Telegram’s Web3 ‘Enhancements’ Built On Old Foundations

The CEO of Telegram, Pavel Durov, recently indicated that a new series of Web3 improvements are soon on the way to the messaging platform. Durov also mentioned the future of a username and channel link marketplace where users could use them much like Ethereum Name Service addresses.

While digital companies are waking up to the benefits of Web3, NFTs (non-fungible tokens), and other crypto-related platforms, the potential for what these digital marketplaces can do for corporations is still in the air. Telegram is one of the cryptosphere’s most trusted messaging services. Web3 enhancements make a lot of sense.

The TON network saw over 2,000 domains sell, with some going at prices higher than a quarter of a million dollars. Unfortunately, Telegram abandoned its TON blockchain project in 2020 because of a restraining order brought on by the U.S. Securities and Exchange Commission (SEC) for selling unregistered securities. However, Telegram is still involved with the TON network and it seems Durov wants to replicate where TON went right.

The CEO stated, “If TON has achieved these results, imagine how successful Telegram with its 700 million users could be if we put reserved @ usernames, group, and channel links for auction.”

Creating a Web3 marketplace would allow users that currently own Telegram usernames to sell these to third parties while receiving payments for digital property, like users selling NFTs. Group names can also be included with their identities purchased by companies or third-party dealers. There is also the possibility of sticker packs and emojis also being in the mix.

Durov said Telegram will build the new enhancements on the foundations of TON, which would speed up getting the platform online. The company knows smart contracts’ infrastructure as it was originally built by Telegram.

“When it comes to scalability and speed. TON probably has the best technology to host such decentralized sales…we are inclined to try out TON as the underlying blockchain for our future marketplace,” Durov said.

Durov stopped short of offering up any more details. However, he did hint that these improvements could be seen in weeks. Telegram implemented TON into its platform in May 2022 all while allowing users to trade the currency of the TON network, TONcoin.

Ethereum’s Name Service (ENS) has followed the path of conventional domain names and had more than 1.8 million registered users at the end of July 2022. July saw 378,000 .eth domains registered, and garnered a monthly record of 5,400 Ether (Eth) in revenue. The month also had OpenSea volume above 99%.

Nick Johnson, founder and head of the development team of ENS, highlighted the initial goal of the project and the success that followed. Johnson mentioned two plans held above all others, which were naming Ethereum accounts and decentralized resources such as Swarm and Interplanetary File System (IPFS).

In May of this year, a Chinese collector paid over $160,000 for an ENS domain name. The collector purchased the 555.5 ETH domain name for 55.5ETH. This single purchase had a profound effect on the surge in ENS domain total sales from late April into early May.