Pavel Durov: commitment

Transcript context

…Plus there’s a bot API. And I mean you have to tell me about the TON blockchain and the crypto ecosystem available through Telegram. So what is TON aka The Open Network blockchain? TON is a blockchain technology that we initially developed in 2018 and 2019, and we started to develop it because we needed a blockchain platform to be integrated deeply into Telegram because we believe in blockchain. We think it’s one of the technologies that enable freedom. But at the time, if you look at Bitcoin, if you look at Ethereum, they were not scalable enough to cope with the load that our hundreds of millions of users would create. They would just become congested. And I asked my brother, “Can we create a blockchain platform that would be inherently scalable so that no matter how many users or transactions there are, it would split into smaller pieces?” which we call ShardChains and would still process all transactions. And he thought for a few days and said, “Yes, it’s possible, but it’s not easy.” And we started building it. We ended up succeeding in developing that technology, but we couldn’t release it because the SEC, the Securities and Exchanges Commission in the United States was unhappy with the way the fundraise for TON was conducted. So we had to abandon the project and the open source community took over. Luckily because we constantly conducted those contests for third-party developers, there was a thriving community around TON, which now stood for The Open Network as opposed to its prior name, Telegram Open Network. And so this project got eventually launched without our direct involvement. And it’s thriving now because everything we do, like I said, this blockchain based tokenized user names, Telegram accounts are all based on TON and its smart contracts. It’s the only way for third-party developers and creators to withdraw the funds that they earn through our revenue sharing programs. For example, with channel owners, we do a 50-50 split of ad revenues. It’s also the only way to transact on Telegram. For example, if you want to buy ads on Telegram, you should use TON. All the new things we launch, for example, let’s say gifts that we mentioned earlier, which you can define as a reinvented socially relevant NFT integrated into a billion user ecosystem, but at the same time available on chain, transferable, which you can own directly also based on TON. Incredibly fast growing space. We only launched them half a year ago, and now as a result of this Telegram gifts, TON has become I think the largest or the second largest blockchain in terms of daily NFT trading volumes. So yeah, like you mentioned, it is a layer one technology as opposed to being built on top of Ethereum or Bitcoin and it’s able to achieve scale and the speed of transactions that’s needed for something like Telegram. And like you also mentioned the gifts. You recently launched some Snoop Dogg gifts. Is there going to be some other celebrities in the pipeline?…

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