Pavel Durov, the founder of the Open Network’s messaging app Telegram, made a bold commitment to blockchain technology during his speech at the Token2049 conference in Dubai. Durov expressed his admiration for blockchain’s ability to promote freedom and privacy, emphasizing that Telegram values these principles. He went on to outline ambitious plans to expand the functionality of the Open Network (TON) and tokenize various features of the app.
Durov emphasized Telegram’s dedication to empowering its users by enabling them to build tools, apps, and businesses on the platform. In contrast to other messaging and social media platforms that profit by selling user data to advertisers, Telegram has taken a different approach. The company recently announced its Ad Network, through which it plans to 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 stated that 50% of the revenue generated from ads and broadcast channels would be shared with channel owners and content creators who utilize TON’s network.
Durov estimated the value of the advertising market running on blockchain to be worth tens of billions of dollars. He believes that users, including owners of large group chats and content creators, should receive a fair share of this revenue. By adopting blockchain technology, Telegram aims to overcome the limitations imposed by Apple and Google on in-app purchases and payment processing. The use of a blockchain protocol also enables Telegram to integrate with 40 payment providers, allowing app developers and merchants to sell physical goods and services.
During his speech, Durov announced plans to tokenize stickers and emojis on Telegram using the TON blockchain. He revealed that Telegram had already experimented with tokenization by becoming the first social media platform to tokenize its user namespace. This in-platform market generated $350 million in sales, and Durov expressed intentions to tokenize other elements of the platform in the future. He emphasized the need for TON’s network scalability, which can process millions to hundreds of millions of transactions.
Following Durov’s address at the conference, stablecoin operator Tether announced the launch of its US dollar-pegged USDT token on the TON network. Tether also introduced a gold-pegged stablecoin called Tether Gold (XAUT) on TON. It is worth noting that TON was initially developed by Telegram but was abandoned in May 2020 due to a legal battle with the United States Securities and Exchange Commission. However, 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 speech at Token2049 showcased Telegram’s commitment to integrating blockchain technology and tokenization into its messaging app. The company aims to promote freedom, privacy, and user empowerment while sharing ad revenue with content creators. With the adoption of blockchain, Telegram seeks to overcome payment processing limitations and create new opportunities for app developers and merchants. The launch of stablecoins on the TON network further emphasizes Telegram’s dedication to blockchain technology and its potential for revolutionizing the digital landscape.