Independent TON Developers Create Fully-Fledged Crypto Wallet Inside Telegram

The TON Foundation has issued an update on the most recent upgrades to the wallet bot, which enables individuals to purchase, store, and transmit cryptocurrency directly from person to person via Telegram chats.

Toncoin was the first cryptocurrency to allow direct person-to-person settlements via Telegram chats, which launched in April this year. The Independent developers of TON describe @Wallet as “a small revolution” in the convenience and speed with which new users can become acquainted with Toncoin and other cryptocurrencies. During the last quarter, more than 1 million wallet addresses have been generated, and the wallet bot has achieved a revenue of $5 million in operation.

This news uprise when Toncoin, TON foundation`s native coin is at its simplest to use form, with the only requirement to send it being the Telegram nickname of the recipient. 

“It is hoped that this simplification of the cryptocurrency transaction process will enable greater adoption worldwide and help to embed blockchain payment solutions into people’s daily lives,” a TON Foundation spokesperson earlier mentioned in a press release.

As before, no transaction fee is charged when sending or receiving Toncoin. Users may only send Toncoin (TON) through the app, but they can also purchase bitcoin (BTC) using the “@wallet” bot.

You can now send #Toncoin directly within Telegram chats!

It’s a new way to send Toncoin without transaction fees to any Telegram user. With this service, you’ll no longer need to enter long wallet addresses and wait for confirmations.

Watch the video and test the new feature! pic.twitter.com/EtXSMFtJj6

— TON (@ton_blockchain) April 26, 2022

The TON crypto blockchain was originally designed by Telegram, but in October 2019 the company had to stop development and return investment funds after being sued by the US Securities and Exchange Commission.

In 2021, a team of blockchain developers and open-source enthusiasts decided to relaunch the TON project. They are commonly known by their pseudonym, NewTON. This is an implication that the project is based on the original code but with some notable improvements.

@wallet has updated its interface to include a sleek new design that makes use of Telegram’s open WebApps platform. This allows for users to have a seamless experience from within the app that looks and feels native. On top of the new payment saving function, this means that Toncoin purchases on Telegram may be completed significantly more quickly and simply. The integration of Sum&Substance’s technology allows for the necessary KYC procedures to be completed straight within the Telegram app through the inclusion of @wallet.

Andrew Rogozov, Founding Member of the TON Foundation commented:

“We are pleased that TON ecosystem products are rapidly evolving and entering the lives of blockchain veterans and novices alike. The widescale adoption of TON by users, regardless of their experience, is one of our key goals. This update is just one example of the project’s tangible success. Thanks to @wallet, it is now easier to buy and send cryptocurrencies within the Telegram app and get acquainted with the world of blockchain payments.”

How To Send Payments Using It?

To send money to their friends and relatives, users must first top up their TON crypto balance with a bank debit or credit card, P2P transfer, or cryptocurrency exchange purchase. Users can then communicate by sending payments to their pals and family by clicking the attachment icon and then selecting the wallet symbol (follow the instructions above to add the wallet to the attachment menu).

Users will be presented with the real-time conversion rate of TON to US dollars at the moment they make a purchase so that they can figure out how much money they will send.

In conclusion, the foundation anticipates that the functionality extends into user-to-firm payments so that individuals can easily acquire goods and services by only sending Toncoin via bots in the Telegram app.