Toncoin (COIN: $TON) is a layer-1 decentralized blockchain created by the social media and messaging platform Telegram. However, Telegram abandoned the project after regulatory pressure, and it was taken over by the TON Foundation, which baptized it the Telegram Open Network. Currently, Telegram has around 1.562 billion users worldwide.
At the Token249 conference held in Dubai, UAE, the founder, Durov, explained how an average telegram user can leverage Toncoin ($TON). Starting from April 19, the inauguration of the initial TON payments on the platform began. Additionally, users can tip administrators in TON beginning next week, with content creators receiving a share of the earnings.
What’s More in this Mega Update?
During the conference, Telegram founder, Pavel Durov, confronted the audience with TON’s future in the cryptocurrency industry. With this update, trading NFTs using Toncoin will be possible on the platform. The artists who have created these NFTs will receive 95% of the proceeds from this.
He said in the conference, “Imagine if someone owned this sticker as an NFT when it came out a few years ago. I think the price increases with the challenge. What we’ve experienced with again, stickers are very, very popular.”
Furthermore, the telegram users can also log in using their cryptocurrency wallet. Registering ownership rights to an account’s name will soon become possible, enabling users to sell it if desired. The bonus of this upgrade is that the users do not have to learn technical or coding knowledge to benefit from the new function.
Durov added, “For the first time in social media history, you can directly own your username, sell it, put it up for auction, buy multiple usernames, and attach them to your account.”
TON is also one of the blockchain networks where Tether USDT, the largest stablecoin by market cap, operates.
TON Foundation Earmarks 11M Toncoin for USDT Users
Ton Foundation announced through X that they are making fast and free cross-border payments and mentioned that USDT is now available on their network.
“@Tether_to’s USDt now available on #TON!
Making cross-border payments INSTANT, FREE, and as EASY as sending a text message for @telegram ‘s 900M users. TON Foundation offers 11M $TON in incentives.”
They have also allocated 11M Toncoin ($TON) for the early USDT users. The campaign seeks to promote the use of the stablecoin on the internet.
The announcement mentioned, “USDt on TON will be accompanied by fully integrated on-ramps from most fiat currencies globally at launch. Soon, integrated global off-ramps will enable users to withdraw supported fiat currencies directly to bank accounts or cards.”
Users on Telegram can buy USDT or any other cryptocurrency asset on the blockchain and transfer it to the TON network without paying a commission.
$TON Price Performance
At the time of writing, $TON is trading at $6.21, falling 11.91% in the past 24 hours. It is the 9th largest cryptocurrency, with a current market of $21 billion and a 24-hour trading volume of $700 million.
Should You Invest in Toncoin?
TON is a great project. The project is in the early stages and has reached the top 10 cryptocurrencies by market cap. That proves investors are looking to invest in this project. The project is also making significant moves by working on upgrades and collaborating with other projects to make the platform fast, efficient, and reliable. Therefore, $TON would be a good addition to your crypto portfolio.
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