Telegram Unveils Telegram Stars: A Cryptocurrency Solution to Bypass App Store Restrictions
In Brief
Telegram Stars, an internal cryptocurrency, will be launched on June 12th, aiming to improve user experience by overcoming limitations from the App Store and Google Play.
Telegram is launching Telegram Stars, a new internal cryptocurrency, on June 12th. This development represents a major step toward a more cohesive and exciting user experience inside the Telegram ecosystem.
This decision was motivated by a desire to overcome the limitations placed by the App Store and Google Play, which had previously stopped users from connecting directly with Telegram and breaking the rules of both stores. Telegram hopes to address this long-standing problem through the implementation of an internal purchasing system. This will allow a smooth and legal experience for Telegram’s large user base.
The Allure of Telegram Stars
For use in transactions involving digital products and services inside Telegram bots and mini-programs, Telegram Stars will function as a digital currency. Through Apple and Google’s individual payment systems, users will be able to easily acquire Stars.
The fact that Telegram Stars is integrated with Toncoin (TON), the native cryptocurrency of The Open Network (TON) blockchain, is one of its main benefits. The ability to convert earned Stars into TON will let developers inside the Telegram ecosystem have more control over how they manage and use their revenue.
What Is Toncoin and $TON?
A blockchain network called Toncoin was developed by Telegram in 2018 and has the ability to rival Ethereum. For stakes, governance, and transactions, the token $TON is utilized. On the Toncoin blockchain and all other blockchains, it is the sole token that is accepted for the majority of transactions. To conduct transactions, handle data storage, and gain access to a proxy, users must pay $TON.
Any owner of $TON, Toncoin’s governance token, is able to cast a vote on ideas for the network’s future. Almost 20% of the Toncoin supply was frozen for four years following the first vote, which was held in February 2023. The network employs a proof-of-stake validation process like Ethereum and other large networks, which allows investors to stake their $TON tokens to validate transactions. Staking may be done directly on the network or via cryptocurrency exchanges, with the benefit of earning more tokens for investors.
Toncoin’s Rising Momentum
The introduction of Telegram Stars has already caused tremors in the cryptocurrency space, with Toncoin’s trajectory being the most affected. The market’s response to Telegram’s entry into the world of virtual currencies was reflected in Toncoin’s substantial price increase as word of this event spread.
Photo: TON price, CoinMarketCap
Toncoin’s performance is being keenly watched by both fans and investors, as they are aware of the possible ramifications of Telegram’s move to integrate cryptocurrencies into its network. By integrating Toncoin with Telegram’s enormous user base, there’s a chance that the cryptocurrency will be widely adopted and continue to expand.
Telegram Developers’ Perspectives
Not unexpectedly, developers in the Telegram ecosystem have responded to the news of Telegram Stars in a variety of ways. While many people are enthusiastic about the possibility of this new money, some people are worried that it would violate App Store standards.
Specifically, the App Store has alerted developers to warnings alleging that certain criteria 4.7 and 3.1.1—which deal with receiving money and services from customers without using Apple’s internal purchase mechanism—have been violated.
Telegram has reassured customers in spite of these worries by stating that they would be able to buy Stars through Google Play and the App Store, albeit at the possibility of a 30% service charge. In contrast, developers will be able to easily take their profits in the form of tokens (TON), which offers a more affordable option than traditional payment methods.
According to an official message from Telegram to developers, which Karim Iskakov shared on his channel, Telegram will publish the full updated API documentation within the next few days. Developers are advised to prepare their bots and mini-apps for the upcoming changes. To accept payments for digital goods and services, they will need to use the sendInvoice or createInvoiceLink methods with the currency field set to “XTR” and the provider_token field left empty.
Challenges and Opportunities for the Telegram Stars
Like any major change to the digital world, Telegram Stars’ launch is not without its difficulties. It is impossible to ignore the possibility of regulatory monitoring and compliance problems since the incorporation of cryptocurrencies into mainstream platforms frequently draws increased attention from authorities.
However, Telegram is open to innovations with its large user base and strategic approach. It presents itself as a possible innovator in closing the communication gap between conventional messaging services and the crypto sector.
In addition, the incorporation of Toncoin into the Telegram ecosystem has the potential to promote a strong and independent economy that will benefit developers and content producers. Telegram’s dedication to fostering a dynamic and interactive ecosystem is demonstrated by projects like the Open League campaign, which intends to provide millions of TON tokens to community members.
The Path to Mass Adoption of Crypto in Telegram
The smooth integration of these technologies into the Telegram user experience is one of the main elements that might drive the success of Telegram Stars and Toncoin. Telegram has the ability to educate a large audience about cryptocurrencies, many of whom might not be aware of the nuances of the crypto world.
The simplicity with which Telegram Stars may be acquired and used inside the well-known messaging program may considerably reduce the barrier to entry for general consumers, leading to a global uptake and comprehension of cryptocurrencies.
Additionally, Telegram’s suggested revenue-sharing scheme, which gives channel owners 50% of the advertising revenue from public channels, provides strong motivation for content producers to support and encourage the usage of Toncoin and Telegram Stars. Increased participation, the production of new content, and eventually a flourishing ecosystem inside the platform might be the results of this positive cycle.
As the launch date of June 12th approaches, the cryptocurrency community and Telegram users alike will be watching with keen interest, eager to witness the impact of this development on the broader ecosystem. Whether Telegram Stars and Toncoin will catalyze mass adoption and unleash a new era of seamless, secure, and decentralized transactions remains to be seen, but one thing is certain: Telegram has boldly stepped into the future, and the ripples of this move are bound to be felt far and wide.
Disclaimer
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About The Author
Viktoriia is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Viktoriia is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
