Pavel Durov, the founder of The Open Network, has made a bold commitment to blockchain technology for messaging app Telegram. In a speech delivered at the Token2049 conference in Dubai, Durov expressed his enthusiasm for blockchain’s ability to uphold freedom and privacy. He outlined ambitious plans to expand the functionality of The Open Network (TON) and introduce tokenization, revenue sharing, and integration with Tether’s stablecoin.
Durov emphasized that Telegram aims to empower its users by providing them with the tools, apps, and opportunities to build their own businesses within the platform. In contrast to other messaging and social media platforms that sell user data to advertisers, Telegram is taking a different approach. The company recently announced its Ad Network, which will share revenue with content creators on the platform. Durov described this revenue-sharing model as one of the most generous in the history of social media. He revealed that 50% of the ad revenue generated on Telegram, including from broadcast channels, will be distributed to channel owners and content creators using TON’s network. Durov believes that the blockchain-based advertising market has the potential to be worth billions of dollars, and users will be rewarded with a fair share of the revenue.
By utilizing blockchain technology, Telegram also aims to overcome the limitations imposed by Apple and Google on in-app purchases. Although these restrictions exist, Telegram has already integrated 40 payment providers, including Stripe, to enable app developers and merchants to sell physical goods and services.
Durov further announced plans to tokenize stickers and emojis on Telegram using the TON blockchain. He shared that Telegram has already experimented with tokenization, making it the first social media platform to tokenize its user namespace. This in-platform market has generated $350 million in sales, and Durov revealed that tokenizing other elements of the platform is in the pipeline. TON’s scalable network, capable of processing tens to hundreds of millions of transactions, is essential for Telegram’s future growth and expansion.
Following Durov’s speech, stablecoin operator Tether unveiled the launch of its USDT token on the TON network. Additionally, Tether introduced Tether Gold (XAUT), a stablecoin pegged to gold, on TON.
While TON was initially developed by Telegram, the company abandoned its efforts due to a legal battle with the United States Securities and Exchange Commission in May 2020. Subsequently, a group of open-source developers took over the project, leading to the establishment of the TON Foundation in May 2021.
In conclusion, Pavel Durov’s commitment to blockchain technology and the ambitious plans for Telegram’s future on The Open Network demonstrate the company’s dedication to promoting freedom, privacy, and user empowerment.