Telegram Unveils “Stars”: A New Way to Pay for In-App Goods and Services
Popular messaging platform Telegram is shaking things up with the introduction of “Stars,” a new in-app currency specifically designed for buying digital goods and services within the platform.
This move, announced by Telegram CEO Pavel Durov on June 6th, aims to simplify in-app purchases for both users and developers. “Stars” offers a streamlined payment method compared to traditional options, leveraging familiar in-app purchase systems on Android and iOS devices.
Durov’s announcement highlighted the advantages “Stars” brings to developers. They can not only use Stars for purchases, but also convert them into Toncoin (TON), the native cryptocurrency powering Telegram’s “The Open Network.” This conversion happens through Fragment, a platform commonly used for buying and selling Telegram usernames. Furthermore, developers can utilize Stars to promote their apps directly within the Telegram platform.
Durov acknowledged the hefty 30% commission fees charged by Apple and Google for digital product sales. To incentivize developers and make Telegram a more attractive platform for them, Telegram will subsidize advertisements purchased with Stars on these platforms. This effectively reduces the overall commission to a negligible amount, making Telegram a more economically sound option for launching apps compared to traditional mobile app stores.
Future of Stars: Beyond Payments
The future holds even more possibilities for Stars. According to a Telegram post on June 6th, upcoming updates will introduce additional features and functionalities, including the ability to send Stars as gifts to content creators.
Telegram already boasts a thriving ecosystem of bots and mini-apps, with over 400 million of its 900 million users interacting with them each month. The launch of Stars seamlessly integrates with this existing framework, offering a convenient payment solution for users and developers alike.
Telegram’s Crypto Embrace
Telegram’s commitment to cryptocurrency extends beyond Stars. In April, the platform partnered with Tether (USDT), a prominent stablecoin issuer, to integrate USDT onto the TON blockchain. This move aims to facilitate wider adoption of cryptocurrency within the Telegram ecosystem. As Justin Hyun, director of investments for the TON Foundation, stated to Cointelegraph, users no longer need to navigate complex barriers to acquire different cryptocurrencies or tokens.
While Toncoin (TON) recently reached a record high of $7.65 just 36 hours before the announcement of Stars, its price has since settled around $7.50. Despite this slight dip, TON maintains a healthy market capitalization of $18.2 billion, although still short of its peak of $25.2 billion set in mid-April.
The launch of Stars marks a significant step for Telegram, offering a user-friendly and cost-effective way to purchase digital goods and services within the platform. This move, coupled with their existing crypto initiatives, positions Telegram as a strong contender in the evolving landscape of digital payments and blockchain integration.
