Telegram has officially announced that Toncoin will be the only cryptocurrency accepted for its app services, following a new exclusivity agreement with the TON Foundation. This partnership marks a significant shift in Telegram's approach to blockchain integration, as it will now exclusively utilize the TON blockchain for its mini-app ecosystem, impacting millions of users and developers.
Key Takeaways
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Toncoin is now the exclusive cryptocurrency for all Telegram services, including Telegram Premium, Stars, and Ads.
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All mini-apps on Telegram must migrate to the TON blockchain and implement the TON Connect protocol.
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The partnership aims to enhance user experience and streamline blockchain interactions within the Telegram platform.
Exclusive Partnership With TON Foundation
The new agreement between Telegram and the TON Foundation solidifies Toncoin's position as the sole cryptocurrency for non-fiat payments on the platform. This includes payments for various services such as Telegram Premium, Telegram Stars, and advertising services. The move is expected to simplify transactions and enhance the overall user experience.
Migration To TON Blockchain
As part of this transition, all developers of mini-apps on Telegram are required to migrate their applications to the TON blockchain. They must implement the TON Connect protocol, which will serve as the exclusive method for linking Telegram mini-apps to blockchain wallets. This change is aimed at unifying the user experience and eliminating the complexities associated with multiple wallet integrations.
Impact On Developers
Developers are encouraged to begin the migration process immediately to avoid service interruptions. Those who complete the migration by the specified deadline will receive additional support and promotional benefits from the TON Foundation. This includes potential advertising credits to help boost their visibility on the platform.
Future Prospects For Toncoin
The exclusivity of Toncoin within Telegram's ecosystem is expected to drive its adoption and usage significantly. With Telegram boasting over 950 million monthly active users, the potential for Toncoin to become a widely used cryptocurrency is substantial. The TON Foundation aims to empower over 500 million users by 2028, leveraging Telegram's vast user base as a distribution channel.
Sources
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Telegram signs exclusivity deal with TON - BlockchainGamerBiz, BlockchainGamerBiz.
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TON becomes the exclusive blockchain for Telegram's mini-app platform | VentureBeat, VentureBeat.
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TON Foundation: All Telegram mini-apps must migrate to TON ecosystem, MSN.
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Toncoin becomes Telegram’s only accepted crypto for app services, Cointelegraph.