(ThyBlackMan.com) If you have been in the crypto space since its early days, you most definitely understand how complicated sending cryptocurrency was. However, imagine if sending crypto coins were as easy as sending a text message using your favorite social app.
This is the idea behind Telegram’s blockchain, often referred to as TON — The Open Network. Let’s break down what TON is and how it works in straightforward terms.
What Exactly Is the Telegram Blockchain?
The success of crypto coins such as Bitcoin and Ethereum prompted mass adoption by the general public. The Telegram founders worked on the idea of creating The Open Network. The goal was to create a secure, user-friendly, and super-fast blockchain platform.
But where Telegram’s blockchain takes the cake is in its integration with the messaging app. Telegram has over 800 million active users. Imagine buying, sending, and exchanging crypto coins directly within the app.
This is a massive game-changer, and to make it even more interesting, it is an open-source project. At its core, The Open Network is a decentralized blockchain platform designed with unique features for speed and scale. Its native cryptocurrency is called Toncoin (TON).
How Does the Telegram Blockchain Work?
Think of a blockchain as a digital ledger where everyone can see but cannot edit the transactions. Transactions carried out in the crypto world are added to the ledger and saved as blocks. The blocks are chained together using cryptographic keys to form a blockchain.
Every blockchain uses different techniques to secure data and validate transactions. The Telegram blockchain uses a proof-of-stake protocol to secure its network. TON’s proof-of-stake protocol is much more efficient than Bitcoin’s proof-of-work protocol.
Telegram’s blockchain is known for being fast and effective. The reason behind this is that it uses an infinite sharding paradigm. Through sharding, the network is split into smaller chunks that run parallel to each other.
Telegram Blockchain in Action: Available Features and Services
- Explore DeFi
You can use decentralized exchanges like flpp.io to swap tokens, provide liquidity, or earn yields.
- Send Crypto Tokens Instantly
Telegram users can create a wallet on the app and use the Telegram Wallet Bot to send Toncoins or other tokens available on the Telegram blockchain to other users. There are no complex addresses. All you need to do is type the recipient’s Telegram username, and you are done.
- Pay for Services
Advertisers and marketers can pay for services using Toncoin. This is a game-changer in the world of social media marketing. Now, you don’t need to rely on agencies; companies can pay directly to advertise their products on Telegram.
- Play Blockchain Games
Avid gamers can play to earn on Telegram. There are several games built on the Telegram blockchain, often playable within Telegram. You can earn free Toncoins instead of the in-game coins that have no value outside the game.
What Does the Future Look Like for the Telegram Blockchain?
Bright is the answer. The Telegram blockchain has made a massive statement by making crypto transactions easy. Its deep integration with Telegram gives it a unique potential user base. While challenges related to regulations and compliance remain, The Open Network is one of the most intriguing projects in the Web3 space.
Staff Writer; Jason Carter
