In a few days, Telegram users will be able to use the cryptocurrency Toncoin to make payments to subscribers and donations. A community blog post revealed that Toncoin will also be used to pay the channel administrators’ salaries. This latest development follows closely in the footsteps of the Telegram founder revealing that the TON blockchain is making its return as Toncoin.
The TON blockchain project had to be abandoned in 2020 after a legal battle with the Securities and Exchange Commission (SEC) of the US government, which ended in a defeat for Telegram. Pavel Durov, Telegram’s founder and CEO, also added that the Toncoin project works independently from Telegram.
Recently, the blockchain protocol posted a tweet that stated the pride of the TON community in announcing an official partnership between Donate and TON Blockchain. Donate is a payments service that’s Telegram-verified.
According to Durov’s claims, TON leads the blockchain space in terms of scalability and speed. He has also said that when TON and Telegram parted ways in 2020, he had hopes that developers in the future would realize his vision of a blockchain platform for the masses. He additionally said that he was inspired after seeing the coding talents of the TON’s coding contest champions.
The endorsement came as a surprise, and it also marked the end of Toncoin’s rivalry with Everscale. The Toncoin and Everscale teams were responsible for overtaking the open-source code of TON and venturing into different proof-of-stake blockchains. Both Toncoin and Everscale tokens are currently listed on multiple crypto exchanges.