Telegram has launched a new feature known as Telegram Stars which aims at improving the payment methods within the platform especially for developers of applications.
This development is meant to simplify the monetization process for creators and developers who are on the platform.
Pavel Durov, the chief executive officer of Telegram revealed that they are launching Telegram Stars. This payment system allows for the acquisition of digital products and services within the app on both the iOS and Android platforms. The system uses an in-app currency called “Stars” which can be traded for TON, the native token of The Open Work Network on Fragment exchange.
This feature aligns with Apple and Google’s digital product sale policies, ensuring compliance while offering developers an alternative revenue model.
Developers who earn Stars can use them to advertise their apps within the Telegram environment. Durov pointed to one more important advantage of this system, saying,
“Apple and Google take a 30% cut when users buy Stars from them, but Telegram will compensate the ads purchased with Telegram Stars. So, if developers spend Stars on promoting their app, the total commission will be close to zero.”
Thus, owing to the subsidy, it is more profitable to launch apps in Telegram than on such platforms as Apple or Google.
The launch of Telegram Stars is part of Telegram’s broader strategy to attract and retain developers by providing them with tools to monetize their applications effectively. By reducing the effective commission rate to nearly zero through subsidies, Telegram is positioning itself as a competitive app development and deployment platform.
The introduction of Telegram Stars also reflects Telegram’s commitment to integrating blockchain technology into its services. While the company had its fair share of problems in the cryptocurrency sphere, including the abolition of its Telegram token named as Gram due to legal issues, the company has not stopped its involvement in the sphere of blockchain.
The TON, which became a part of the Telegram Stars ecosystem, is not only utilized for transactions but also for withdrawals, indicating the real-world use of Telegram’s blockchain.
At the same time, Sphere Labs has released a new extension that changes the way users can deal with money in the app. This extension makes it easy to transfer money between bank accounts and e-wallets, thus improving the ease of use by incorporating banking functions. It features fast and efficient transactions and only requires a very low fee of 0. 1% per transaction, and is predicted to play a critical role in the financial part of Telegram.
This partnership is to bring easy and convenient financial transactions to the many users of Telegram especially those in the non-sanctioned countries with USD or EUR bank accounts.
Meanwhile, amid these developments, the TON price experienced a bullish recovery after a 24-hour bearish trend that dipped the price to support $7.13. At press time, TON was trading at $7.43, a 0.44% surge accompanied by a 1.08% surge in market capitalization to $18,041,206,119.
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