This year, messaging platform Telegram launched its own virtual currency to drive its Telegram Open Network (TON). The role and principle of TON is similar to that of Ethereum. There are many applications in TON, including general apps,services and even stores. Telegram can even be used for money transfers. The company’s crypto currency fundraising round raised $1.7 billion in the pre-sale phase, making it the most attractive crypto currency so far for the year.
According to Bloomberg, social networking giant Facebook is conducting research and development of virtual currency, which is expected to be used for money transfer through one of its largest messaging apps – WhatsApp. To prevent dramatic price volatility, Facebook would consider pegging its virtual currency to the Us dollar.
General social activities including dining out with friends will inevitably require some level of split payments. If you have experience in using payment apps such as PayMe and WeChat Pay, you will find that these payment services are bundled with social networking platforms to form a payment circle between friends. The combination of messaging platform and payment tools is indeed a smart fit.
The two major messaging platform giants Telegram and Facebook not only manage to utilize the overlapping features of payments between friends and social circles, but also to create scenarios of adopting their own virtual currencies. This would mean opening up the economic circle in order to create additional capital chains for themselves.