Token 2049 - TON and Open Network

In this episode of TON – The Open Network which took place on April 19, 2024, Pavel Durov, Andrew Rogozov, and Paolo Ardoino talk about the intersection of Telegram, TON Blockchain, financial innovation, and more! Read our notes below to learn more.

Background

Pavel Durov (Speaker) – CEO of Telegram

Andrew Rogozov (Speaker) – Founder and CEO of The Open Platform

Paolo Ardoino (Speaker) – CEO of Tether

Telegram’s Blockchain Vision: Empowering Users, Revenue Sharing, and Tokenization

Pavel says that Telegram loves blockchain because it represents the technology of freedom, symbolized by their logo, the paper airplane. He mentions that blockchain allows Telegram to give power back to people and enrich their ecosystem.
Pavel talks about the size of Telegram’s ecosystem, noting that out of 900 million monthly active users, 360 million interact with mini-apps every month, with the potential to double this number.
Pavel says that Telegram is unique among the top mobile apps because it does not sell user data or clutter user interactions with algorithmic feeds, instead using context-based ads and allowing direct links between creators and users.
Pavel says that Telegram has started a revenue-sharing model, giving 50% of ad proceeds to channel owners, with the first withdrawals happening that day. He highlights that all transactions are powered by the TON blockchain.
Pavel says it’s a new age in social media and blockchain, with a multi-billion dollar ad market now on blockchain rails, and promises a future revenue-sharing model for tips to creators, which will also use blockchain for withdrawals.
Pavel says that Telegram has been allowing app developers and merchants to sell goods and services for free and has integrated with 40 payment providers to facilitate this. He plans to extend these capabilities to users without coding skills.
Pavel argues that traditional social networking models resembling ‘digital slavery’ should end, highlighting the moral aspect of Telegram’s operations. He reveals that Telegram has tokenized its entire username space, creating a market worth $350m and allowing users to own and trade usernames on the blockchain.
Pavel says Telegram was the first major social network to allow users to sign up and log in using blockchain wallets, introducing ‘anonymous numbers’—NFTs with utility on the TON blockchain, distinct from other NFTs.
Pavel says that the price increase for certain NFTs went up by 33 times, highlighting how many people profited from buying and reselling them. He highlights the potential of socially relevant NFTs, which are deeply integrated into human culture and can spread virally.
Pavel mentions the overwhelming popularity of stickers on Telegram, with more than 700 billion stickers shared monthly. He speculates on the future tokenization of emojis and sticker sets on the TON blockchain, suggesting they could become meme coins.
Pavel explains that the TON blockchain’s scalability is crucial for handling millions of transactions, noting its low transaction fees and high processing capacity, which are beneficial for their needs.

Andrew’s Vision: Transforming Telegram with TON Blockchain Integration

Andrew says that he is the CEO and founder of the Open Platform, which is a major builder in the TON blockchain ecosystem. He describes their mission to integrate blockchain products into Telegram.
Andrew explains that their key product is a wallet integrated into Telegram, serving as a gateway to the entire Toka system and providing millions of users access to crypto.
He mentions that they also developed essential primitives in the TON ecosystem, including a self-custody wallet, NFT marketplace, DEX, and liquidity staking protocol, alongside a platform for content creators and game developers to monetize and engage with their audience in Telegram.
Andrew highlights the use of mini-apps in Telegram as a comprehensive solution for builders to create applications within the messaging platform, highlighting its convenience, cross-platform compatibility, and advanced notification capabilities.
He discusses the viral mechanics offered by building within Telegram, which enhances user engagement and promotes wider adoption.
Andrew details the wallet’s role in making crypto accessible and its integration with Telegram’s user interface to streamline the use of crypto through the messaging app.
He elaborates on the self-custody wallet’s feature of linking a public blockchain profile with a Telegram profile, which simplifies access to digital assets and builder-user interactions without onboarding friction.
Andrew recounts the success of the Notcoin application, which rapidly gained users and became a killer app within the Telegram ecosystem due to its virality and social features.
He compares the current momentum in Telegram app development to the rise of social gaming on Facebook in 2009, suggesting a new era of app development within Telegram.
Finally, Andrew expresses gratitude towards Pavel and his team for the platform and the developer community for supporting their mission.

Tether: Driving Financial Inclusion and Stability

Paolo notes the current market cap of Tether is $109 billion, expressing humility and crediting the innovation of blockchain for this achievement.
He highlights the role of Tether in creating a more open, fair financial system and discusses the importance of safety in Tether’s operations.
Paolo points out the failures of banks in recent years and Tether’s efforts to avoid such failures, celebrating Tether’s 10th anniversary and highlighting its financial health and reserves.
He says that Tether is 106% backed, with significant holdings in US debt, comparing its size to that of countries like China in terms of US debt ownership.
Paolo reflects on Tether’s rapid growth and its role as a major holder of US treasury bills, attributing the success to a strong product-market fit and the essential need for cryptocurrency arbitrage.
He addresses the global issue of unbanked individuals and inflation, positioning Tether as a crucial tool for financial inclusion and stability in high-inflation countries.
Paolo announces the launch of $USDT on the Telegram Open Network (TON), highlighting the alignment with Telegram’s principles and the potential for broader user adoption.
He highlights the importance of creating user-friendly financial tools within trusted platforms like Telegram to improve accessibility and empower users globally.

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Show Information

Medium: YouTube (Video)

Show: TON – The Open Network

Show Title: Token 2049 Announcement

Show Date: April 19, 2024