Telegram Looks into Auctioning Usernames with NFT-like Smart Contracts
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Durov made this recommendation after the success of The Open Network (TON), a layer-1 blockchain first created by the Telegram team. In mid-July, the blockchain project introduced the TON DNS service, which enables users to create websites, smart contracts, and human-readable names for cryptocurrency wallets.
On August 23rd, he wrote to his private Telegram channel, "Durov's Channel," to express his admiration for the achievement of the most recent TON auction for their domain/wallet names. He stated,
"Imagine how successful Telegram could be with its 700 million users if we put the @ username, group, and channel links reserved for auction. This will create a new platform where username holders can transfer them to interested parties in protected deals - with secure ownership on the blockchain through smart contracts such as NFTs."
TON DNS Went Live on First Auction
On July 30th, the first auction on TON DNS went live, and, like the Ethereum Name Service (ENS) ".eth" domain, the ".ton" version enables users to access decentralized apps more easily.
The TON network uses the FunC programming language for the TON virtual machine to launch individual smart contracts on the blockchain. They would probably be built to this standard if Telegram ever decided to include NFTs.
TON - Telegram Open Network
Given that TON, formerly Telegram Open Network, was created by Durov and his colleagues with the messaging app in 2018, a comparable integration for Telegram would probably be less complicated. He remarked,
"Our team can write bullet-proof smart contracts for TON (since it was us who invented its smart-contract language), so we are keen to try TON as the underlying blockchain for our future market."
Durov's Departure From The Project
Midway through 2020, Durov moved away from the project to concentrate on Telegram after losing a legal battle with the SEC. As a result, open-source developers relaunched the project with the name Open Network.
The Proof-of-Stake (PoS) consensus process used by the TON network offers several functionalities, including staking, NFT, and decentralized apps. Toncoin (TON), its parent asset, has increased 14.70% over the last 24 hours and is currently trading at $1.33.