Telegram announces username auctions on TON blockchain
Users of the private messaging service can bid on rare users/IDs or sell their own.
Telegram Launches Username Auction with TON Blockchain
Users of the private messaging service can bid on rare users/IDs or sell their own.
By Andrew Throuvalas.
The popular instant messaging service Telegram launched its marketplace for Telegram users/IDs on Thursday.
This will make it possible to buy and sell Telegram users/IDs, comprising both usernames and channels, using Toncoin,» Telegram explained in a press release.
Toncoin (TON) is The Open Network’s token, which is the spiritual successor to Telegram’s independent blockchain ambitions—thwarted by federal regulators two years ago.
The auction is hosted on Fragment.com, an «independent website» dedicated to users who wish to participate. From here, users can search for and purchase three- to four-character domains, auction off their existing users/IDs, and «link pre-purchased users/IDs to off-chain accounts.»
Initially, Telegram will auction users/IDs between four and five characters, the smallest of which can be purchased for a minimum of 126 Toncoin ($200). Some of the highest value auctions taking place at the moment are user/ID auctions such as «bank», «casino» and «car», all of which have minimum bids above 30,000 TON.
In many cases, the starting price will decrease each day if no one bids above the minimum.
«For the first time, social network users will be able to transparently prove ownership of their user IDs thanks to their tokenization on the TON blockchain,» said Andrew Rogozov, founding member of the TON Foundation.
The market is built on The Open Network (TON), a blockchain that completed a similar auction for domain names and wallets in August. At the time, the sale generated 2,392,002 Toncoin in sales, with a cumulative value of over $3 million.
Telegram CEO Pavel Durov was inspired by its success, which has culminated in the company’s latest endeavor. On his personal channel, the CEO joked about «bringing a bit of Web 3.0 to Telegram,» using NFT-like smart contracts.
Telegram listed several reasons for launching the auction through TON. Not only does it offer more scalable transactions than Ethereum, but it is also the spiritual successor to the Telegram Open Network. «Telegram developers are intimately familiar with the [programming] language,» the company said.
For context, Telegram was sued by the Securities and Exchange Commission (SEC) in 2020 for allegedly conducting an unregistered $1.7 billion security sale via its GRAM tokens. As part of a settlement agreement, the SEC forced the company to relinquish control of the blockchain to its community in 2020, thus creating «the open network» of today.
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