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An In-Depth Exploration of the Telegram’s Decentralized Wallet

Viola Baranowska
Published: March 6, 2024

Cryptocurrencies and crypto wallets have become an integral part of the modern financial world, offering users many opportunities to manage and multiply their finances.

One of the latest trends in this direction has become using crypto wallets integrated right into messengers, such as TON Space by Telegram.

In this article, we’re going to explore all the ins and outs of TON Space, including its capabilities, advantages, and perspectives.

What Is Telegram’s TON Space?

TON Space is a non-custodial virtual currency wallet developed and released by the Telegram messenger in the fall of 2023.

Telegram's TON Space

The whole development was carried out by a team of enthusiast developers from The Open Network (TON), a project created based on previous decentralized developments within the messenger framework.

Essentially, TON Space is a tool that allows users to manage digital money directly within the application. With its help, users can store, send, and receive funds, check balances, and receive notifications about transactions.

By default, the TON wallet displays the balance in Toncoin (the official cryptocurrency of The Open Network), followed by a window with the total balance of other assets, such as Bitcoins and stablecoins.

Main Functions of TON Space

The TON Space wallet has a wide range of functions, providing convenient and flexible management of user assets.

  • Storage of Funds: TON Space lets you keep your digital money safe and accessible right from the messaging app.
  • Sending and Receiving Assets: With the Telegram storage, you can quickly send or receive digital money to and from other users. Specifically, it’s a simple and fast way to transfer digital assets between people using Telegram.
  • Asset Exchange: The Telegram money holder also has its inner exchange that allows users to swap one type of virtual money for another directly within the app without having to go to external platforms.
  • Notifications and Portfolio Tracking: With TON Space, users can get notifications for different events, such as when they receive or send money. They can also keep track of the value of their holdings in real time.
  • Integration with Bots: Within the messenger, users can connect and chat with special bots that give updates on the market, carry out trading actions, and notify users about changes in their funds.
  • Payment for Services: With the Telegram wallet, you can use cryptocurrency to pay for things like goods, services, subscriptions, and online purchases right from the messaging app.

Advantages of TON Wallet over Other Solutions

Using the Telegram application comes with many benefits, making it easier and faster to manage your digital money.

TON Wallet

First of all, since TON Space is built right into Telegram, so you can quickly access your funds without switching between apps.

Another great thing is that the Telegram wallet easily integrates with your contacts. In other words, you can send and receive crypto from people you know on Telegram without any hassle.

Next, the wallet also makes managing your money incredibly simple. You can send and receive assets with just a few clicks, which saves you time and effort.

Additionally, the wallet easily connects with other features in Telegram, like bots and services, making it even more useful. You can get notifications, trade diverse assets, and do other financial tasks right from your application.

Finally, you can access your TON wallet from any device with Telegram, which adds flexibility and convenience wherever you go. It’s perfect for anyone who wants an easy way to manage their digital money.

How to Use TON Space

To start using TON Space, you need to follow a series of steps:

  1. Register on Telegram: If you don’t have a Telegram account yet, sign up for one. This will give you access to the messenger, where your digital wallet will be integrated.
  2. Configure Your Wallet: In the “Settings” section, choose the currency for your balance display, set the language for the bot, and adjust other settings. You can also opt to show the “TON Space” section, giving you access to The Open Network blockchain for more information about the project.
  3. Add Funds: You can buy assets within Telegram using a bank card or through a peer-to-peer platform. Alternatively, you can transfer crypto from other places using the “external wallet” section.
  4. Enhance Security: Activate two-factor authentication (2FA) for added security. This creates an extra layer of protection against unauthorized access to your wallet.
  5. Review and Confirm: Before finalizing everything, double-check the information you’ve entered and confirm the creation of your online storage.

Transaction Levels of the Telegram Wallet

Understanding transaction limits is an important aspect when setting up your money holder. By default, users begin at the Basic Level, where transactions are capped at 15,000 euros per day. This limit also extends to peer-to-peer purchases.

Moving up to the Plus Level requires identity verification through document submission. At this level, users can transact up to 100,000 euros per day, with the same limit for P2P purchases.

The highest level, Maxi, grants users unlimited incoming transactions and P2P purchases. However, there’s a restriction on card purchases, limited to 35,000 euros per month.

Perspectives of TON Wallet

The TON Space wallet by Telegram offers more than just sending and receiving payments. It allows users to trade, invest, and join different cryptocurrency projects.

Use TON Space

On top of that, it has the potential to become a unique tool for decentralized finance (DeFi). With this, users can make deposits, take out loans, take part in liquidity activities, and perform other operations without relying on middlemen or traditional banks.

Thus, in the future, TON Space could grow into not just a means of exchanging digital assets but also the primary tool for accessing various financial opportunities.

Conclusion

The TON Space cryptocurrency wallet is an exciting new option to make decentralized operations.

By being part of the Telegram messenger, it makes it easy for any individual to perform various operations beyond sending and receiving funds and for any blockchain development company to create incredible new solutions.

With its quick transactions, strong security, and many features, TON Space has all the power to change how people use decentralized assets for the better.

If you need help with a blockchain project and try to find blockchain devs, reach out to SCAND. Our experts can give you the support and guidance you need to bring your blockchain projects to life.

 

Source: scand.com