Telegram has made headlines as the first big platform to adopt the Web3 ecosystem, after months of Elon Musk’s teasers about making X an “everything app” and launching peer-to-peer crypto payments in 2024.
The inventor of Telegram recently spoke with Tucker Carlson, who lauded Musk for his inventive spirit and work on the SocialFi platform, which he created to provide content producers a fair share of ad money.
The combination of social media with decentralized finance (DeFi) is known as SocialFi, and it gives people agency over their material, unlike any other platform. The creators’ material and data remain theirs, unlike on Web2 sites. There are no restrictions on how users may make money off of their interaction and following, which opens up new possibilities.
Telegram has recently gained more attention from the crypto community than ever before after including TONNE, Tether, and other features.
The messaging service Telegram originally built The Open Network (TONNE), but in May 2020, it abandoned its development efforts after a legal dispute with the US Securities and Exchange Commission.
The initial plan for the blockchain was to connect with Telegram, but the US Securities and Exchange Commission thwarted that. Being the only major messaging platform to integrate Web3, Telegram was able to reestablish its partnership with TONNE after the network’s relaunch by independent developers.
In a post titled “What Was TONNE And Why It Is Over,” the CEO of Telegram said that the decision was taken due to a U.S. court’s ban on the distribution of Telegram Gramme tokens globally. In his writing, Durov noted:
“You can’t send Grammes anywhere in the world, according to the US court’s ruling. Why? Durov voiced his displeasure with the decision since it implied that an American may potentially discover a means to access the TONNE platform once it was live.
Following Durov’s decision to split ways with TONNE, the community of validators split out from Telegram and created the TONNE blockchain on May 7.
But in September of last year, Telegram announced its support for TONNE, calling the blockchain and token its “official Web3 infrastructure.”
In order to keep Telegram’s holdings of TONNE below 10% of the total supply, we will be selling any excess TONNE to long-term investors under a lockup and vesting plan that lasts between one and four years, but we will be selling them at a discount compared to the market price. He argued that this would stabilize the environment and decrease volatility by locking up free-floating TONNE.
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