The company made the announcement on Thursday that it would shortly be releasing a username auction platform based on The Open Network (TON) blockchain. This latest update substantiates the claims made by Pavel Durov, the founder of Telegram, in his initial August disclosure of the project.
There are some usernames that fetch a price tag of more than $200,000, such as "casino.ton." "Imagine the potential of a similar success with this new project," he said. "If The Open Network can achieve these results, imagine the potential of a similar success with this new project."
More than 700 million people are signed up to use Telegram. He went on to say that other aspects of the Telegram app, such as stickers, channels, and emojis, could later become a part of this newly developed feature at some point in the future.
The practice of buying usernames with real money is not new in the cryptocurrency industry. For instance, on Ethereum, there have been hundreds of thousands, possibly even millions, of people who have paid for usernames.
Despite popular belief, this is not a Web3 phenomenon. There are a lot of people who use social media who find it difficult to get the username they want because someone else is already using it. Because of this, they are more likely to go above and beyond in their efforts to secure the username they want.
The process of requesting a username on a platform such as Twitter or Instagram is explained in some video tutorials that can be found online. In addition, training is provided regarding the reassignment of unused usernames as well as other complex copyright schemes.
Hacking into the social media accounts of other users is a practice that is used by certain services and users to acquire usernames. In 2018, Telegram initiated research and development on a blockchain-based solution and began work on the Telegram Open Network.
A private sale of TON tokens brought the social media company additional revenue of up to $1.7 billion. In October 2019, the United States Securities and Exchange Commission (SEC) accused Telegram of engaging in the unauthorized sale of its TON tokens, and the SEC subsequently filed a lawsuit against the company.
As a direct consequence of this, the company decided to pull out of the project in 2020 due to the excessive amount of pressure exerted by the regulators. Despite this, open-source developers continued to work on the project and this year made the decision to rebrand it as The Open Network and launch it in a live mainnet environment.
Telegram's Userbase Keeps Growing
The statistics provided by BusinessofApps indicate that there are more than 700 million active users of Telegram. It is also one of the common social media apps in countries like Iran because of its end-to-end encryption that allows anonymous messaging. Some online video tutorials suggest ways to make username requests on a platform like Twitter or Instagram. In addition, it is one of the most common social media apps in countries like Iran. In addition, training is provided regarding the reassignment of unused usernames as well as other complex copyright schemes.
Hacking into the social media accounts of other users is a practice that is used by certain services and users to acquire usernames. In 2018, Telegram initiated research and development on a blockchain-based solution and began work on the Telegram Open Network.
A private sale of TON tokens brought the social media company additional revenue of up to $1.7 billion. In October 2019, the United States Securities and Exchange Commission (SEC) accused Telegram of engaging in the unauthorized sale of its TON tokens, and the SEC subsequently filed a lawsuit against the company.
As a direct consequence of this, the company decided to pull out of the project in 2020 due to the excessive amount of pressure exerted by the regulators. Despite this, open-source developers continued to work on the project and this year made the decision to rebrand it as The Open Network and launch it in a live mainnet environment.
Telegram's Userbase Keeps Growing
The statistics provided by BusinessofApps indicate that there are more than 700 million active users of Telegram. As a result of its end-to-end encryption, which makes anonymous messaging possible, it is also one of the most widely used social media apps in countries like Iran.
