Telegram was reportedly brought to the market in 2013 as a regular messaging app. It was created by Nikolai and Pavel Durov and the startup accelerated quite fast being admired for its privacy and speed.
Growth of Telegram
In 2015, Telegram reportedly introduced bots, which enabled users to automate tasks, manage groups, and navigate through complex engagements. The platform continued to move ahead, adding voice calls in 2017 and video calls in 2020. Moreover, Telegram brought channels, allowing users to broadcast messages to big audiences and share short-lived content with elaborate privacy settings. The app also developed a lucid giveaway system within channels, enabling real-world prize distribution.
In addition, the Durov brothers allegedly wanted to grow Telegram into something more than a messaging avenue. They saw a decentralized system that could revolutionize digital transactions and communications, developing the Telegram Open Network (TON) blockchain. The aim was to make an efficient blockchain that could hold millions of transactions per second while integrating smoothly with Telegram’s messaging services.
Development of the Telegram Blockchain
The TON Blockchain project formally started when Pavel Durov launched a whitepaper in 2018, showing its technological modernity. The TON Blockchain was crafted for scalability, with a multi-blockchain infrastructure and sharding mechanism. This system comprised a master chain for network management and several work chains for independent operations.
According to news sources, Telegram was looking for funds for this project with the help of an initial coin offering and it was successful in raising around $1.7 billion from 175 investors in a private sale of the Gram token. However, the project was not without its issues.
In October 2019, the U.S. Securities and Exchange Commission (SEC) was reported to have filed a complaint against Telegram, claiming that selling Gram tokens comprised an unregistered securities offering. The SEC stated that these tokens were securities and needed to be registered under U.S. securities laws.
In March 2020, a federal court gave the verdict in favor of the SEC which led to prohibiting the distribution of Gram tokens. As a result, Telegram left the project in May 2020 and got prepared to return the raised funds to investors, along with paying an $18.5 million civil penalty.
After the token was withdrawn, independent developers took on the TON project, now called The Open Network. The development is now managed by the TON Foundation, a non-profit organization based in Zug, Switzerland.
Integration and Endorsement
According to news sources, in September 2023, Telegram connected the TON Space self-custodial wallet to Telegram and brought an ad revenue-sharing system in March 2024. This system accepted payments made in Toncoin. Telegram officially labeled TON as its “official web3 infrastructure” in September 2023.
On May 27, 2024, the total reported value of the TON network was more than $300 million.
Telegram’s partnership with Trust Wallet allows its users to send and receive TON tokens. Moreover, TON also backs Tether tokens on its blockchain, increasing its functionality. The value of the TON token reportedly hiked massively, touching $7.63 on April 11, up from around $2.21 a year earlier.
On July 31, Telegram was reported to introduce an in-app browser and mini-app store, adding to its blockchain functionalities and user experience. The new browser enables access to TON sites and brings web browsing together with messaging.
Notcoin has more than 35 million users and a market cap of $1.15 billion, while Hamster Kombat has over 300 million users and is famous for the premeditated large-scale airdrop of its native token, HMSTR. Catizen, another popular mini-app, has gained 27 million active users.
Future Outlook
Telegram’s transformation from a messaging app to a leading name in the blockchain arena shows its disruptive ability and its continued work in the crypto sector, along with IPO, highlights its impactful potential. Learn more about new blockchains and tokens with TNYR.
