The Open Network (TON), a decentralised crypto blockchain initially designed by messaging app Telegram, has announced a new feature which lets users send crypto payments using the chat app without any transaction fees.
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“It is hoped that this simplification of the cryptocurrency transaction process will enable greater adoption worldwide and help to embed blockchain payment solutions into people’s daily lives,” a TON Foundation spokesperson said in a press release, reported Decrypt.
How Does It Work?
TON has created a wallet bot that users must add to their Telegram menu. After adding it, users need to type in the “/start” command, and then a secondary menu will open, which will have additional settings and support options.
Lastly, users will have to add it to the attachment menu so that the wallet bot can be accessed from any chat window. After successfully completing the process, users will see a new chat notification saying that their wallet is now ready to use.
You can now send #Toncoin directly within Telegram chats!— TON (@ton_blockchain) April 26, 2022
It’s a new way to send Toncoin without transaction fees to any Telegram user. With this service, you’ll no longer need to enter long wallet addresses and wait for confirmations.
Watch the video and test the new feature! pic.twitter.com/EtXSMFtJj6
How To Send Payments Using It?
Users will need to first top up their TON crypto balance by using their banking debit or credit cards, P2P transfer, or buying from a crypto exchange. After successfully loading their wallet with TON, users can send payments to their friends and family by clicking on the attachment icon and then selecting the wallet icon (follow the steps above to add the wallet to the attachment menu).
For users’ convenience, the real-time conversion rate of TON to US dollars will be displayed at the time of making the payment so that they know exactly how much money they will be sending.
Why Was There A Need For Such A Project?
Cryptocurrencies can be classified into four types based on their utility. TON aims to provide the utility of a currency.
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This means that its object is to provide users with an alternative currency to make payments and conduct transactions. But crypto payments transactions involve a lot of complicated knowledge and long-format wallet addresses that a common user might not possess. Hence, the need for simplification of crypto payments.
Does Telegram Still Support TON?
Telegram was the original designer of the TON crypto blockchain but in October 2019 due to a litigation with US Securities and Exchange Commission it had to stop its development and return the money raised back to investors.
In 2021, a group of blockchain enthusiasts and open-source developers came together and restarted the TON blockchain project. They are known by their pseudonym NewTON.