This week, The Open Network (TON), a blockchain developed by Telegram, a popular instant messaging platform, enabled cryptocurrency payments on its service, thus giving a "wallet" bot the ability to perform cryptocurrency transactions for free.
Telegram has over 550 million users, and the move has been described as a step towards simplifying crypto adoption.
According to a member of the TON Foundation, this adaptation of the cryptocurrency transaction process will increase adoption around the world. It will also help to embed blockchain payment methods into peoples daily lives.
Users will be able to receive payment and transactions via Toncoin, the native cryptocurrency of The Open Network. Two years ago, Telegram was forced to shut down its processing on cryptocurrency by offering unregistered digital tokens known as "Grams." The company had to repay $1.2 billion to investors and pay $18.5 million in fines.
The company decided to remove itself from the project, but a small group of developers rebranded it as The Open Network and redesigned Gram as Toncoin. "When Telegram said goodbye to TON last year, I expressed the hope that future generations of developers will one day continue with our vision of a mass-market blockchain platform," said Telegram CEO Pavel Durov.
"I''m sure that the technology we created is alive and evolving," says TON when it comes to scalability and speed. "It''s a shame to see this project not benefiting humanity."