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Telegram’s In-App Currency Gets Cryptocurrency Conversion Option: Tech: Tech Times
Telegram The in-app currency Stars is now more useful than ever. Creators can now share content on the messaging platform, and while users pay to view content using Stars, channels can convert it into cryptocurrency.
The chat app as they say allows channels to exchange their existing stars for Toncoin, the cryptocurrency Telegram uses on The Open Network (TON) blockchain. Alternatively, they could use them to get savings for promotions through channels.
Telegram has announced a major evolution in its ecosystem with the introduction of Mini Apps.
(Photo: GEOFFROY VAN DER HASSELT/AFP via Getty Images)
Initially, the company used Stars to pay for digital products provided by Telegram bots and apps. Content providers can now publish content that users can access by earning Stars.
Additionally, channel owners can use the Fragment platform to withdraw Stars from the app and exchange them for Toncoin. Toncoin users can transfer money to their bank account and exchange cryptocurrency across various platforms. Telegram has started auctioning usernames on the TON blockchain through this gateway.
Channel owners have an alternative: they can use Stars to get discounts on ads that they can use to advertise their channels.
Read also: Telegram China Removal: CEO Claims Apple Is Real ‘Target’ of App Crackdown
Telegram and Crypto
Telegram presumably uses cryptocurrency to increase revenue without selling user data or worrying about government control. Thanks to Telegram’s end-to-end encryption, no outside party can access user data. However, as a result, it has not been able to control content and create an advertising-based economy.
Telegram Open Network (TON) was initially developed by Telegram, but the project was shelved due to legal issues. By renaming The Open Network and introducing Toncoin, the TON Foundation has resumed work on blockchain to secure the technology.
If successful, sources suggest that Telegram could become a “super app” without improving its behavior. However, this has more ramifications than making the dark web accessible to the general public. Criminals and extremists who host known channels could be compensated in cryptocurrency for their work.
Telegram Encryption Security
Additionally, concerns have emerged about the security of the messaging app. wild from a social media interview with Telegram founder Pavel Durov that went viral.
In a widely shared X video, Durov tells Tucker Carlson that he is Telegram’s sole product manager and has “about 30 engineers” under his charge.
Security experts are concerned about Durov’s comments because they could reveal the identities of users. According to Johns Hopkins cryptography expert Matthew Green, Telegram is a “security nightmare” because of its ugly targets, servers in the United Arab Emirates, and lack of end-to-end encryption.
Green indicates that Telegram’s default chats are not end-to-end encrypted, unlike Signal or WhatsApp. Durov’s brother created the encryption technology used by Telegram, which has been questioned over time. End-to-end encryption can only be enabled by users who start a “Secret Chat.”
Although the organization has access to a large amount of user data, Eva Galperin, director of cybersecurity at the Electronic Frontier Foundation, argues that 30 engineers are not enough to solve problems with moderation and content misuse.
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