Pavel Durov, the founder of the Open Network, made a bold commitment to blockchain technology for the messaging application Telegram. During his speech at Token2049 in Dubai, Durov emphasized the importance of blockchain in promoting freedom and privacy. He unveiled ambitious plans to expand the functionality of the Open Network (TON) and tokenize various features of Telegram.
Durov expressed his admiration for blockchain as a technology that represents freedom. He explained that even Telegram’s logo, the paper airplane, symbolizes the freedom to move in three dimensions. He further stated that Telegram aims to empower its users by providing them with the tools and resources to build their own apps, tools, and businesses on the platform.
Unlike other major messaging and social media platforms that sell user data to advertisers, Telegram has adopted a different approach to monetization. The company recently announced its plans to share ad revenue with content creators through its Ad Network. Durov described this revenue-sharing model as one of the most generous in the history of social media. He revealed that 50% of the revenue generated from ads and broadcast channels on Telegram would be shared with channel owners and content creators who use TON’s network. Durov estimated that the blockchain-based advertising market could be worth billions of dollars, and users will receive a fair share of the revenue.
The use of blockchain technology will also enable Telegram to overcome the limitations imposed by Apple and Google on in-app purchases and payment processing. While these restrictions exist, Telegram has allowed app developers and merchants to sell physical goods and services by integrating 40 payment providers, including Stripe.
Durov announced that Telegram has already experimented with tokenization, making it the first social media platform to tokenize its user namespace. This in-platform market generated $350 million in sales, and Durov revealed that tokenizing other elements of the platform is in the pipeline. He emphasized that Telegram requires the scalability provided by TON’s network, which has the capacity to process tens to hundreds of millions of transactions in the future.
Following Durov’s speech, stablecoin operator Tether announced the launch of its US dollar-pegged USDT token on the TON network. Tether also unveiled the launch of Tether Gold (XAUT), a stablecoin pegged to gold, on TON.
Although TON was initially developed by Telegram, the project faced legal challenges with the United States Securities and Exchange Commission, leading Telegram to abandon its development efforts in May 2020. Subsequently, a group of open-source developers took over the project, resulting in the establishment of the TON Foundation in May 2021.