Pavel Durov, CEO of Telegram, announced a significant development for the messaging platform - Telegram Stars.
This new system functions as a payment method for users to acquire digital products and services directly within the Telegram app, available on both iOS and Android devices.
Telegram Stars utilises its own in-app currency called "Stars." Users can purchase Stars through familiar in-app purchase options offered by Apple and Google.
Additionally, Telegram provides an alternative purchase method via the @PremiumBot on the Telegram app for Android, web, and desktop versions.
Once acquired, Stars are stored in a user's personal balance within their account.
This digital currency allows users to make purchases from various sources within the Telegram ecosystem. These include bots offering digital products like ebooks and online courses, as well as in-game items for Telegram games.
Notably, Telegram has implemented a system to ensure users can try out the new payment system with minimal risk.
The @DurgerKingBot offers a special cake (even if it's a lie, according to the description) that users can purchase with Stars, with the guarantee of a full refund.
Telegram Stars offer significant advantages for developers creating apps within the Telegram platform.
The system adheres to the established digital product sale policies set by Apple and Google, ensuring compliance with these major app store providers.
More importantly, Telegram Stars provide developers with a new revenue model.
Stars earned through user purchases can be converted into TON, the native cryptocurrency of The Open Network, through a platform called Fragment.
A crucial feature of Telegram Stars is its impact on app development costs. While Apple and Google typically take a 30% cut from in-app purchases made through their platforms, Telegram offers a substantial incentive for developers.
As Durov explained,
"Apple and Google take a 30% commission when users buy Stars from them, but Telegram will subsidise ads purchased with Telegram Stars."
This means that if developers choose to reinvest their earned Stars into promoting their apps within the Telegram environment, the overall commission fees they incur are significantly reduced, reaching close to zero.
This financial advantage creates a compelling reason for developers to consider launching their apps on Telegram.
Compared to traditional mobile app stores like Apple or Google, Telegram offers a more economical environment for app development due to the reduced commission fees associated with Telegram Stars.
Over 400 million users interact with bots and mini-apps on Telegram every month. These tools allow users to buy products, access services, play games, and more.
Previously, bots and mini-apps were limited to selling physical products. With the introduction of Telegram Stars, these tools can now seamlessly support payments for digital goods and services as well.
This opens doors for new types of businesses to reach Telegram's massive user base of over 900 million users.
In the meantime, Sphere Labs, a blockchain development company that uses Solana technology, has introduced a new extension for Telegram that allows users to easily transfer money between bank accounts and digital wallets.
This new feature is expected to revolutionise Telegram transactions by incorporating banking services directly into the platform.
Sphere Labs' extension is currently in beta testing, but it is expected to be available to all users later this year.
The extension will allow users to transfer money between their bank accounts and their Telegram wallets quickly and securely, for a small fee of 0.1% per transaction.
This new feature is aimed primarily at users in non-sanctioned countries with USD or EUR bank accounts.
By introducing banking services to Telegram, Sphere Labs is making it easier for millions of people around the world to access financial services.
Telegram's foray into the world of cryptocurrency has been a bumpy one.
Their initial attempt, the Telegram Open Network (TON) and its Gram cryptocurrency, aimed to create a secure and decentralised platform for communication and transactions, capitalising on Telegram's massive user base for widespread adoption.
Despite early enthusiasm, Telegram encountered regulatory hurdles that ultimately forced them to scrap the Gram token.
However, Telegram's interest in blockchain technology didn't disappear.
They shifted gears to focus on supporting the development and integration of blockchain within their existing ecosystem.
This includes enabling payments and withdrawals using TON, demonstrating a practical application of blockchain tech within Telegram and potentially influencing the value of the TON coin.
The introduction of Telegram Stars further highlights their commitment to blockchain integration.
While Telegram's initial cryptocurrency efforts, like the Gram token, faced legal roadblocks, they continue to explore the potential of blockchain technology within their platform.
Just two days ago, on 5 June, CoinMarketCap marked a historic moment for TON as it surged to an all-time high of $7.78. Presently, the value has dipped by a marginal 1.5%, settling at $7.66.
In the span of just 7 days, its value has surged by an impressive 19.55%, showcasing a phenomenal growth trajectory.
Now, riding on this wave of momentum, the token edges closer to a monumental $18 billion market capitalisation, solidifying its position as the commanding 9th most valuable cryptocurrency in the ever-evolving market ecosystem.
The introduction of Telegram Stars presents a fascinating glimpse into the future of Telegram.
It's no secret that Telegram aspires to become the Western equivalent of China's WeChat - a super app that encompasses messaging, payments, and a vast array of mini-apps for various services.
Here, Telegram appears to be one step ahead of Elon Musk's vision for an "Everything App."
By seamlessly integrating in-app purchases and a native digital currency, Telegram is creating a closed ecosystem that fosters user engagement and fuels its own internal economy.
This not only benefits users with a convenient all-in-one platform but also incentivizes developers to build within Telegram's framework.
The question remains: can Telegram successfully navigate the regulatory landscape and user privacy concerns that inevitably arise with such an ambitious project?
Regardless, Telegram's recent developments undeniably position it as a major player in the race for the ultimate messaging and digital services platform.
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