Telegrams Look into the Future of Auctioning Username: Will It Be Risky?

Telegram

TelegramTelegram looks into auctioning NFT-like smart contracts for usernames, channel links

Telegram founder Pavel Durov wants to integrate web3 into the messaging app. And he wrote Imagine how successful Telegram with its 700 million users could be if we put reserved usernames, group, and channel links for auction. He was impressed by the Open Network (TON) project, an independent project not affiliated with Telegram. The idea of a marketplace that could utilize NFT-like smart contracts to auction highly-sought usernames. It has been proposed that the marketplace could use NFT-like smart contracts to conduct auctions for usernames that are in high demand.

Telegram could use similar technology to unveil a new marketplace that could be used for trading popular commodities. The TON network utilizes a proof-of-stake (PoS) consensus mechanism, and it supports various features such as staking, NFTs, and decentralized applications. The TON network uses the C programming language to power the TON Virtual machine as well as to launch specific smart contracts. Telegram would probably follow suit if they were to enter this sphere and launch NFTs.

 

Telegram Username Auction:

Durov and his team developed TON, formerly known as the Telegram Open Network, alongside the messaging app back in 2018. The TON DNS service allows users to assign human-readable names to crypto wallets, smart contracts, and websites. TON was initially developed to function as a digital payments platform for Telegram. If Telegram goes ahead with it, the custom link NFTs could be another way to earn revenue apart from ads and subscription services.

Durov was impressed by the success of the domain auctions on TON. This would create a new platform where username holders could transfer them to interested parties in protected deals with ownership secured on the blockchain via NFT-like smart contracts. Durov team can write bullet-proof smart contracts for TON, so they are inclined to try out TON as the underlying blockchain for our future marketplace. So an NFT marketplace based on that seems like a probable next step for web3 integration.

It is possible that in the future additional components of the Telegram ecosystem, such as channels, stickers, or emojis, will also become a part of this marketplace. TON probably has the best technology to host such decentralized sales and is probably the most advanced in terms of both scalability and speed. Durov’s team is considering using TON as the underlying blockchain for their future marketplace. Since then, open source software developers have given the project under The Open Network.

Reendex

Must see news