This development comes amid Telegram CEO and co-founder Pavel Durov revealing that the Telegram Open Network (TON) blockchain technology is still in development after the company officially abandoned the project last year.
Telegram users will soon be able to make donations and pay for their subscriptions in cryptocurrency Toncoin— and channel administrators will be able to collect their income in the same cryptocurrency, said Telegram’s Open Network (TON) community, in a blog post.
“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.
This development comes amid Telegram CEO and co-founder Pavel Durov revealing that the Telegram Open Network (TON) blockchain technology is still in development after the company officially abandoned the project last year. “I am proud that the technology we have created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain space, ”Durov said in a Telegram article.
It should be noted that Telegram aimed to explore Web3 with decentralized storage last year, this project was called Telegram Open Network blockchain. However, the project was abandoned after it ran into a controversy with the United States Securities and Exchange Commission accusing Telegram of a securities law violation.
Durov noted that the project had moved from TON to Toncoin. Unlike the original TON, the new project 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 added.
Meanwhile, Meta Platforms Inc (formerly Facebook) also faced similar backlash from lawmakers and regulators, keeping its cryptocurrency Libra (now rebranded to Diem) project bound from launching since it was conceived.