Blockchain-based platform EthSign integrates e-signing to Line, Telegram

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Electronic signing platform EthSign has recently introduced an e-signature feature similar to DocuSign within the platforms of Telegram and Line, which have incorporated crypto features in recent months.

Supported by all three divisions of Sequoia—Sequoia Capital, Sequoia Capital India and Sequoia Capital China (now HongShan)—EthSign seeks to offer a web3 alternative to DocuSign, promising an extra layer of transparency and trust. Its goal is to persuade people that blockchain-based contract signing is better than the conventional method.

“For one, it’s much easier to authenticate the identity of each signing party and see a history of their interaction with the signed document,” explained EthSign’s cofounder and CEO Xin Yan.

Yan highlighted that if a traditional e-signature service provider shuts down, there might be a risk of losing users’ signature records, a problem not associated with distributed ledger technology. Additionally, he emphasized that one of blockchain’s most promising features is the immutability of data once it’s signed.

EthSign utilizes TON, Finschia networks to enable e-signing

EthSign operates on the blockchain networks on TON and Finschia, and is integrated into messaging platforms like Telegram and Line. Once users link their crypto wallets to these messengers, they can utilize EthSign to sign documents.

EthSign is now available on Telegram as a mini app. It notifies users of pending documents for approval. When a contract is opened, users are asked to connect their crypto wallets and scroll to the bottom to sign. EthSign then requests access to users’ wallet addresses to create tamper-proof signatures on the blockchain.

EthSign is among several web3 projects developing on TON, which is Telegram’s blockchain partner. This collaboration assists the messenger in progressing towards its goal of becoming a super app similar to WeChat, as reported by TechCrunch.

Additionally, EthSign is already operational on Line as a web app and has entered into a memorandum of understanding with Finschia for expanded integration soon.

The concept of enabling unchangeable signatures on messaging apps is not new. In 2018, a mini app named “Little Protocol” was introduced on WeChat. This feature allowed users to link themselves to an agreement using their WeChat IDs, storing the document’s content on Ethereum. It quickly gained over 100,000 visits overnight. Nonetheless, within 48 hours, WeChat removed the app.

So far, EthSign has linked to around 250,000 unique wallet addresses. Although it is currently free to use, it aims to transform into an attestation service platform in the future. Instead of following the traditional subscription-based software as a service (SaaS) model, EthSign plans to charge for attestation, verification and other user activities.

“To attest information on-chain is to bring trust to the on-chain world, where the most promising use case is vampire attack,” said Yan.

Telegram to become super app

Telegram, a widely-used messaging app with 800 million monthly active users globally, is moving towards embracing an ecosystem strategy similar to WeChat’s super app approach, as per TechCrunch. To achieve decentralized aspects within its ecosystem, Telegram is working with the TON Foundation and Tencent, the owner of WeChat.

TON Foundation, for instance, lays the blockchain foundation for Telegram but operates independently as its organization.

Recently, the TON Foundation declared its alliance with Tencent Cloud. It has already aided TON validators and aims to extend its services to support TON’s substantial computational and network bandwidth requirements. Validators, in web3 terms, are participants responsible for validating transactions in a blockchain network.

“For example, Telegram games built on TON can benefit from Tencent Cloud’s enriched gaming solution and reference cases,” said TON in an announcement. “For all projects built on TON, Tencent Cloud will offer, subject to approval, a dedicated amount of cloud credits and product discounts, made available through the Tencent Cloud Startup Program.”