If you didn’t know, popular instant messaging app – Telegram – has its own blockchain called the Telegram Open Network (TON) which was launched late last year. During its closed Initial Coin Offering (ICO) earlier in 2018, it successfully raised about $1.7 billion, bought in its entirety by private investors for the GRAM token. Now, it has been officially announced that the Button Wallet will be one of the first fully decentralized applications (dApps) to be launched on the TON.

About Button Wallet

According to the blogpost written by Nick Kozlov, the dApp’s Chief Technical Officer (CTO), Button Wallet will be incorporated with Telegram and available to its over 300 million users. The official website for the dApp also has it that:

“Button focuses on optimizing usability and security for users looking to split the finances of shared experiences with friends…Whether needs are compensating someone for a small freelance gig, tipping a barista, or sharing a meal with friends, Button users can send funds to their friends using only Telegram usernames.”

The Button wallet supports Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Waves, Stellar Lumens (XLM) and ERC-20 tokens. The app also allows US locals to buy cryptocurrency with U.S. Dollars.

Telegram Open Network Development Team

The publication, amongst other things, mentions the hard work and expertise of the developers that worked on Button Wallet.

“We launched TON lite client and deployed an example smart contract to testnet.

Right now developing experience is a bit challenging and unfriendly. Lite client is written on C++ and looks like it’s perfectly written. TON team is really good at writing code.”

The post also mentions some more details about the whole process. It mentions specifics about the TON and makes comparisons between it and other different blockchain endeavours including Cosmos and Polkadot.

Kozlov also explains in the post, that sharding is how the TON developers intend to scale the app’s users, currently numbering more than 300 million. According to the post:

“TON will have a masterchain and shardchains. Every shard is a blockchain that allows communicating with another shard. Shardchains can communicate with each other using Hypercube routing. TON [has] a virtual machine that can manipulate data between shards. All TON data is represented as cells linked to each other.”

More on the TON

It’s important to note here that the Telegram ICO is one of the most striking offerings in the history of crypto as it nearly raised $2 billion. All that’s needed is for the GRAM to be able to perform as close as possible to its initial value. If this successfully happens, GRAM could potentially shoot to the top of the biggest cryptocurrencies in the industry, according to market capitalization.

Other Crypto Projects

It recently came to light that Facebook is actively working on its own “Globalcoin”? When this is successfully launched, Facebook, the most popular social media platform in the world, could easily and singlehandedly account for a large and unprecedented influx into the crypto market.

At the moment, no one can really say whether Facebook and Telegram’s large number of users will stick to the assets and the channels embedded in their apps or if they will look to other cryptocurrencies including Bitcoin and Ether.

The views and opinions expressed in the article Telegram’s New “Button Wallet” dApp to Drive Crypto to 300 Million Users as TON’s First dApp do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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