Pavel Durov, the founder of encrypted messaging utility Telegram, has floated the thought of a market that would make the most of “NFT-like smart contracts” to auction highly-sought after usernames.
Durov made the suggestion after the “success” of area title auctions by The Open Network (TON), a layer-1 blockchain initially designed by the Telegram group. The blockchain venture launched the TON DNS service, enabling customers to assign human-readable names to crypto wallets, smart contracts and web sites in mid-July.
In a message to his private Telegram group named Durov’s Channel on Tuesday, he famous that he was “actually impressed by the success of the auction TON not too long ago performed for his or her area/pockets names.”
“Imagine how profitable Telegram with its 700 million customers may very well be if we put reserved @ usernames, group and channel hyperlinks for auction,” he stated.
Durov urged that Telegram might faucet into comparable know-how to roll out a brand new market that may very well be used to purchase and promote “catchy t.me addresses like @storm or @royal, and all four-letter person names:”
“This would create a brand new platform the place username holders might switch them to events in protected offers — with possession secured on the blockchain by way of NFT-like smart contracts.”
“Other components of the Telegram ecosystem, together with channels, stickers or emoji, might later additionally turn out to be a part of this market,” he added.
The first auctions on TON DNS went reside on July 30, and very like the Ethereum Name Service (ENS) “.eth” domains, the “.ton” variant permits customers to entry decentralized functions in a easy approach without having to sort an extended string of letters and numbers from their pockets addresses.
The TON community makes use of the FunC programming language for the TON Virtual Machine and to launch particular smart contracts on the blockchain. If Telegram had been to launch NFTs, they’d almost definitely be primarily based on this normal.
An identical integration would seemingly be fairly easy for Telegram, on condition that Durov and his group developed TON, previously often called the Telegram Open Network, alongside the messaging app again in 2018.
“Our group can write bullet-proof smart contracts for TON (because it was us who invented its smart-contract language), so we’re inclined to check out TON because the underlying blockchain for our future market,” he wrote.
TON was initially developed to perform as a digital funds platform for Telegram. However, it promptly bumped into hassle with the United States Securities and Exchange Commission (SEC) concerning an unregistered preliminary sale of $1.7 billion of Gram tokens.
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After dropping the court docket battle with the SEC in mid-2020, Durov stepped away from the venture to deal with Telegram. Since then, open supply builders have revived the venture below the banner of The Open Network.
The TON community makes use of a proof-of-stake (PoS) consensus mechanism, and it helps varied options corresponding to staking, NFTs, and decentralized functions. According to knowledge from CoinMarketCap, its native asset Toncoin (TON) has pumped 14.70% over the previous 24 hours to sit at $1.33 on the time of writing.