As a seasoned researcher with a penchant for exploring the intricacies of emerging technologies, I find myself increasingly captivated by the potential trajectory of Telegram and its symbiotic relationship with the Open Network. My experiences in studying various global markets, particularly those in Africa, have led me to appreciate the rapid adoption of Telegram in these regions.
Telegram and its independent, distributed network could transform the messaging service into a versatile application offering features beyond just messaging. This might involve social media interaction, financial transactions, entertainment, gaming, and communication tools, similar to the multi-functional capabilities of the widely used WeChat app in China.
As a researcher delving into the world of cryptocurrency applications, I find that Telegram, under the leadership of Gracy Chen, CEO of exchange and wallet provider Bitget, stands out due to its unique symbiotic relationship with the independent Open Network. This partnership, coupled with its robust crypto trading features, sets it apart from competitors and positions it for substantial growth, as I recently learned from Gracy’s interview with CryptoMoon.
“I think the crypto adoption is definitely something that makes telegram stand out among other social media, and that’s indeed one of the reasons we want to be closer to The Open Network ecosystem.”
Additionally, the CEO of Bitget highlighted the rapid growth of Telegram in developing economies, specifically among youth in Africa, as a strong indication that it could evolve into a versatile, widely-used app by countless people worldwide.
Telegram in emerging economies
Chen shared that Nigeria and Egypt have the highest number of Telegram users among African nations. He disclosed that around 54% of adults between the ages of 16 and 64 in Nigeria use Telegram. Egypt isn’t far behind with about 53% adoption, as per Chen’s data.
In simpler terms, Chen explained to CryptoMoon that one reason behind Telegram’s widespread use in African nations is due to its popular tap-to-earn mini-games, which are a significant part of the Telegram community.
Instead, the CEO pointed out, “I believe this isn’t long-term viable; it primarily impacts the short term.” He then explained that WeChat had adopted a similar strategy in its initial phase, encouraging users to engage with mini-games initially, but eventually, those users continued using WeChat for financial transactions and core functions as their primary purpose.
According to the CEO of Bitget, the drop in Hamster Kombat players, which was evident as of November 5, 2024, supports his claim. This popular Telegram tap-to-earn game experienced a significant decline, losing approximately 86% of its user base after reaching over 300 million players at the height of its popularity in July 2024.
As an analyst in October 2024, I found myself captivated by the insights presented in GSR’s report on The Open Network. This forward-thinking crypto trading firm and liquidity provider underscored the network’s significant potential to catalyze widespread adoption of cryptocurrencies and decentralized finance.
Similarly, researchers at GSR suggest that the connection between The Open Network and the Telegram messaging service presents an attractive route for introducing the broader public to the digital assets environment.
Read More
- DYM PREDICTION. DYM cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- Top gainers and losers
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- BNB PREDICTION. BNB cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
2024-11-08 00:55