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HomeDeFiTelegram Will Auction Usernames Using The TON Blockchain

Telegram Will Auction Usernames Using The TON Blockchain

Two months after Telegram creator Pavel Durov first broached the concept, the messaging service Telegram is going to begin selling usernames via a platform that will run on The Open Network (TON) blockchain.

On Thursday, the messaging app Telegram, which has more than 700 million users, made an announcement via an official channel that the development phase of the auction platform had been completed and that it would soon be put out.

In August, Durov announced for the first time that Telegram planned to hold an auction for usernames. He stated that the company would be creating “a new platform where username holders could transfer them to interested parties in protected deals—with ownership secured on the blockchain via [non-fungible token]-like smart contracts.”

Telegram created the TON blockchain in tandem with the development of its messaging service; however, the project was scrapped in August 2020 as a result of a legal challenge brought by the United States Securities and Exchange Commission (SEC).

The creators of the ecosystem went on to establish the TON Foundation in order to maintain the viability of the project, an endeavour that Durov supported.

In the last twenty-four hours, the value of Toncoin (TON), the native cryptocurrency of the TON blockchain, has increased by about nine percent to $1.34 as a result of the announcement that it would be possible to use it to acquire usernames on Telegram.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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