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Telegram founder proposes NFT-like smart contracts for username auctioning

 


Telegram founder proposes NFT-like smart contracts to auction off usernames


The founder wrote:


"Imagine how successful Telegram, with its 700 million users, could be if we auctioned reserved usernames, group and channel links."


Telegram founder PAvel Durov has spoken about the idea of ​​a marketplace that could use NFT-like smart contracts to auction coveted usernames.


Durov made the proposal following the "success" of domain name auctions by The Open Network (TON), a Layer 1 blockchain originally designed by the Telegram team. DA's blockchain project launched the TON-DNS service in mid-July, allowing crypto wallets, smart contracts and websites to be assigned human-readable names.


In a message on his personal Telegram group called Durov's Channel, he wrote that he was really impressed with the success of the auction TON recently held for their domain/wallet names.


“Imagine how successful Telegram, with its 700 million users, could be if we put reserved @usernames, group and channel links up for auction.”


Durov suggested that Telegram could use similar technology to launch a new marketplace where t.me addresses like @storm or @royal and all four-letter usernames could be bought and sold.


“This would create a new platform where username holders could transfer them to interested parties in protected deals – with ownership secured on the blockchain via NFT-like smart contracts.”


He added:


"Other elements of the Telegram ecosystem, including channels, stickers or emojis, could later also become part of this marketplace."


The first auctions on TON DNS went live on July 30, and similar to the Ethereum name Service (ENS) “ETH” domains, the “TON” variant allows users to easily access decentralized applications without typing.


The TON network uses the FunC programming language for the TON Virtual Machine and to launch the specific smart contracts on the blockchain. Should Telegram launch NFTs, they would most likely be based on this standard.


A similar integration would probably be quite easy for Telegram, since Telegram already developed TON alongside the messaging app back in 2018.


"Our team can write bulletproof smart contracts for TON (since we invented its smart contract language), so we're leaning toward exploring TON as the underlying blockchain for our future marketplace."


TON was originally developed to serve as a digital payment platform for Telegram, but this led to difficulties with the US Securities and Exchange Commission (SEC), which saw the project as an unregistered preliminary sale of $1.7 billion in Gram tokens had viewed.


After losing his legal battle with the SEC in mid-2020, Durov withdrew from the project to focus fully on Telegram. Since then the developers have revived the project under the name The Open Network.

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