Tech News

Telegram will auction usernames, stickers and more using cryptocurrencies

Telegram’s new bidding system will not work with any type of cryptocurrency. Only bids can be submitted with Toncoin.

Telegram announced through his official channel within its message platform, that a method has been developed that will allow people to have “unique and recognizable usernames” through a auction system.

[article_mb_code]

the company of Messenger service also indicated that this methodology for acquiring these names will be based on the use of cryptocurrencies to make offers. But not everyone will be accepted into the platformbut it must be in Toncoin (TON)a cryptocurrency that, until a couple of years ago, was related to Telegram.

As a company representative told TechMarkup, “Telegram had to leave TON in 2020 and is no longer related to the project. Toncoin is developed by the TON Foundation, an independent community of developers that is using the open source technology that we originally developed.”

[article_mb_code]

The announcement of Telegram comes after its founder, Pavel Durov, expressed its intention to implement this service after an auction of .ton domains was held. “Yes TON has been able to have these results, imagine the success of Telegram with their 700 million users if user names, links to groups and channels were reserved”, he indicated on his personal channel within the platform.

According to the text published by Durov, it would be possible to auction millions of links from Telegram to specific users, especially those who have four letters. “This could create a new platform where usernames could be transferred between interested parties with sheltered deals like the smart contracts of the NFT”.

Telegram announces the development of a username auction platform that will be launched soon. (Capture)
Telegram announces the development of a username auction platform that will be launched soon. (Capture)

How would the auction system work?

[article_mb_code]

The auction system with toncoin would be close to arriving for users of Telegram and, according to the founder of the platformits launch would be close, although it did not announce an exact date.

“The phase of developing it’s almost over and the auction platform will launch soon. Make sure you don’t miss out on your chance to purchase the usernames most valuable assets and their ownership on the blockchain TON”, he indicated in the publication.

However, these would not be the only virtual items that could be acquired through the auction system with cryptocurrenciesbut also would be trying to generate the option to make offers for stickers either emoji specific within the messaging application.

The new bidding system for these virtual items It will work in a similar way to the one used for the .ton domain auction. To be able to make offers, a minimum amount of toncoin which can be variable depending on the domain you want.

[article_mb_code]
Telegram's new bidding system will not work with any type of cryptocurrency. Only bids can be submitted with Toncoin.
Telegram’s new bidding system will not work with any type of cryptocurrency. Only bids can be submitted with Toncoin.

If someone offers more, the platform takes care of the return of the credit to the user’s virtual wallet and alerts them that their offer has been outbid by someone else. From then on, if you have money enough, it is possible to perform a new offer.

Only in August, for example, Telegram revealed that in the first week of .ton domain auctions, a total of 2,184 names for a total of 2.392 million Toncoinwhich represent approximately 3,349 million dollars. Some examples of the most expensive domains that were auctioned are: wallet.ton, which was bought for more than 300 thousand dollars, while casino.ton was sold for 280 thousand dollars.

Virtual contract under observation of users

The virtual contract that will be used for the username auction platform as NFT was published today and Telegram has established a period of three days (until October 25) so that anyone can open the file in github and, after analyze the codefind minor defects or severe failures within it.

According to Telegampeople could receive a prize for finding these flaws and the amount can vary between 200 dollars Y $50,000” for cases where the error found has consequences such as smart contract circumvention or remotely reassigning ownership of a virtual item.

:

Back to top button