from their previous 600,000 users in one and a half years.
While other social media platforms are regionally specific, the global reach of TON and its native USDT eliminates the necessity for local payment gateways. In addition, the use of Tether allows Telegram to bypass payment restrictions imposed by Google and Apple.
According to Hyun, integrating Tether on TON is taking the platform back to its original vision that was scrapped due to The Open Network's inability to launch an initial coin offering in 2020, because of opposition from the United States Securities and Exchange Commission. The TON Foundation, established in 2021 by open-source developers, has since taken over the project.
Published At
4/19/2024 9:16:30 PM
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