TON updates @Wallet to allow P2P transactions

Independent TON developers has released an update to its crypto wallet bot, @Wallet, allowing users to perform direct person-to-person transactions via Telegram chats.

The independent developers called the update “a small revolution” to provide speed and convenience for users upon doing transactions.

“It is hoped that this simplification of the cryptocurrency transaction process will enable greater adoption worldwide and help to embed blockchain payment solutions into people’s daily lives,” TON said in a statement.

In addition to the function update, the developers also updated @Wallet’s interface, enabling users to access the wallet on Telegram WebApps.

They also integrated Sum&Substance’s technology to comply with the “Know Your Customer” regulation while making it more convenient for users to complete the process via the Telegram app.

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TON foundering member Andrew Rozogov said, “We are pleased that TON ecosystem products are rapidly evolving and entering the lives of blockchain veterans and novices alike.

“The widescale adoption of TON by users, regardless of their experience, is one of our key goals. This update is just one example of the project’s tangible success.”

Rozogov said the company aimed to introduce people to the “world of blockchain payments”.

The company hoped to expand @Wallet to allow person-to-firm transactions in the future, meaning that users can purchase goods or services straight using the crypto wallet.

Toncoin and @Wallet were launched in April this year. It was the first cryptocurrency to allow transactions through Telegram chats.

In the second quarter of 2022, the wallet generated one million addresses out of Telegram’s 700 million active users. It also reportedly gained $5 million in revenue.

@Wallet transactions

Transactions using Toncoin in the wallet are free-of-charge. While users cannot send funds using other cryptocurrencies, they can purchase Bitcoin with @Wallet.

Users can top up their Toncoin balance using a debit card, credit card, and purchases from listed crypto exchanges. To send funds, a user will need the recipient’s Telegram nickname. On Telegram’s attachment feature, they will find the @Wallet icon to enter the address.

The crypto wallet is also equipped with a real-time conversion rate from Toncoin to U.S. dollars, so users are aware of the amount they send.

Project revival

TON was created by Telegram founders Pavel and Nikolai Durov in 2018 to aid crypto payments within the messaging service. At that time, its native token was named Gram.

However, they abandoned the project in October 2019 after receiving an order from the U.S. Securities and Exchange Commission. The commission found that Gram did not register its pre-launched token sale worth around $1.7 billion. Telegram was then required to return the project’s initial investments.

In 2020, a developer team called NewTON took over the project. They renamed TON from Telegram Open Network to The Open Network.

The rebranded TON uses the improved original code that “boasts ultra-fast transactions, tiny fees, easy-to-use apps, and is environmentally friendly".

The blockchain was designed to be scalable and could accommodate a large number of users thanks to its blockchain-sharing technology. Blockchains like Zilliqa also implemented the same measure, while Ethereum reportedly plans to do it in the future. To verify user transactions, TON utilizes the PoS consensus mechanism, which is considered “energy-friendly”.