Telegram has announced the launch of its new internal cryptocurrency, Telegram Stars, set for June 12th. The introduction of this digital currency aims to significantly enhance user interactions within the Telegram platform by bypassing restrictive measures imposed by major app stores like Apple’s App Store and Google Play. This strategic move is expected to provide a smoother and more autonomous operational environment for both users and developers.
Overcoming App Store Limitations
The introduction of Telegram Stars is a direct response to the strict policies of app stores that restrict direct user interaction with Telegram’s services. By incorporating Telegram Stars into its platform, the company will facilitate transactions for digital products and services within its app, using Telegram bots and mini-programs. This not only makes it easier to use but also ensures compliance with the legal regulations of current app stores.
Integration with Toncoin (TON)
Telegram Stars is closely integrated with Toncoin (TON), the native cryptocurrency of The Open Network (TON) blockchain, which was launched by Telegram in 2018. This integration enables a smooth conversion of Telegram Stars into TON, providing developers and users in the Telegram ecosystem with increased flexibility in managing and using their earnings. Toncoin supports functions such as staking, governance, and transaction processing across its network, positioning it as a strong competitor to established blockchains like Ethereum.
Toncoin is not just a cryptocurrency but also a governance token that empowers its holders to vote on future developments within the network. Following a major governance vote in February 2023, approximately 20% of Toncoin’s supply was locked for four years, highlighting the community’s commitment to long-term stability and decision-making. Similar to other major blockchain networks, TON operates on a proof-of-stake model, offering staking opportunities to investors who wish to support network validation and earn additional tokens.