•The Open Network community developed a Telegram bot for trading and transferring cryptocurrency, which has recently been updated to include a fully functioning wallet.
• The update allows users to buy, sell, and trade cryptocurrencies without leaving the Telegram app.
• The wallet bot was created by an independent team of TON developers in order to simplify crypto transactions for Telegram users.
• The other party may carry out the transactions in complete anonymity; nevertheless, users must provide the bot with their cell phone numbers before participating in any cryptocurrency-related activities made accessible by the application.
• Currently, the app can only be used to purchase Toncoin (TON) and Bitcoin; however, the TON Foundation plans to expand
Telegram offers a TON of news
Good news for Telegram users and cryptocurrency enthusiasts, The popular messaging app recently announced that it would be adding a built-in cryptocurrency wallet to its platform. The update allows users to buy, sell, and trade cryptocurrencies without leaving the Telegram app. This is a big deal because it makes it easier for people to get involved in the crypto market. In the past, buying and selling crypto has been difficult for many people because they don’t know where to start. With Telegram’s new update, all they need is a Telegram account and they can start trading. This will help to expand the crypto market and could lead to more mainstream adoption in the future.
The Telegram bot for trading and transferring cryptocurrency has been updated to include a fully functioning wallet, which means users can now buy, sell, and trade cryptocurrencies without ever leaving the Telegram app. This update was created by an independent team of The Open Network (TON) developers in order to simplify crypto transactions for Telegram users.
The bot is connected to several popular exchanges, and users can set up price alerts and view charts for their selected currency. In addition, the bot features a secure wallet for storing cryptocurrency. The wallet uses multiple layers of security, including two-factor authentication and encrypted private keys. Recently, the bot was updated to include a new user interface and support for multiple languages. The updated bot is available now on the App Store and Google Play. TON is intended to be utilized by millions of users worldwide with a goal to make blockchain easier to understand and use.
Not an easy road
On June 11, 2020, Telegram and the SEC reached a deal in which Telegram agreed to reimburse $1.22 billion as a termination fee in GRAM purchase agreements and pay an $18.5 million penalty to the SEC. Telegram also agreed to provide the SEC prior notice if the company planned to sell any digital assets during the next three years. This agreement was made after the SEC filed an emergency action and restraining order against Telegram in October 2019, alleging that the company’s unregistered sale of digital asset securities called “Grams” violated federal securities laws.
Shortly after this agreement was made, Free TON was launched as an independent venture to continue the development of the Telegram Open Network (TON), using the freely available source code. The community later grew to over 30,000 members by January 2021, and the Telegram team later transferred the ton.org domain and GitHub repository to the TON Foundation by August 4, 2021. The TON foundation has assumed responsibility for the Telegram token’s underlying cryptocurrency (TON). Before this, users of the apps collaborated on a fundraising effort for the cause. As a result, they contributed more than $1 billion to the growth of the TON ecosystem, which was made possible by their donations. Consequently, thanks to the efforts of both Telegram and Free TON, the TON network is now up-and-running despite facing some challenges along the way.
How the Bot Works
The other party may carry out the transactions in complete anonymity; nevertheless, users must provide the bot with their cell phone numbers before participating in any cryptocurrency-related activities made accessible by the application. Currently, the app can only be used to purchase Toncoin (TON) and Bitcoin; however, the TON Foundation plans to expand its offerings in the future.
Users will be able to use their fiat ways of payment to make purchases on the TON wallet. Transactions will be handled by an exchange service that facilitates the transactions and functions as a guarantee thus resolving any conflicts between the parties of the transaction. The transactions are anonymous as stated before but users must still input their phone numbers for verification and security purposes.
No Fees will be charged during transactions but sellers will be charged 0.9% of the selling price for each transaction that is completed. Transferring coins between users is done via the person’s telegram address not the token address.
A silver lining …maybe
The bear market has been tough on everyone, but especially on crypto investors. So many people put their life savings into Bitcoin and other digital assets, only to watch the prices plummet. Some have given up on crypto altogether, but for those who believe in the future of blockchain technology, Telegram’s new update is probably a new ray of hope.