Telegram messenger wants to enter the web3

Ethereum Name Service allows users to purchase domain names that can be used as URLs. Recently, there has been increasing interest in these services. It has even been perceived as a form of speculation similar to what was observed in the early days of the internet.

Domain names are subject of growing speculation

Cryptocurrency and NFT fans have recently shifted their cherished new cryptocurrency obsession to domain names.

Many crypto fans have expressed interest in NFTs related to cryptocurrency wallets. However, since April 28, these tokens have been the center of attention. The Ethereum blockchain offers addresses that end in “.eth” similar to popular addresses that end in “.com” or “.fr”. Right now, the largest token collection – Bored Ape Yacht Club – sells fewer tokens on OpenSea than the Ethereum name service. As CoinDesk reported, this is due to lower sales volume than the registered name service.

Telegram has always been interested in blockchain technology and cryptocurrencies. They started a crypto project a few years ago called TON which is short for Telegram Open Network.

“Imagine the success of Telegram with its 700 million users when we auction reserved usernames, group and channel links.”

Telegram has envisioned a cryptocurrency similar to that of Facebook and its partners. The US government blocked its development and forced Pavel Durov to end the project in May 2020.

Telegram was able to develop a blockchain and its cryptocurrency, but then abandoned its blockchain project. However, Pavel Durov has always supported the Telegram Open Network project, despite the official end of his involvement in its development. Other developers picked up where Telegram left off, leading to the creation of a cryptocurrency, Toncoin.

“Other elements of the Telegram ecosystem, including channels, stickers or emoji, could also be part of this market later on,” explains Paul Durov on a Telegram channel.

SEC Restricted Telegram

Pavel Durov said Telegram plans to use TON as the underlying blockchain for a marketplace. He also mentioned that the TON project was started by Telegram to create an accessible and secure blockchain payment system. In addition, Telegram wanted this system to be an alternative to the Visa and Mastercard cryptocurrencies, the “gram”.

In a cryptocurrency fundraiser, or initial coin offering, $1.7 billion was raised from 200 investors. Most of these investors came from the United States; this is why the Securities and Exchange Commission has enforced US justice. The SEC claimed that the ICO was not authorized to register with the US stock market watchdog.

Telegram wanted to use its research results for a wider range of services. However, the US Securities and Exchange Commission banned Telegram from launching its blockchain and cryptocurrency in the US.

As a result, Telegram removed its encrypted messages from the TON project in May 2020. Third-party companies are continuing the development of the project without the intervention of Telegram. However, Telegram hopes that the US regulator will no longer find their suspicious activities so that they can benefit from their investigation.

“In terms of scalability and speed, TON probably has the best technology to host such decentralized sales,” says Pavel Durov. “Our team can write bulletproof smart contracts for TON (since we invented their smart contract language), so we’re eager to try TON as the underlying blockchain for our future market.”

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