Generative Data Intelligence
Telegram Launches In-App Payment Token Called Stars
Date:
Telegram, the widely-used messaging platform, has introduced a thrilling new feature: a digital payment token named Stars, available within the app. This cutting-edge feature enables users to effortlessly make in-app purchases on both iOS and Android devices.
Telegram CEO Pavel Durov has stated that mini app developers can use Stars to process payments for digital services. Moreover, these developers have the ability to exchange their Stars for Toncoin (TON), the native cryptocurrency of The Open Network, through the Fragment exchange platform.
On the announcement day, TON experienced a notable increase, rising by 10% and earning a place in the top 10 cryptocurrencies based on market capitalization. This jump indicates a rising level of trust and curiosity regarding Telegram's incorporation with the TON ecosystem.
Durov emphasized the adaptability of Stars by saying, “Mini app developers have the option to convert their Stars to TON through Fragment. Additionally, they can leverage Stars to boost their app visibility on Telegram with special advantages!” This provides a strong motivation for developers to participate in Telegram’s ecosystem and its emerging digital marketplace.
The launch of Stars comes at an ideal moment, coinciding with the rapid surge in popularity of mini apps on Telegram. These small applications have been drawing in millions of users every day, fostering a dynamic environment within the messaging platform. A notable example is Hamster Kombat, a simulator game that has gained significant attention. In this game, players can enhance their earnings by buying "upgrade cards" and finishing quests.
Hamster Kombat has just revealed that it has attracted millions of users, making it the top channel on Telegram based on user count. This achievement highlights the promising opportunities for small applications to succeed on the Telegram platform.
Durov thinks that the rising trend of mini apps has firmly established Telegram as the top platform for introducing new applications. He commented that "Stars and advertising support elevate this to a level never seen before in social media history."
Aside from enabling in-app transactions, Telegram's Stars program also deals with the revenue-sharing dynamics involving major tech companies Apple and Google. When users buy Stars via these platforms, Apple and Google each take a 30% cut. Nonetheless, Telegram has come up with a plan to help reduce this expense for developers.
Durov clarified that Telegram will support advertising bought with Telegram Stars. This implies that developers who decide to use their Stars to advertise their applications can do so without facing extra commission charges. The purpose of this subsidy is to motivate developers to enhance their app exposure and expansion within the Telegram platform, benefiting both the developers and Telegram.
Telegram's entry into digital payments isn't their initial venture into cryptocurrency. Back in April, they introduced Tether (USDT) on the TON blockchain, working together with the stablecoin's issuer. This collaboration was designed to boost crypto usage via Telegram, offering users a wider range of financial tools and options within the platform.
The launch of Stars underscores Telegram's dedication to blending cutting-edge financial technologies, building an engaging environment for both developers and users. As the digital world progresses, Telegram keeps pushing boundaries, providing its extensive user community with fresh opportunities to connect, conduct transactions, and succeed.
The introduction of the Stars token by Telegram represents a major advancement in the app's development, merging social networking with digital transactions in an innovative and accessible manner. This initiative allows for smooth in-app transactions and provides developers with creative methods to earn revenue and market their applications. Telegram is pioneering a new benchmark at the crossroads of messaging services and digital finance.
As mini apps continue to expand and cryptocurrency is strategically implemented, Telegram is set to stay at the cutting edge of tech innovation, boosting engagement for users and success for developers within its platform.
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