As a seasoned researcher with over two decades of experience in the tech and finance industry, I’ve witnessed the rise and fall of numerous digital assets and platforms. The story of Toncoin, however, has been particularly intriguing due to its unique connection with Telegram, a messaging app that I personally use daily for work and personal communication.
As a seasoned investor with years of experience under my belt, I’ve seen countless cryptocurrencies rise and fall. Toncoin has been one of the most intriguing projects this year, showing impressive growth and gaining momentum. However, as someone who’s weathered market downturns and witnessed the collapse of once promising coins, I can’t help but wonder: will Toncoin’s success continue?
The order of the largest cryptocurrencies based on market capitalization doesn’t shift frequently. Bitcoin consistently maintains the top spot, followed closely by Ether (ETH) in a strong second place, while Tether (USDT) remains steadfastly in third position.
However, among various digital assets, one that has notably gained prominence recently is Toncoin. Often referred to as “the currency of the future,” it shares a strong bond with the widely used Telegram messaging platform and has enjoyed significant success this year.
As a crypto investor, I started the year with Toncoin as the 15th-largest coin, valued at around $2.33 and an overall worth of approximately $8 billion. Now, looking back from where we are now, it has surged ahead to become the ninth-largest coin, having overtaken the likes of Cardano and Avalanche. This remarkable growth can be attributed to its market cap doubling to a staggering $17 billion within only seven months.
As an analyst, I find myself on the brink of a fascinating development: TON could potentially surpass Dogecoin‘s position as the eighth-largest cryptocurrency. This potential milestone adds another layer to its impressive trajectory. But what factors have contributed to this coin’s remarkable success, and can we expect it to sustain this momentum?
The TON story so far
In 2017, Telegram created a big wave by starting to build its own Layer 1 blockchain, which eventually led to the sale of what were called “Gram tokens” to finance the project. However, this move later resulted in a clash with the Securities and Exchange Commission.
Faced with impending lawsuits, Telegram decided to halt the project around mid-2020. However, a group of decentralized developers promised to continue the work where the social media platform had stopped. Since then, The Open Network has experienced steady growth and progress.
Recently, last September saw an important advancement as the self-managed TON wallet was seamlessly incorporated into a widely used app. This integration enables businesses offering services via the platform to receive direct cryptocurrency payments from users.
As a seasoned entrepreneur who has spent years navigating the digital landscape, I have witnessed the rapid evolution of technology and its impact on businesses. One development that particularly caught my attention is the advent of Mini Apps on Telegram. Having personally struggled with creating and maintaining a smooth-functioning website for my own ventures, I can say that this innovation offers an exciting opportunity for entrepreneurs like myself.
Telegram is gradually transforming into a Western equivalent to China’s WeChat, a platform that has expanded beyond messaging and now functions as a comprehensive “all-in-one” app, offering an array of services that cater to users’ varied needs.
Insatiable demand… and hamsters
According to Pavel Durov, founder of Telegram, the app currently boasts 950 million monthly active users, marking a rise of 50 million compared to the previous quarter. With this growth in mind, his company aims to reach an impressive milestone of one billion users, and there are whispers that they might consider going public through an initial public offering (IPO). On his official channel, he expressed his satisfaction with the advancements made so far.
2024 stands out as the year when countless individuals across the globe got acquainted with blockchain technology. It’s something we at Telegram take great pride in being a part of this monumental societal change. To maintain this momentum, we’re planning to launch a mini app store and an integrated browser within our platform, capable of supporting Web3 webpages this month.
As someone who has witnessed the evolution of social media platforms and their impact on shaping our digital landscape, I find it intriguing to observe the potential of Telegram in bridging the gap between traditional Web2 users and the decentralized world of cryptocurrencies, blockchains, and the broader Web3 ecosystem. With its massive user base, this platform could be a game-changer, introducing millions to innovative technologies that have the power to transform how we interact with digital assets and services.
It’s fascinating to note that apps can unexpectedly become extremely popular on Telegram, such as the clicker game Hamster Kombat which has garnered over 250 million registrations. As stated by Durov, this platform is now fully adopting cryptocurrency.
In no time, Hamster’s team is set to launch their token on the TON network, bringing the advantages of blockchain technology to a vast number of individuals. We stand at the dawn of a novel epoch, and it’s happening right before our eyes.
Pavel Durov
Introduce some well-known partnerships with prominent cryptocurrency companies – users can now process USDT transactions within Telegram, while OKX launches a game allowing players to predict Bitcoin’s price fluctuations. This app truly appears to be indomitable.
Based on my extensive experience as a digital privacy advocate and researcher, I must express my concern that Telegram seems to be evolving into a modern-day “dark web.” In my years of working in this field, I have witnessed the rise and fall of various platforms that provided anonymity and facilitated illicit activities. The ease with which guns, drugs like cocaine, and other contraband are openly sold within Telegram channels subscribed to by tens of thousands of people is deeply troubling. This development not only threatens the safety and security of society but also undermines the very essence of a free and open internet. As someone who values digital privacy and online safety, I urge the relevant authorities to take immediate action to ensure that Telegram does not become a safe haven for criminal activities.
Combining this factor with the broad acceptance of cryptocurrency transactions might lead to an extensive worldwide regulatory clampdown.
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2024-08-03 01:35