TON allows Telegram users to make crypto payments and buy crypto, Telegram is used by over half a billion people worldwide. Does the platform have the potential to accelerate crypto adoption?
The TON blockchain is about 30,000 times faster than the Ethereum blockchain and now offers free crypto transactions on Telegram. Bitcoin payments should also be possible. Moreover, the user interface is suitable for crypto newbies as well. A bot and a support team assist users. TON tweeted on April 26, 2022:
“You can now send #Toncoin directly in Telegram chats! A new way to send Toncoin to any Telegram user without transaction fees. With this service, you no longer need to enter long wallet addresses and wait for confirmations.
More than 800,000 users have already downloaded the bot. There is currently no official statement from Telegram.
TON: Bitcoin and crypto payments on Telegram
After installing the bot, users can Buy cryptocurrencies with your credit card and even transfer them to other wallets. TON wallets themselves offer individual options for bitcoin and crypto transactions (like via OKEX or UniSwap).
The chain must more than 1 million transactions per second (TP/s) can deal and is with him faster than Solana (60,000 TP/s), Ethereum (40 TP/s), Bitcoin (5 TP) and the Visa network combined and at the same time significantly cheaper. The network should theoretically be able to handle crypto transactions for Telegram’s more than 500 million users.
The TON blockchain uses both a Proof-of-Stake and Proof-of-Work consensus mechanism. However, the number of coins that can be mined is limited and will decrease over time until no more coins can be mined. This should be the case at the end of summer 2022. The annual inflation of the TON coin is 0.6%.
The TON blockchain also has a Binance Smart Chain and Ethereum Bridge, although the latter is currently still very expensive. High ETH transaction fees are charged for sending TON to the ETH bridge. However, this might change with further technical developments of Ethereum. For 2023 should also Workchains for Ethereum and Bitcoin virtual machines will follow.
How does this affect adaptation?
The exact course of the launch of the new Telegram payment application is still open. However, some users have already reported on Twitter technical issues. In addition to technical difficulties with the TON blockchain, there could also be issues with governments or authorities. There was no official statement on TON from Telegram at the time of publication.
Now hundreds of millions of users could theoretically have access to free cryptocurrencies and crypto payments. It remains to be seen how many people will choose to do so. International support for the Telegram feature is currently available in English and, interestingly, Russian. It is possible that many people around the world and in Russia will soon start investing in TON, Bitcoin and other cryptocurrencies. With the bridges to the crypto ecosystem and specs, TON certainly has the potential to make that happen and accelerate adoption.
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