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- Telegram’s associated cryptocurrency, TON, saw a rise in value following a recent announcement.
- Telegram introduced a new payment system for digital goods and services.
- Telegram CEO Pavel Durov highlighted the economic advantages of the new system.
Telegram unveils a revolutionary payment system, propelling the TON cryptocurrency’s value.
Telegram Introduces Telegram Stars Payment System
Messaging giant Telegram has launched a new payment system named ‘Telegram Stars’, targeting iOS and Android users for seamless digital transactions within the app. This new system aims to facilitate the purchase and exchange of digital goods and services, significantly enhancing user experience and engagement.
Designed for Mobile Usability
Telegram Stars allows users to make purchases directly through their mobile devices, leveraging the security and convenience of the Telegram app. Developers can convert collected ‘stars’ into TON, the native cryptocurrency of The Open Network, using the Fragment exchange. This integration ensures that transactions are swift, secure, and compatible with the digital purchase policies of both Apple and Google.
Economic Benefits and Developer Incentives
Pavel Durov, CEO of Telegram, emphasized the economic efficiency of the new system. Unlike the typical 30% commission charged by Apple and Google on in-app purchases, Telegram Stars offers significant cost savings. Durov pointed out that investments made in advertising using ‘stars’ would attract near-zero commissions, making it a financially prudent choice for developers. This approach encourages developers to promote their applications within Telegram, presenting a cost-effective alternative to traditional mobile app markets.
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Impact on TON Cryptocurrency
The launch of Telegram Stars has positively impacted the value of TON cryptocurrency. According to TradingView data, TON experienced a substantial weekly gain, nearing 20%, before undergoing a slight correction. This surge is attributed to heightened market interest and increased utility of TON within the Telegram ecosystem.
Expanding User Base
One of Telegram’s most popular gaming applications, Notcoin (NOT), has demonstrated the platform’s potential by attracting nearly 35 million users within just a few months. This rapid growth showcases Telegram’s ability to drive user engagement and adoption, reinforcing the viability of the Telegram Stars system as a catalyst for further expansion.
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Conclusion
In summary, Telegram’s introduction of the Telegram Stars payment system marks a pivotal development in the integration of cryptocurrency within digital platforms. By offering a cost-effective, user-friendly solution for in-app transactions, Telegram not only enhances its service offering but also bolsters the value and utility of TON cryptocurrency. As the ecosystem continues to evolve, stakeholders can anticipate further innovations and growth within the Telegram and TON landscapes.
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