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Telegram will conduct auctions through the TON blockchain

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Telegram will auction off some important user names through a new platform based on the TON blockchain. Other items such as channel names, emoji, and stickers will also be auctioned exclusively on this new portal.

Image by Pavel Durov, founder of Telegram.

Last Thursday, Telegram announced that it will begin auctioning off a number of important usernames within the platform.. Usernames are the badge of identity within the social network, identifying the user and allowing the rest of the community to refer to him or her by that name.

Because usernames are unique, some character combinations are more valuable and coveted than others. Telegram has decided to auction off some interesting names, such as, “@tempest“, “@royal” o “@bank“among others. Auctioning or selling usernames is nothing new: trying to get a specific name on social networks such as Instagram or Twitter is a common practice through public auctions or by buying it from other users, but Telegram has taken it a step further by turning directly to Web3.

Realizing the auction, Telegram administration has disclosed that a specialized platform created by The Open Network (TON) blockchain will be used.. Users will be able to bid with the TON token to try to get the highly coveted and interesting social network usernames.

But Telegram founder Durov has already revealed the company’s intentions to create auctions on the TON network based on its previous successes. He cited that auctions for network wallet names have been very successful, highlighting the case of “…”casino.ton“which was sold for $200,000.

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Durov noted that if TON had achieved these results, with its relatively small number of users, the success that Telegram could have with its more than 700 million users might be unimaginable. This initiative was not just about names, Auctions could be extended to other elements of the Telegram ecosystem, such as channels, stickers, or emoji..

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No further details were given as to when the new platform might be operational. Telegram revealed that the development phase is almost complete, so the platform should be available by the end of 2022.

Telegram has been leveraging decentralized solutions through blockchain since 2018 with the “Telegram’s open network“. In the same year, the company would raise $1.7 billion through the sale of the TON token. In October 2019, the U.S. SEC reportedly determined that Telegram had conducted an unregistered securities offering, prompting the company to abandon the project.

Before completely abandoning the project, Telegram decided to offer all the code developed so far for free. This would allow independent developers to continue working on it, until 2022, when the network would be renamed “Telegram.”The open network“.

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