KEYTAKEAWAYS

TABLE OF CONTENTS

• KEY TAKEAWAYS
• INTRODUCTION
• THE RISE OF THE TELEGRAM ECOSYSTEM IN THE BLOCKCHAIN INDUSTRY
• THE OPEN NETWORK (TON): A BRIEF HISTORY
• TECHNICAL ARCHITECTURE AND FEATURES OF TON
• FEATURES AND BENEFITS: KEY FEATURES OF “STARS”
• DISCLAIMER
• WRITER’S INTRO

CONTENT

Telegram has gained widespread attention due to its TON ecosystem, becoming increasingly popular globally. Telegram recently announced the introduction of a new token called “Stars.” What makes it special?

INTRODUCTION

In recent years, Telegram has gained widespread attention and popularity globally, thanks in part to its TON ecosystem, which has made waves for its privacy features and a wide array of functionalities. 

Telegram has attracted millions of users who engage with its various bots and mini apps to buy products, access services, and play games. Capitalizing on this momentum, Telegram CEO Pavel Durov recently announced the introduction of a new internal currency, “Stars.” This new token aims to further integrate the cryptocurrency ecosystem within the Telegram app, allowing users to purchase digital goods and services directly.

Telegram Stars will be available for purchase through iOS and Android marketplaces. Users can utilize these tokens to buy digital products within various mini-apps and games on Telegram, such as the popular Notcoin and Hamster Kombat. This new token is set to streamline in-app purchases, making it easier for both developers and users to engage with digital transactions on the platform.

>>> Read More: Toncoin: Telegram’s Cryptocurrency

THE RISE OF THE TELEGRAM ECOSYSTEM IN THE BLOCKCHAIN INDUSTRY

The integration of the TON (The Open Network) blockchain, backed by Telegram, has propelled the messaging platform into a significant player within the blockchain industry. 

TON, often hailed as a dark horse in the blockchain space, has garnered substantial attention due to its unique technical architecture and robust backing. Since early 2024, TON has seen a remarkable surge in value, climbing over 350%, and now boasts a market capitalization surpassing that of Dogecoin and ADA, positioning it as the eighth-largest cryptocurrency by market cap.

>>> Read More: Cardano (ADA): Solving Blockchain Challenges

THE OPEN NETWORK (TON): A BRIEF HISTORY

TON is a Layer 1 blockchain originally initiated by Telegram. The project aimed to establish a decentralized, high-performance blockchain platform capable of supporting decentralized applications (DApps) and digital assets. 

However, in October 2019, the U.S. Securities and Exchange Commission (SEC) charged Telegram with conducting an illegal securities offering. In May 2020, Telegram’s founder, Pavel Durov, announced the cessation of the TON blockchain project and agreed to pay an $18.5 million fine to the SEC.

In 2021, the project found new life under a community of developers known as newTON. 

Then, since 2022, the development of the TON ecosystem has accelerated, fueled by public support from Pavel Durov and deeper integration with Telegram.

TECHNICAL ARCHITECTURE AND FEATURES OF TON

TON’s multi-layer structure distinguishes it from other blockchain platforms, offering high scalability and flexibility. Its architecture comprises the following primary layers:

• Masterchain: The core of TON, responsible for maintaining the network’s state and consensus. The masterchain records the information and status of all shardchains, ensuring the network’s security and integrity.
• Shardchains: Utilizing sharding technology, TON distributes transactions and data across multiple shardchains, significantly enhancing the network’s processing capacity. Each shardchain can independently handle transactions, reducing the overall network load.
• Workchains: TON supports multiple workchains, each with its own rules and characteristics. This allows various types of applications and smart contracts to operate on the same network, providing exceptional flexibility.

One of TON’s standout features is its potential for high throughput. The system is designed to handle a vast number of transactions, making it a highly efficient blockchain solution. The combination of masterchains, shardchains, and workchains creates a robust infrastructure capable of supporting all applications and services within the blockchain ecosystem.

>>> Read More: Ton , Its Potential Projects and Airdrops 2024 – What Can We Expect From This Growing Ecosystem?

FEATURES AND BENEFITS: KEY FEATURES OF “STARS”

Telegram’s introduction of the “Stars” token marks a significant advancement within the TON ecosystem. This in-app currency is designed for purchasing digital goods and services on Telegram, including e-books, online courses, and game items. A standout feature of Stars is its convertibility into Toncoin (TON), Telegram’s native cryptocurrency, which can then be traded for other cryptocurrencies such as Bitcoin (BTC) and stablecoins like USDT through the Telegram wallet.

Toncoin is central to the TON ecosystem, facilitating transactions and decentralized applications (DApps). In contrast, Stars is primarily focused on enhancing the user experience within the Telegram app by streamlining in-app purchases and reducing reliance on traditional app store payment systems, which often come with hefty commissions. This positioning makes Stars a complementary asset to Toncoin rather than a competitor.

Telegram offers a unique advantage with Stars by subsidizing advertisements purchased with these tokens. This subsidy effectively offsets the 30% commission fee typically charged by Apple and Google for in-app purchases. For developers, this means they can reinvest in promoting their apps with minimal additional costs, making it more economical to launch applications on Telegram.

Technologically, Stars benefit from the TON blockchain’s efficient transaction processing capabilities, ensuring transactions have near-zero fees and low slippage. This maximizes the value of each transaction for both users and developers.

Users enjoy reduced costs and enhanced utility with Stars, allowing them to easily buy digital goods within Telegram. The ability to use Stars for peer-to-peer transactions within the app adds another layer of convenience and versatility.

For businesses and developers, the subsidized advertising costs when using Stars mean they can promote their products more effectively and affordably. This creates a competitive marketplace within Telegram, enabling them to reach a broader audience without the high costs typically associated with advertising.

Overall, the introduction of Stars not only simplifies digital transactions on Telegram but also bridges the gap between traditional in-app purchases and the world of cryptocurrency. This innovative approach provides a more integrated and beneficial experience for Telegram’s global user base, enhancing the overall utility of the TON ecosystem.

MARKET IMPACT: TELEGRAM’S INFLUENCE ON THE CRYPTO MARKET

According to Telegram’s official statement, the new payment method is set to accelerate transactions of digital goods and services, potentially reaching over 900 million users worldwide. This strategy not only alleviates the financial pressure on developers but also makes Telegram a more attractive platform for launching new applications.

The introduction of this payment method is expected to enhance the appeal of the platform significantly. For instance, the launch of the popular blockchain game Notcoin on Telegram this year, the market value of Notcoin tokens (NOT) skyrocket to $2.5 billion, making it the largest gaming token of 2024 to date. 

These innovative measures by Telegram not only offer users more convenience and choices but also revolutionize the traditional app development model. Through effective market strategies and technological innovation, Telegram is redefining how digital goods and services are traded.

With the promotion of Stars and TON, Telegram is poised to become a new hub for cryptocurrency and digital product transactions. It is anticipated that Telegram will continue integrating more cryptocurrency features, potentially becoming a significant force in the global digital economy.

Read More:

• Top 10 Promising Projects in the TON Ecosystem

• Notcoin : A Popular Telegram Game Driving Web3 Engagement