Telegram Open Network (TON) community, in a blog post, stated that Telegram users will soon be able to make donations and pay for their subscriptions in cryptocurrency. This cryptocurrency will be known as Toncoin. All channel administrators will be able to collect their income in the same cryptocurrency. Also Read - Telegram faces outage, stops working for many; back now
The development comes just after Telegram CEO and co-founder Parel Durov announced that the TON blockchain technology is still under development, after the company had officially abandoned the project in 2020. Also Read - After Bulli Bai arrest, govt blocks Telegram channel circulating obscene photos on Hindu women
“TON Community is proud to announce that the TON blockchain and Donate, a Telegram-verified payments service, have become official partners,” the blockchain protocol said on its official Telegram handle. Also Read - Telegram users beware of new threat that can hack your devices
Durov has stated that TON is years ahead of everything else in the blockchain space when it comes to scalability and speed.
The TON blockchain is basically Telegram’s effort to explore Web3 with decentralised storage. Back in 2020, the company had officially announced to have abandoned the project amid a controversy the company ran into with the United States Securities and Exchange Commission. Back then the company was being accused of violating a securities law.
It has been made clear that the project since had moved from TON to Toncoin, which is independent of Telegram.
“When Telegram said goodbye to TON last year, I expressed the hope that future generations of developers would one day carry on with our vision of a mass-market blockchain platform…So I was inspired to see the champions of Telegram’s coding contests continue developing the open TON project, which they rebranded to Toncoin…I’m proud that the technology we created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain realm. It would have been a shame to see this project not benefiting humanity,” Durov stated in a post.
At the time, Meta Inc (formerly Facebook) also faced similar backlash and spun off its cryptocurrency Libra (now Diem).