The TON Foundation has issued an update on the most recent upgrades to the wallet bot. With this upgrade, individuals are able to purchase, store, and transmit cryptocurrency directly from person to person via Telegram chats.
Toncoin’s developers label their cryptocurrency @Wallet as a “small revolution” due to the Telegram chat convenience and quickness it provides new users in contrast to other cryptocurrencies. Since launching this year in April, over 1 million wallet addresses have been generated, equating to $5 million bot revenue in only a few months.
This Telegram-based native coin is simple to use–all you need is the recipient’s nickname.
The TON Foundation spokesperson previously stated in a press release that it is hoped the streamlining of cryptocurrency transactions will help with wider adoption and assimilation of blockchain payment solutions into people’s everyday lives.
There is still no transaction fee when sending or receiving Toncoin. The only way to send Toncoin (TON), however, is through the app. Although, users can buy bitcoin (BTC) using the “@wallet” bot .
You can now send #Toncoin directly within Telegram chats!
It’s a new way to send Toncoin without transaction fees to any Telegram user. With this service, you’ll no longer need to enter long wallet addresses and wait for confirmations.
Watch the video and test the new feature! pic.twitter.com/EtXSMFtJj6
— TON (@ton_blockchain) April 26, 2022
Development for the TON crypto blockchain had to stop and investment funds be returned in mid-October 2019 after Telegram was sued by the SEC.
In 2021, a team of blockchain developers and open-source enthusiasts pseudonymously known as NewTON decided to relaunch the TON project. Their name is an implication that the project is based on the original code but with some notable improvements.
@wallet has updated its interface design to take advantage of Telegram’s open WebApps platform for a sleek, uninterrupted experience. The new payment function saves time by users no longer having to leave the app, meaning Toncoin purchases on Telegram may be completed quickly and easily. By integrating Sum&Substance’s technology, @wallet is now able to offer KYC procedures straight within the Telegram app.
As a founding member of the TON Foundation, Andrew Rogozov has seen first-hand how Proof can benefit businesses large and small. He said:
“We are pleased that TON ecosystem products are rapidly evolving and entering the lives of blockchain veterans and novices alike. The widescale adoption of TON by users, regardless of their experience, is one of our key goals. This update is just one example of the project’s tangible success. Thanks to @wallet, it is now easier to buy and send cryptocurrencies within the Telegram app and get acquainted with the world of blockchain payments.”
Before users can send money to their contacts, they need to add funds to their TON crypto balance. They can do this by using a bank debit or credit card, P2P transfer, or cryptocurrency exchange purchase. To send payments, users just need to click the attachment icon and then select the wallet symbol (following the instructions above to add the wallet to the attachment menu).
At the moment of purchase, users will be able to see how much their TON currency is worth in US dollars.
Therefore, the foundation projects that individuals will be able to not just pay other users but also organizations, by simply sending Toncoin through bots on Telegram.