Introduction of Stars: Telegram's New In-App Currency

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by Giorgi Kostiuk

2 years ago

Made with AI

The CEO of Telegram, Pavel Durov, unveiled Stars as a novel in-app currency designed to facilitate the purchase of digital products and services within Telegram mini apps. Stars can be acquired using traditional currency through in-app transactions on iOS and Android or directly within the Telegram platform. They serve as a means for users to acquire digital items from Telegram mini apps. Developers on Telegram can opt to convert their Stars into Toncoin (TON), the preferred cryptocurrency of Telegram, via The Open Network. The Wallet bot on Telegram enables developers and suppliers to further convert their TON holdings into other cryptocurrencies like USDT. Pavel Durov's collaboration with Tether aims to streamline business operations on Telegram, attracting more investors to the platform. Moreover, developers stand to benefit as they retain 70% of the revenue from in-app purchases, enhancing the appeal of Telegram as a vibrant marketplace for vendors and content creators. The introduction of Stars and their integration with Toncoin demonstrates Telegram's commitment to enhancing digital transactions on its platform. The partnership with Tether and the success of Telegram's cryptocurrency ventures underscore the platform's potential in the evolving digital economy.

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