Telegram and TON Unveil Major Updates to Crypto Wallet With Self-Custodial Option

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As a seasoned analyst with over two decades of experience in the tech and finance industries, I’ve witnessed numerous groundbreaking developments that have reshaped our digital landscape. The recent updates by Telegram and TON at The Gateway event in Dubai are no exception. With the integration of self-custodial options into their Wallet bot, they are setting a new standard for mainstream adoption of blockchain technology.

In an exhilarating step forward to boost Web3 functionalities, Telegram and The Open Network (TON) unveiled substantial improvements to Telegram’s Wallet bot during The Gateway event in Dubai on November 1, 2024. These advancements include a self-custodial feature as well as TON Space, putting users in charge of their assets and private keys. This new functionality is designed to make digital asset management more user-friendly and flexible for Telegram’s vast community.

Initially unveiled during the Token2049 event in Singapore, held in September 2023, TON Space offers a secure self-managed cryptocurrency wallet to Telegram’s massive user base of approximately 800 million. Unlike conventional custodial wallets that rely on third-parties to manage users’ assets, TON Space allows individuals to control their own private keys. This move not only aligns with the ideals of decentralization but also enhances the freedom and security associated with cryptocurrency holdings for the users.

The worldwide debut of TON Space is scheduled for November, but access may be restricted in the U.S. and certain other nations due to regulatory complications. This platform originated as part of Telegram’s blockchain project, which faced legal challenges with the SEC in 2020.

Integrating Custodial and Self-Custodial Options

The integration of TON Space brings about a substantial change to the Telegram Wallet bot, enabling it to accommodate both custodial and self-custodial wallets within a unified, seamless interface. Users now have the ability to switch between these options at their convenience, offering them flexibility and control in accordance with their personal choices regarding security and asset management.

The integration intends to streamline the process of using blockchain-based services for users. As stated by Andrew Rogozov, CEO of The Open Platform, TON Space is moving towards becoming a comprehensive ecosystem rather than just a storage solution. He emphasized that the team aims to establish TON Space as an entrance point into the larger TON ecosystem, encompassing decentralized applications (dApps), exchanges, and staking services.

This development aims to attract a wider range of users to the TON blockchain, making blockchain actions as straightforward as sending messages. With over 100 million registered users on Telegram, around 10% of its active users, showing strong interest and potential for growth in these features, Rogozov is optimistic that these updates will stimulate a larger Web3 community within Telegram, possibly paving the way for widespread adoption of blockchain technology.

TON’s Decentralization Efforts with Society DAO

In line with the advancements in the TON Space, TON is progressively moving towards decentralization by introducing Society DAO, a novel governance structure designed to distribute decision-making and resource allocation across the TON ecosystem. This DAO operates under the guidance of four principal members: TON Core, TON Society, Wallet in Telegram, and TON Studio. The DAO system encourages transparency, fosters competition, and ensures equitable access to capital, enabling the community to have a more substantial influence on shaping TON’s future direction.

Society DAO plays a role in addressing potential centralization issues recognized by TON Foundation President Steve Yun and co-founder Jack Booth within the system. To foster a more decentralized setup, TON employs strategies such as open-source access to funding, resource distribution influenced by community input, and incentives tied to crucial performance metrics.

A Step Toward Mass Crypto Adoption

By offering self-custodial options and seamless access to decentralized apps, the TON Space wallet positions Telegram at the cutting edge of blockchain integration within mainstream applications. This move not only enhances the functionality available to Telegram users but also gives them an opportunity to delve into blockchain solutions in a highly user-friendly setting.

TON Space offers both custodial and self-custodial wallet options for its Telegram users. This dual feature allows them to act as their own bank and control the private keys to their digital assets. This innovative approach could pave the way for mainstream platforms to adopt self-custodial solutions more widely, especially since security and transparency are crucial issues in the crypto world.

Future Outlook and Impact

In line with the TON Foundation’s forward-looking strategy, this recent update represents an important stride in making blockchain applications more accessible to everyday users. As progress continues, TON has the potential to evolve into a central platform offering various blockchain solutions and fostering a self-governing community.

The partnership between the TON Foundation and international partners, such as HashKey, in improving fiat on- and off-ramps within the Asia-Pacific region, demonstrates their dedication to increasing the global reach and usability of TON. These collaborative efforts could significantly impact the future of blockchain accessibility, potentially leading to wider acceptance by making cryptocurrency less complex.

Essentially, the partnership between Telegram and TON represents a substantial leap in making blockchain technology more accessible to everyday users. By merging TON Space’s self-managed capabilities with a wide range of dApps and decentralized services, Telegram is arming its users with versatile tools that not only expand the app’s functionalities but also promote the growth of decentralized finance concepts.

Toncoin (TON) Price Dips Below $5

On the 5th of August, the price of TON dropped to $4.70, returning to a support level it had encountered in May. However, this dip was brief as TON quickly recovered and reached $7.20 by the 14th of August, but encountered resistance which initiated another fall.

Between August 26 and August 28, TON experienced temporary support at roughly $5, reaching $6 by the latter date. However, it stayed within this range until dipping below $5 on September 3. From September 6, there was a gradual upward trend that took the price to $6.14 by September 28, only to fall back to its $5 support on October 9.

As a researcher, I’ve observed that despite TON maintaining the $5 mark for some time, it eventually dipped below this level, reaching $4.60 on October 26 in a sudden 14% fall. This decline, though substantial, still keeps TON above its crucial horizontal support. Nevertheless, the recent market turbulence has raised questions about the initially positive forecasts for TON’s future.

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2024-11-06 14:51