Telegram founder suggests ‘NFT-like smart contracts’ to auction usernames

Pavel Durov, the founding father of encrypted messaging software Telegram, has floated the concept of a market that might make the most of “NFT-like good contracts” to public sale highly-sought after usernames. 

Durov made the suggestion after the “success” of area identify auctions by The Open Community (TON), a layer-1 blockchain initially designed by the Telegram staff. The blockchain mission launched the TON DNS service, enabling customers to assign human-readable names to crypto wallets, good contracts and web sites in mid-July.

In a message to his private Telegram group named Durov’s Channel on Tuesday, he noted that he was “actually impressed by the success of the public sale TON just lately performed for his or her area/pockets names.”

“Think about how profitable Telegram with its 700 million customers might be if we put reserved @ usernames, group and channel hyperlinks for public sale,” he stated. 

Durov instructed that Telegram might faucet into related know-how to roll out a brand new market that might be used to purchase and promote “catchy addresses like @storm or @royal, and all four-letter consumer names:”

“This could create a brand new platform the place username holders might switch them to events in protected offers — with possession secured on the blockchain by way of NFT-like good contracts.”

“Different components of the Telegram ecosystem, together with channels, stickers or emoji, might later additionally turn into a part of this market,” he added.

The primary auctions on TON DNS went stay on July 30, and very similar to the Ethereum Identify Service (ENS) “.eth” domains, the “.ton” variant permits customers to entry decentralized functions in a easy method without having to sort a protracted string of letters and numbers from their pockets addresses.

The TON community makes use of the FunC programming language for the TON Digital Machine and to launch particular good contracts on the blockchain. If Telegram have been to launch NFTs, they might almost certainly be primarily based on this commonplace.

An analogous integration would seemingly be fairly easy for Telegram, provided that Durov and his staff developed TON, previously referred to as the Telegram Open Community, alongside the messaging app again in 2018.

“Our staff can write bullet-proof good contracts for TON (because it was us who invented its smart-contract language), so we’re inclined to check out TON because the underlying blockchain for our future market,” he wrote.

TON was initially developed to perform as a digital funds platform for Telegram. Nevertheless, it promptly bumped into bother with the US Securities and Change Fee (SEC) concerning an unregistered preliminary sale of $1.7 billion of Gram tokens.

Associated: Prosecutors wish to declare NFTs as securities, alleges authorized staff of former OpenSea worker

After dropping the courtroom battle with the SEC in mid-2020, Durov stepped away from the mission to deal with Telegram. Since then, open supply builders have revived the mission below the banner of The Open Community.

The TON community makes use of a proof-of-stake (PoS) consensus mechanism, and it helps numerous options reminiscent of staking, NFTs, and decentralized functions. In response to knowledge from CoinMarketCap, its native asset Toncoin (TON) has pumped 14.70% over the previous 24 hours to take a seat at $1.33 on the time of writing.

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