The Open Network (TON) has announced the launch of its new messaging feature. This component will enable users to share messages and transaction details privately on the blockchain.
The Open Network Introduces Encrypted Messaging Feature
On Monday, July 3, the TON Foundation announced the introduction of an on-chain encrypted messaging feature, which will enable secure communication between its network users. This new feature is an upgrade to the previous messaging service provided by the platform.
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Indeed, users have always been able to send messages – tagged to financial transactions – to each other. However, these messages were unencrypted and completely open to the public.
With the new feature, users will now be able to transmit messages that are encrypted end-to-end, accessible only to the sender and recipient. This update is expected to introduce a fresh layer of privacy to the blockchain.
According to the network’s announcement, the encrypted messaging feature is now available on various retail wallet apps, including MyTonWallet and OpenMask. It also mentioned that this feature will be available in the upcoming update for TON mobile wallets and the Tonkeeper wallet.
The Open Network is a blockchain-based technology originally created by the Telegram team – but completed by the TON Foundation. The network’s developer claims that the decentralized blockchain offers better scalability and transaction speed than its counterparts in the Web3 ecosystem.
TON Announces Network Growth In 2023 Q2
The new encrypted messaging feature is one of the numerous efforts being made by The Open Network to enhance its technology and ecosystem. In June 2023, the blockchain introduced a burn deflationary mechanism, which incinerates 50% of the network fees in order to decrease Toncoin’s circulating supply.
Toncoin is the native cryptocurrency of The Open Network. According to CoinMarketCap, the coin currently trades at $1.39, with a trading volume of over $6.7 million. The token has a market cap of roughly $4.77 billion, making it the 16th-largest cryptocurrency in the market.
TONUSD trading at $1.4014 | Source: TONUSD chart from TradingView
In May, the Foundation announced a $25 million accelerator program to encourage app developers to use the network. This was in a bid to rebuild the network and attract new Web3 developers and builders.
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It appears that these efforts are beginning to yield positive results. According to its quarterly report, The Open Network saw its total accounts and transaction volume rise to 2.88 million and 173 million, respectively, in the second quarter.
Meanwhile, the Total Value Locked (TVL) on the network soared by 2,200% in the last quarter, thanks to the protocol’s liquidity mining rewards campaign launched in May.
Featured image from Good Audience, chart from TradingView
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