This information was released during the recent Token2049 cryptocurrency symposium in Singapore, which attracted slightly more than 10,000 attendees and was organized in collaboration with the TON Foundation. This assertion is made in light of the current unrest on the cryptocurrency market that FTX’s failure has caused.
The recent Token2049 cryptocurrency seminar in Singapore, which attracted a little bit above 10,000 people and was held in conjunction with the TON Foundation, was when this information was announced. This declaration is made in light of the present turmoil of the cryptocurrency market brought on by FTX’s failure.
The increasing ease of self-custodial wallets, which allows end-users freedom on their digital assets in contrast to centralized alternatives, has been highlighted by this unrest.
It should be highlighted that TON Space was not directly created by Telegram, highlighting the complex partnership the company maintains with blockchain technology. The blockchain project known as Telegram Open Network (TON) was suspended in 2020 as a result of legal action taken by the U.S. Securities and Exchange Commission (SEC) over a significant coin donation. Later, The Open Network Foundation (TON Foundation) was established by a different group of open-source engineers and a few more blockchain enthusiasts. The Open Network (TON), the blockchain that now powers a number of Telegram services, including the recently introduced self-custodial wallet known as TON Space, is now actively trying to progress.
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The Open Platform (TOP), a business designed with a devoted wallet feature sect and a venture-building branch called TOP Labs, initiated and designed The TON Space. TOP Labs is created with a portfolio of TON-based platforms which continues to function intricately with TON’s ecosystem.
Beginning sometime around November, no wallet registration would be necessary in order to have access to the TON Space for all Telegram end-users. The current custodial model of this Telegram wallet, currently boasting about three million registered end-users, is supplemented by this improvement.
It’s important to state that this self-custodial wallet would not be available at the beginning in some countries, these countries including the US, because of recent legislative measures in the cryptocurrency industry that has caused geo-restrictions for several crypto platforms.
The unveiling of TON Space marks a turning point for Telegram, demonstrating both the company’s dedication to giving end-users more autonomy over their digital assets within a more decentralized financial environment and its commitment to active participation in the rapidly expanding cryptocurrency landscape.
A Decentralized Ecosystem of Mini Apps in the Blockchain Realm
With more than 700 million monthly active users, Telegram is attempting to become a multi-purpose “super app,” a concept made popular by WeChat. However, Telegram adopts a very different strategy, especially when it comes to financial transactions. WeChat has chosen a centralized payment method, whereas Telegram is embracing decentralization and allowing developers to create tiny apps that are compatible with cryptocurrencies and connected with the TON Space.
The importance of possessing a crypto wallet on the Telegram application is that it allows users the freedom to open up to the sphere of digital assets to a sizable end-user base, encompassing many unbanked people in underdeveloped nations.
This self-custodial wallet gives developers more autonomy over how digital assets can be moved around in their applications. According to Andrew Rogozov, Chief Executive Officer of TOP and former CEO of the Russian social networking site VK, in a recent debate, users can gain access to private groups, for instance, by acquiring NFT-based keys or admission cards through their self-custodial wallets.
According to Rogozov, a set of cryptocurrency wallets outside of the Telegram ecosystem have issues. Low adoption rates which are typically caused by complicated wallet creation procedures, and web-based wallets frequently having limited availability. Telegram will now give TON projects and partners prime access to its worldwide advertising network in order to encourage decentralized apps.
In a related development, MobileCoin, an encrypted texting service, has partnered with Signal to offer cryptocurrency payments. According to Halil Mirakhmedov, COO of Wallet (the group behind TON Space), these solutions serve diverse end-user bases, highlighting the variety of options available in the cryptocurrency market.