Crypto in Telegram

The cryptocurrency industry has been evolving rapidly, prompting numerous projects to integrate digital assets into their platforms.

This article explores which cryptocurrencies operate on the Telegram platform and how they can benefit everyday users. For more details about cryptocurrency, check out the article What is Crypto?

Telegram and crypto: creation of TON platform

In 2018, a technical paper for a new project called Telegram Open Network (TON) was published, and developed by Pavel Durov and his brother. The project's goal was to migrate the popular Telegram platform to TON, making the app more anonymous, secure, and equipped with its own reliable proxy system.

TON is highly scalable and capable of handling numerous operations per second. It was envisioned as a platform for dApps and services, which could potentially replace payment systems like Visa and MasterCard.

Telegram Open Network features self-recovery mechanisms, decentralized storage, a domain name service, and network privacy, setting it apart from other platforms.

Funding and ICO

The project required funding, so the team decided to conduct a pre-sale of tokens. The ICO took place in 2018 and was highly successful. Over two funding rounds, the project attracted numerous investors, raising approximately $1.7 billion and issuing 44% of the total token supply.

Conflict with US Securities and Exchange Commission

In 2019, the SEC (US Securities and Exchange Commission) sued Telegram, claiming that early purchasers of TON would be considered distributors of unregistered securities.

By 2020, legal proceedings concluded, and Telegram was ordered to halt the issuance of its cryptocurrency. Pavel Durov subsequently decided to sever Telegram's ties with TON.

Telegram agreed to refund $1.22 billion to investors as part of a settlement, which was classified as a "termination amount" for the purchase of TON. Additionally, the platform paid an $18.5 million fine.

After losing the court case, Telegram was forced to cease operations on the TON network. The project's original code was made publicly available on GitHub, and Telegram encouraged the community to take over its management.

Transition to community

Though the project faced setbacks, it didn’t die. In 2020, anonymous developers launched Free TON, utilizing the open-source code. Free TON had its own blockchain and was entirely independent of Telegram and Pavel Durov.

Free TON stands out for its transparency and openness. The project has its own blockchain, aligns with Web3 principles, and aims to build a decentralized governance system. It organizes votes on critical matters and distributes tokens among active users.

The TON ecosystem has a strong and cohesive community, one of the most robust in the cryptocurrency industry. This resilience has helped TON maintain its popularity and relevance despite past challenges and conflicts with US authorities.

Pavel and Nikolai Durov succeeded in assembling not only investors eager to profit but also a skilled team of economists, developers, and marketers, turning TON into what it is today.

Expansion of blockchain

After a year of active development, the blockchain expanded significantly. In 2021, TON launched a bridge with Ethereum, followed shortly by a bridge with Binance Smart Chain, two of the largest ecosystems. These integrations brought increased attention and trust from users, solidifying TON’s position in the cryptocurrency world.

Crypto in Telegram: new era

In 2021, the TON cryptocurrency was listed on popular exchanges OKX and FTX, significantly boosting its demand and visibility. This marked the beginning of widespread attention, with international media frequently covering the project’s blockchain.

In the same year, the first NFT project, TON Bulls, was launched on the blockchain, showcasing its versatility. Similar projects soon followed, including TON Diamonds, Mintosaurs, Animal Red List, and TON Punks, demonstrating the ecosystem’s ability to support not just transactions but various other applications.

As interest in the new Telegram cryptocurrency grew, its market capitalization reflected this trend. According to CoinMarketCap, by December 2021, TON’s market cap had reached $4.6 billion. Today, it stands at approximately $17 billion. Following this success, Andrey Rogozov, the former CEO of VKontakte, joined the project’s team.

TON is now actively working on deeper integration with Telegram, introducing new features. For example, users can now transfer USDT within the built-in wallet, pay for Telegram Premium subscriptions, or purchase unique usernames using the token.

TON’s technology

The TON blockchain operates on three layers, ensuring scalability and enabling users to perform fast transactions. Let’s take a closer look at these layers:

• Master blockchain contains general protocol information, such as the number of validators, active workchains, and hashes of recent blocks.
• Working blockchain is composed of independent blockchains that maintain interoperability with the master chain. They can utilize custom virtual machines and their own cryptocurrencies to pay transaction fees.
• Shard Blockchains. Subcomponents of workchains that store information only about small sets of addresses. Shards within the same blockchain contain identical blocks and operate on the same virtual machine as the workchains.

Shards are responsible for transactions tied to specific accounts, and each shard is managed by its respective workchain, while the master chain oversees all workchains.

Thanks to their interoperability, shards can exchange messages, work with smart contracts, and transfer cryptocurrencies efficiently.

Another Telegram crypto: Gram

A new cryptocurrency, Gram, has emerged within Telegram. It plays a crucial role in the blockchain ecosystem and shares some similarities with Bitcoin.

What is Gram?

Gram is a cryptocurrency launched by the Telegram team on the TON blockchain platform. Its standout feature is its speed in processing transactions. Unlike assets created on older-generation blockchains, Gram facilitates millions of transactions in seconds.

For comparison, Bitcoin can handle around 6 transactions per second. Ethereum supports approximately 15 transactions per second. Gram, in contrast, performs millions of transfers in mere seconds.

The goal is for Gram to become a cryptocurrency equivalent to systems like Visa and MasterCard.

Validators and transaction verification

In the Gram system, transactions are verified by validators, who earn a commission for their work. This mechanism makes Gram more similar to Ripple than Bitcoin, offering advantages in transaction speed.

Additionally, TON payments introduces a mode for microtransactions, where small payments are processed off-chain, meaning they are not recorded on the blockchain. This enhances the system’s efficiency for smaller transfers.

Gram represents another step forward in Telegram’s effort to merge blockchain innovation with mainstream applications, offering both speed and flexibility for everyday users and businesses alike.

How is Bitcoin similar to Gram?

• Both tokens were not issued before the official launch of their projects.
• Developers of both Bitcoin and Gram did not reserve assets for themselves before mining began.
• Neither Bitcoin nor Gram held private funding rounds that would allow large players to buy assets in bulk and manipulate their value.
• Both projects operate on blockchain platforms: Bitcoin on its own blockchain and Gram on the TON ecosystem blockchain.
• Both are designed for fast transactions, suitable for small and large payments alike.
• Users actively discuss Gram, calling it a real Bitcoin counterpart within the Telegram ecosystem.

Why Gram is better than BTC

• Instant transactions. Gram transactions are processed instantly, with a throughput exceeding 100,000 transactions per second, thanks to the TON blockchain's high scalability.
• Accessible mining. Gram mining can be performed using just one or a few GPUs, with a simple software setup available on GitHub. In contrast, Bitcoin mining requires substantial financial investment and expensive equipment.
• Wider accessibility. Gram is more accessible for average users, whereas Bitcoin mining is dominated by investors with significant resources.

Blockchain trilemma in GRAM

The GRAM blockchain allows users to monitor and update a decentralized transaction ledger without third-party interference. The blockchain trilemma refers to the widely accepted notion that decentralized networks can achieve only two of three properties—decentralization, scalability, and security—at any given time.

Components of trilemma

• Decentralization ensures that control is not concentrated among a few entities, maintaining a network free from third-party interference.
• Scalability is the ability to process large volumes of transactions efficiently.
• Security protects blockchain data from various attacks and ensures that funds are safe from double-spending.

Gram maintains full decentralization like BTC. Built on the TON blockchain, Gram does not require centralized governance, allowing users full control over their funds. Developers did not reserve any tokens for themselves, a practice aligned with Bitcoin’s approach.

The TON blockchain has undergone numerous security tests, proving its resilience against attacks and breaches.

Modernizing Telegram ecosystem

The Telegram ecosystem, often subject to bans in various countries, has been modernized and elevated by Gram.

Gram enables fast, secure, and anonymous transactions through the Telegram platform, attracting new users and boosting activity within the ecosystem.

With its high level of decentralization and instant transactions, Gram offers significant advantages over other virtual currencies. Its potential spans a wide range of applications—from microtransactions and large payments to decentralized apps requiring high throughput. Unlike BTC, Gram provides stable low fees and instant transactions regardless of network load.

Crypto wallet in Telegram

In 2022, Telegram introduced a new bot that functions as a crypto wallet.

The Telegram Wallet is custodial and supports assets like TON, USDT, and Bitcoin. Users can transfer their assets, top up their balances with bank cards or cryptocurrencies, and conduct P2P transactions for deposits and withdrawals.

Key features of Telegram wallet:

• Asset storage. A wallet securely stores and manages crypto assets directly in the Telegram app.
• Transactions. Users can quickly and securely transfer assets to others by simply knowing the recipient’s wallet address.
• In-app exchange. A wallet converts assets within the app without needing external exchanges.
• Transaction history. Users view detailed records of deposits and withdrawals.
• Market analysis with crypto bots. Users analyze market trends and trade using technical indicators directly within Telegram.

The wallet can also be used for online purchases, allowing for convenient and fast payments.

With these features, the Telegram Wallet is an accessible and versatile tool for cryptocurrency users, blending convenience with advanced functionality.

Pros and cons of Telegram wallet

The Telegram wallet is recognized as a convenient tool for managing cryptocurrency. Let’s take a closer look at its advantages and disadvantages.

Pros:

• Integration with the Telegram messenger;
• Fast TON token transfers between users with 0% commission;
• P2P platform supports a wide variety of currencies;
• User-friendly interface that is easy to navigate;
• Instant swap services within the wallet;
• No identity verification is required;
• The Wallet Pay service is available for merchants;
• Suitable for small financial transactions;
• No minimum deposit or withdrawal limits;
• Additional wallet option through TON Space.

Cons:

• Private keys are stored with a third party, except for TON space.
• A limited number of supported cryptocurrencies.

Additionally, some nuances exist with transactions. Transfers between users are often delayed as they undergo verification. For faster processing, contacting support may be necessary.

How to set up Telegram wallet

To start using the Wallet bot in Telegram, follow these steps:

1. Register and create a Telegram account. This is the first step to begin using the crypto wallet.
2. Set up the wallet. Choose your preferred cryptocurrency for viewing your balance.
3. Select your interface language and configure other settings.
4. Enable TON Space for seamless interaction with The Open Network blockchain.
5. Deposit funds. You can top up your wallet via VISA/MasterCard, external crypto wallets, or P2P transactions.
6. Enable two-factor authentication (2FA). This will enhance security and reduce the risk of theft.
7. Verify your information. Double-check the entered details and confirm to start using your crypto wallet.

Telegram bots: features and opportunities

Cryptocurrency integration in Telegram is a notable feature, but the platform also offers another valuable tool—Telegram bots.

A Telegram bot is an add-on within the messenger that can automate various tasks and be customized to provide utility for its owner. For example, bots can help public channel owners attract subscribers and monetize their channels.

However, creating a bot requires programming skills, making it challenging for average users without technical expertise.

Core features of Telegram bots:

• Automating tasks;
• Managing balances in electronic wallets;
• Streamlining business operations in group chats;
• Tracking currency exchange rates;
• Mining or earning cryptocurrency;

The functionality of a bot depends entirely on how it’s programmed by the developer.

Types of tasks in Telegram bots

Telegram bots offer various tasks, categorized as follows:

• Subscriptions:
  Users subscribe to specific channels, often automatically, and earn money for completing the task.
• Views:
  Bots view specific news or channels on behalf of users and may even participate in related activities.
• Games:
  This involves playing games and leveling up accounts. The key is to not just play but also achieve milestones and improve characters.
• Cryptocurrency:
  Bots can mine cryptocurrency by running in the background. Most bots have a minimum withdrawal amount, and users can only cash out once this threshold is met.

Pros and cons of earning through Telegram bots

Pros:

• Simple tasks. No special knowledge or skills are required.
• Flexible financial management. Funds can be withdrawn quickly and easily, often with low thresholds.
• Easy deposits and withdrawals. Bots support many electronic payment systems.

Cons:

• Low earnings. Even for challenging tasks, rewards tend to be minimal.
• Limited tasks. Each channel offers only a handful of tasks, making significant earnings difficult.
• Time-consuming. Earning this way requires significant time investment, and repetitive tasks can quickly become monotonous.

While average users may find it difficult to earn substantial income, bot owners can potentially generate significant profits. However, they must invest time and resources to develop and grow their bots.

Applications of Telegram bots in business

Telegram bots are frequently used in various business areas:

• Infobusiness
  Bots help companies present themselves effectively and provide clients with essential information.
• Event management
  Bots can fill out registration forms, segment audiences by location, send newsletters, and distribute webinar recordings.
• Expert content
  Experts use bots to manage their channels, providing information and analytics.
• Sales
  Bots can describe products in detail, share company information, assign tags to clients, and integrate them into sales funnels.
• Customer support
  Bots handle FAQs, process messages, and prioritize tasks by complexity.
• Healthcare
  Bots provide detailed information about doctors, book appointments, or cancel reservations.
• Hospitality
  Bots assist with table reservations, menu exploration, and notifying users about promotions and special offers.

Properly configured, Telegram bots can become indispensable tools across many industries.

Conclusion

This article explored cryptocurrency in Telegram, how regular users can interact with it, and ways to earn through bots.

Each year, more people trust cryptocurrencies and invest in them. However, it’s essential to remain aware of potential risks. Always invest cautiously and wisely.