The participants delved into the innovative technology and product forms of the Telegram TON ecosystem, jointly outlining an exciting future blueprint.
Dear TON community members, we have just successfully concluded the splendid 2024 TON Shenzhen Developer Conference. The event was meticulously organized by the TON Foundation and received strong support from several well-known institutions and communities, including TownSquare Labs, TON xFans, OpenBuild, Techub News, MetaEra, Kenetic Capital, and the Shenzhen Blockchain Technology Application Association. At this exciting conference, the participants delved into the innovative technology and product forms of the Telegram & TON ecosystem, jointly outlining an exciting future blueprint.
We were fortunate to have several industry leaders from the TON ecosystem deliver excellent speeches.
TON Foundation — Vivi
First, Vivi opened the speech. Vivi stated that the TON ecosystem is experiencing vigorous development, attracting numerous gaming, e-commerce, and lifestyle service projects, covering experiences from Web2 to Web2.5 and then to Web3. Recently, there have been several gaming applications with user bases in the hundreds of millions and tens of millions, capturing not only sustained user attention but also demonstrating high user stickiness.
These applications have not only built sustainable business models centered around user needs and payments but are also actively exploring profit models supported by advertising. It is worth noting that the user base attracted by these applications is mainly ordinary users outside the Web3 domain, highlighting the gradual market focus on the "fat application + lean protocol" model centered around user needs.
By providing user-friendly gaming experiences and seamless user interfaces, Telegram and TON are working to lower the barriers for traditional users to transition to blockchain projects, thereby driving the widespread adoption of encryption. This strategy not only accelerates the acceptance of blockchain technology by traditional web2 players but also injects new vitality into the TON ecosystem, heralding the deep integration and widespread application of blockchain technology in the internet industry.
TON is also steadily expanding its influence in the cryptocurrency field, especially in the stablecoin market. Recent data shows that the authorized issuance of USDT on the TON chain has increased to approximately $580 million, a significant milestone that elevates TON to the sixth-largest blockchain platform in terms of USDT issuance globally. Among all networks supporting USDT, TON has shown the fastest growth rate to date, reflecting not only the market's trust and demand for the TON platform but also the maturity of its underlying infrastructure and the expansion of its user base.
TownSquare Labs: "Universal Account: Achieving Chain Abstraction in the TON Ecosystem" by Maxwell
Next, Maxwell from the TownSquare Labs team presented a solution for achieving chain abstraction in the TON ecosystem. TownSquare Labs is an official partner of the TON Foundation, dedicated to promoting the technical ecosystem development of TON in the Asia-Pacific region.
The essence of chain abstraction is to address the fragmentation and degradation of user experience caused by the parallelism and modularization of multiple chains in the web3 industry.
Looking back at IT history, several large-scale technology adoptions have been driven by innovations in user interfaces. In 1973, Xerox PARC introduced the graphical user interface (GUI), which realized the "what you see is what you get" (WYSIWYG) interactive experience of operating systems, leading personal computers into countless households. In 1993, the first web browser, Mosaic, allowed ordinary computer users to access the World Wide Web, promoting the popularization of the internet. In 2007, Apple released the iPhone, which with its simple and intuitive touchscreen interface, ushered in the era of mobile internet. The success of each product is inseparable from shielding the underlying technical details and abstracting user-friendly interfaces to impress consumers, enabling the large-scale application of new technologies.
Maxwell believes that the current web3 ecosystem is undergoing a narrative shift from "fat protocol" to "fat account." The traditional narrative of "fat protocol" emphasizes that the underlying protocol will capture most of the value, incentivizing VCs and project parties to invest heavily in repetitive infrastructure construction, leading to fragmented liquidity and degraded user experience. The "fat account" narrative, on the other hand, is centered around users, providing solutions such as customizable fees, social recovery, permission management, liquidity aggregation, fast confirmations, and better privacy protection.
The integration of Telegram and TON represents the "iPhone moment" in the web3 field. Leveraging Telegram's user base of 900 million, TON has been rooted in scenarios of large-scale application since its inception. Telegram incorporates features such as the hosted wallet @Wallet and the self-hosted wallet TON Space, allowing users to seamlessly experience DeFi, GameFi, SocialFi, and more. Ecosystem participants can also enjoy revenue sharing from advertising, content creation, and physical goods trading through incentive programs. Due to its privacy-focused product genes and open platform ecosystem, Telegram serves as the user gateway for numerous public chain applications besides TON, naturally suitable for bridging the user experience gap between web2 and web3.
Currently, the native account abstraction supported by TON can already achieve feeless transactions and customizable fee tokens, greatly enhancing the user experience. However, it is still insufficient to address the current fragmentation and user experience issues. TownSquare Labs has introduced a chain abstraction solution based on the TON ecosystem, the Universal Account, which will bring significant feature upgrades to the TON ecosystem, including full-chain accounts, full-chain gas abstraction, and full-chain liquidity aggregation, among others.
Imagine that users only need to hold the private key of Telegram's local self-hosted wallet to control accounts on other blockchains and initiate transactions. The transaction fees can be based on stablecoins or customized tokens, can be paid by third parties, and can enjoy liquidity from the entire chain.
In the future, the widespread adoption of web3 will be when users are indifferent to the complex underlying infrastructure, just as web2 users today do not need to care about which cloud service provider hosts the servers behind the internet applications they access or what technology stack is used. To achieve a better user experience, it is necessary to build and integrate a series of infrastructure layers, including application layer, permission layer, matching layer, and settlement layer. This future is the direction that TownSquare Labs and numerous web3 practitioners are striving for.
Kenetic Capital: "Considerations on TON Cross-Chain Bridge Architecture" by Liang, Co-founder of TON xFans & Chief Researcher at Kenetic Capital
Next, Liang from TON xFans and Kenetic Capital summarized three approaches to implementing cross-chain bridges for TON, namely atomic swaps, lock mint/unlock burn, and liquidity swap. Among them, lock mint/unlock burn is a common implementation approach for current Layer2 projects.
Liang also provided an overall explanation of the core ideas and related contract codes for implementing the cross-chain bridge between TON and EVM chains. The core modules include the EVM-side and TVM-side bridge contracts, as well as the bridge services bridging the contracts on both sides.
Liang also introduced the TON Layer 2 expansion solution invested by Kenetic Capital — Atlas Protocol, which has already opened a test network and cross-chain bridge services and is expected to officially launch on the mainnet in the second half of the year, supporting developers in seamlessly migrating Ethereum applications to the TON ecosystem.
Junlv: "Reflections on Delegated Investment in the TON Ecosystem"
Next, Jun, as the speaker, proposed and discussed the theme of "Reflections on Delegated Investment in the TON Ecosystem." In the speech, Jun delved into the differences between traditional funds and crypto delegated funds, analyzed the user characteristics of different ecosystems, and proposed an innovative idea of establishing mini-funds similar to ETFs in the TON ecosystem.
Jun first detailed the significant differences between traditional funds and crypto delegated funds in terms of management, transparency, liquidity, and risk control. He pointed out that traditional funds typically have higher management fees and lower transparency, while crypto delegated funds achieve higher transparency and lower management costs through blockchain technology, and also have higher liquidity.
Jun analyzed the different user characteristics of the Telegram ecosystem compared to the Solana and Ethereum ecosystems. Telegram ecosystem users tend to focus on social and instant messaging, emphasizing privacy and security; Solana users are more concerned with high performance and low transaction fees; Ethereum users are primarily interested in decentralized applications (DApps) and smart contracts. These differences provide important references for the design of investment products in the TON ecosystem.
Building on this, Jun introduced and explained two approaches of Blackstone Funds to BTC spot ETFs. Firstly, Blackstone Funds ensure the security and legality of the fund through strict regulation and compliance measures. Secondly, they achieve stable returns and low risk through flexible investment strategies and risk management. These successful experiences provide valuable insights for the design of funds in the TON ecosystem.
Jun then proposed the idea of establishing mini-funds for multi-currency spot ETFs in the TON ecosystem. This fund, through diversified investment portfolios, matches the low-risk and high-yield characteristics of the TON ecosystem, providing investors with more convenient and secure investment options in a flexible manner. This innovative idea has received high attention, and Jun looks forward to collaborating with all parties to jointly promote the realization of this innovative model, injecting new vitality into the TON ecosystem.
TONARK: "Discussion on the Technical Path and Use Cases of ZK Oracle on Ton"
Finally, Chris, co-founder of TONark, discussed their technical path to implementing ZK Oracle on TON. Chris stated that ZK Oracle can not only replace traditional oracles to provide price feeding functions but also, due to its zk properties, can ensure the accuracy of price feeding and avoid liquidation risks caused by malicious attacks.
ZK Oracle can also effectively avoid the leakage of KYC information. Through zk calculations, core information can be hidden while achieving decentralization, and data does not exist on the chain. No need to upload to any server, verification can be completed locally, greatly reducing the risk of KYC leakage, making more users willing to accept KYC.
The Tonark team has also made corresponding designs for the recently popular TON gaming sector. Due to the tamper-proof nature of zk, it is impossible to gain profits through cheating. ZK Oracle can verify the authenticity of game events and social interactions without revealing specific data, helping project parties analyze user data. Additionally, in some computationally intensive environments, off-chain calculations can ensure speed and reduce costs.
Chris also mentioned that ZK Oracle will be first used in the decentralized lending protocol developed by Tonark on TON, which will be officially launched soon.
This summit attracted many developers, entrepreneurs, and investors from the Web3 field, and their enthusiasm far exceeded our expectations. TON has taken a different path and has become a shining star in the Web3 world. The full house at the venue clearly demonstrates the vitality that TON brings to the blockchain industry. The vision of TON is no longer an unattainable dream but a rapidly growing ecosystem and continuously expanding technological boundaries.
Sincere thanks to all the participants for their active participation. Let us work together with passion and ideals to jointly compose a brilliant future for Telegram & TON!
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