Telegram partners TON web3 blockchain with in-app wallet. (@fokusnow)

Introduction

Telegram is one of the most popular messaging app boasting over 800 million users worldwide. Recently, it partnered with The Open Network (TON) blockchain to make Web3 blockchain services available to millions of Telegram users. This update was featured in a recent CoindDesk news article and I decided to explore this previously unknown project TON.

The TON blockchain is built around the core principles of web3 - decentralizations, censorship-resistant and reward-based infrastructure. Built on the TON blockchain are numerous Apps and service that brings decentralized finance to the core.

The Ton blockchain is designed to also enable interoperability among blockchains. That ensures the smooth transaction of digital assets across different blockchains. Users can basically do transactions between TON blockchain and the Ethereum blockchain.

The TON Ecosystem

The TON ecosystem is really large, and not just about the blockchain. There are other important elements which includes the TON sites. The TON sides is a domain name and hosting service that gives back data ownership and control to website owners and admin. So instead of registering a domain or hosting websites with Web3 platforms, users can have their own decentralized web sever with TON sites This gurantees full data ownership, security and encryption.

The TON blockchain is another component of the ecosystem which provides a framework for all other services. Among its many features, the blockchain tries to overcome scalability issues by supporting the processing of large amounts of transactions on record time. It also hopes to bridge multiple blockchains starting from the TON-Ethereum pair.

Another important and perhaps very prominent part of the ecosystem is the TON web3 wallet. This wallet which easily integrats with and can be operated from Telegram delivers all the benefits of decentralized finance to Telegram app users. That includes a decentralized P2P market, Token purchase with fiat, token swapping, trading and other features.

Finally, the Toncoin is another part of the ecosystem. The cryptocurrency is native to the Ton blockchain and is used to fuel all economic activity on the platform. This includes for transaction fees, participation in community governance, mining fees and rewards, payment for the proxy, receiving payments by merchants on Telegram, etc. The use of the token is varied and many.

Exploring Ton wallet and defi features

As a web3 enthusiast, I was drawn to this project because of its promise of upholding all principles decentralization. The idea of enabling web3 on a web2 messaging app sounds like a great idea to push mass adoption of blockchain technology.

I was able to quickly set up the wallet in a matter of minutes since I already have Telegram app. So here is a quick guide on how to do it:

Setting up the wallet in telegram

Step 1: Visit the wallet app URL: https://t.me/wallet
Step 2: If you have Telegram mobile app, then select it as the option to open the link. The wallet bot will then chat you up. check image below:

Step 3: Click Open Wallet and then click Add to menu. Check Image below

Step 4: From the new window, click **Get started and that is all. Your new wallet is ready to start functioning right there from your Telegram app. Check Image below.

What can you do from the wallet app

I quickly explored the wallet Dapp from telegram to see what is possible and I think the features are cool. Below are some of the features.

Send/Receive crypto: Users can send and receive crypto from the app. I noticed though that for the meantime, 3 cryptos are allowed in the app - Toncoin, BTC and USDT.

Swap crypto: Users can convert one coin for another. For now, the 3 coins listed there are available for swapping - that is Toncoin, Dollars, Bitcoin. I was able to deposit some USDT and then swap it for Toncoin.

As you can see below, I swapped 14 USDT for Toncoin. At an exchange rate of 1 TON to 1.911709132 USDT, the 14 USDT I sent was equal to 7.3 TON.

P2P market: There is a decentralized P2P market which is found under the Sell page. Here, users can create sell orders and expect buyers to fill the order. Everything happens in a decentralized environment. I am yet to try the market though. Check the screenshot below.

Conclusion

Every telegram user should check out this very project. If you see stuffs on telegram and wishes to receive crypto payments, the TON wallet app is something you want to look into. While it is launched on a web2 messaging app, it has all the features of a web3 project and is a valuable contribution to web3.

You may want to do you own research on this project before getting involved. This article is for information purposes and not financial advice. Check out the project official channels below for more information.

Note: Unless otherwise indicated, all images are screenshots from my Telegram app for illustration purposes.

Posted Using LeoFinance Alpha