Cryptocurrency enthusiasts have long awaited a killer app that would attract the masses to crypto. However, some argue that this app may already be here in the form of Telegram. With its integration of The Open Network (TON) and the creation of a native wallet bot called Wallet, Telegram is making significant strides in addressing the key issues that have hindered cryptocurrency adoption.
One of the main obstacles to crypto adoption has been the poor user experience, limited real-world utility, and difficulty in distribution. Telegram’s support for TON, which includes native USDT stablecoins, has made peer-to-peer transactions as easy as sending a message on WhatsApp. This seamless transfer of value is more user-friendly than traditional banks or neobanks like Venmo.
In addition to improving the user experience, Telegram is also focusing on distribution through its Mini Apps platform. This open platform allows businesses to build and deploy crypto-friendly apps, making it easier for non-crypto users to interact with cryptocurrency without even realizing it. This could potentially onboard hundreds of millions of new users to crypto, further expanding the market.
From a crypto native’s perspective, Telegram has long been a popular platform for keeping in touch and sharing ideas within the crypto community. The introduction of Telegram trading bots has revolutionized on-chain trading, making tasks like buying/selling, setting limit orders, and copy trading much simpler. This has led to a proliferation of altcoins and increased competition in the trading space.
While Telegram and TON have made significant progress in improving the user experience and distribution of crypto, there is still work to be done. The development of consumer-facing apps on the Mini Apps platform is still in its early stages, and there is a need for more utility-based applications rather than meme-based content. Regulatory concerns also remain a challenge for the industry as a whole.
Despite these challenges, Telegram and TON are well-positioned to lead the way in bringing cryptocurrency to the masses. Telegram’s co-founder and CEO, Pavel Durov, has expressed a strong commitment to making crypto accessible to everyone. The recent success of $TON in the market indicates growing confidence in Telegram’s ability to drive crypto adoption on a large scale.
In conclusion, while there is still work to be done, Telegram and TON have the potential to revolutionize the crypto industry and make cryptocurrency more accessible to a global audience. With a focus on improving user experience, expanding distribution, and developing consumer-friendly apps, Telegram is paving the way for a future where crypto is widely used by the masses.