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Telegram Launches Username Auction Using TON Blockchain

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Popular instant messaging service Telegram launched a marketplace for Telegram handles on Thursday.

“This allows you to enable Telegram handles that contain both usernames and channels. It was bought and sold using Toncoin,” Telegram explained in a press release.

Toncoin (TON) is the token of The Open Network, the spiritual successor to Telegram’s independent blockchain ambitions that were blocked by federal regulators two years ago.

The auction is hosted on Fragment.com, a dedicated “independent website” for those who wish to participate. From here, users can search for and buy her 3-4 letter domains, auction off existing handles, and “bind purchased handles off-chain to her account.”

Telegram will initially auction 4-5 character handles. Some of the most valuable auctions going on right now are for wheels like ‘banks’, ‘casinos’ and ‘automobiles’, all with minimum bids above his 30,000 tonnes.

In most cases, the starting price will decrease daily unless no one bids higher than the minimum bid.

TON Foundation founding member Andrew Rogozov said:

The Marketplace is built on top of the Open Network (TON). similar auction Regarding domain names and wallet names in August. At the time, this sale generated 2,392,002 tons of coin sales for him, making him worth over $3 million in total.

Telegram CEO Pavel Durov was inspired by the success that culminated in the company’s latest endeavor. On his personal channel, the CEO hinted that he will be using his NFT-like smart contracts to “introduce a bit of his Web 3.0 to Telegram.”

Telegram cites several reasons for launching the auction via TON. Not only does it offer more scalable transactions than Ethereum, it is also the spiritual successor to the Telegram Open Network. “Telegram developers familiar with [programming] language,” the company said.

For context, Telegram was sued by the Securities and Exchange Commission (SEC) for conducting $1.7 billion in unregistered securities sales through the GRAM token in 2020. As part of the settlement transaction, the SEC forced the company to in general Forfeiture management In 2020, it will introduce blockchain into its community, creating today’s ‘open network’.

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