In April 2022, we introduced a minimum amount for withdrawals and explained that it was necessary in order to prevent loss of liquidity when processing withdrawals.
Two months ago, due to a security incident, we had to temporarily disable withdrawals on TON, Hive and HBD, our supported assets up to this day. It was a security measure to prevent more funds to be stolen, while we started completely redesigning our entire withdrawals mechanism.
Ledger blockchains introduced a way to distribute and decentralize finances, creating an ecosystem without central authorities. Payments sent between wallets in the blockchain stay recorded forever in the public transactions book. And, what can you do if you'd like to transfer funds to a friend without having your transaction public forever?
Most exchanges and payment gateways require a memo for every TON deposit. "Don't forget the MEMO"... That's the easiest strategy to check transactions, in fact, we were doing it like that, until today. It works, but it's not scallable to met customers requirements.
The TON blockchain stores transactions and smart contracts in two networks: a test network, named testnet, and a real network, named mainnet. The testnet is used for... testing. 😅 Developers use it to test their bots, apps, and platforms before releasing them to the mainnet.
TelePay is a payments gateway, it works like a wallet, but it is not 100% a wallet, but more: our main work is to handle incoming payments, on which we charge 0 fees. We even manage internal transfers of tokens of any kind, without charging fees too.
Hive is a fast, scalable, and powerful blockchain, hosting web3 decentralized apps like social media platforms, DeFi, games, NFTs and even streaming apps. It is designed with "widespread adoption of the currency and platforms in mind; by combining the lightning-fast processing times and fee-less transactions, Hive is positioned to become one of the leading Web3 blockchains used by people around the world".
As we explained in our launch post, TON is currently the fastest-growing blockchain ecosystem. This is the first post of a series on how to start and grow in TON.
We gladly present TelePay, our new payments gateway for you to handle your crypto payments, manually via the dashboard or automatically via the API.