Telegram, cryptocurrencies via message: how does Toncoin work?

The messaging app Telegram got us used to continue Announcements. But this time around, the upcoming new features are particularly significant. On one side, Telegram has decided to integrate the possibility of trade cryptocurrencies Toncoin without users having to pay any fees. On the other, the messaging app is preparing one Premium version with some interesting customizations. A double hit that could radically change the platform and the way we use it.

Telegram introduces the Toncoin cryptocurrency exchange and thinks about the Premium version

In 2018 Telegram had tried to launch a network for the free and free exchange of virtual currencies called Telegram Open Network. An idea developed by the founder of Telegram Pavel Durov and his brother Nikolai. But in 2020 it had to close the network under pressure from the American SEC, the authority for the stock exchange. The following year, he had had to give up on launching and listing cryptocurrencies Gramthat it did not reach the promised $ 1.7 billion for the Initial Coin Offering (ICO).

But despite the failure, a group of developers continued to work on the TON project, renaming it The Open Project and also changing the name of the currency, from Gram to Toncoin. Durov expressed his blessing for the project, telling himself “Proud that the technology we have created is still alive and evolving“. Especially because, according to the founder, “TON is still years ahead of anything else in the blockchain realm.

toncoin telegram cryptocurrencies how it works min

How the cryptocurrency exchange on Telegram works

To make the crypto exchange on Telegram work, users must add the Telegram Wallet bot (found here). This should enable you to buy cryptocurrencies via credit or debit cardexchange and transfer currencies to other wallets “.

The whole without “No exchange fees for all users of Telegram “. The team that worked on the project on Twitter explains with a video how simple it is to start transactions, “Without the need to enter long wallet addresses and wait for confirmations”.

The operation, once you have added the bot and purchased the Toncoins, seems really simple. Among the various options that are opened by clicking the icon for file transfer in each chat you can choose “Wallet“. Here you have to enter how many TONs to send. A system of very simple paymentif you are willing to use cryptocurrencies.

The app also works on a Premium version


This function does not include any type of commission. This choice probably safeguards the company from a legal point of view and allows di incentivize direct payments within the app messaging. But Durov had promised there would be ways to monetize the app’s success and he seems ready to keep his word.

In fact, one may soon arrive Premium version of Telegram. But as we explain in the article below, it seems that the extra features will at least initially be mostly customizations.

Indeed Telegram should add new extra stickers for those who use the paid version of the app and also of the exclusive reactions. It also appears that non-subscribers who will receive the extra stickers will also receive an invitation to subscribe.

For the moment it therefore seems that Telegram wants to continue offering all its services to everyoneeven those who do not subscribe: cryptocurrencies included. But it is not to be excluded that in the future some of the new upcoming functions will become exclusive of Premium users. Furthermore, one detail of no small importance remains unknown: how much will the Telegram subscription cost? For the moment there are no clues. But we will keep you updated.

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About David Martin

David Martin is the lead editor for Spark Chronicles. David has been working as a freelance journalist.

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