Through blockchain technology, you have, so far, seen digital currencies being traded and financial information
You have heard of companies sharing their documents through the technology and you have read from
more pieces about governments planning to use the technology to dispense aid for humane causes.
Now, get ready to see blockchain in a whole new way.
Telegram, the encrypted messaging system, recently announced that it will be launching its blockchain
The platform, dubbed as the “Telegram Open Network” (TON) is being touted as a superior blockchain
technology, crediting Bitcoin and Ethereum for making the way for this “third generation” of blockchain.
But that’s not all, the messaging platform will also launch its own cryptocurrency called “Gram”.
As with most of such ventures that involve a digital token of any kind, this cryptocurrency will also
launch with an initial coin offering (ICO). It also aims to be the biggest ICO held so far with an aim to
raise about $500 million in token sales.
What makes this plausible, is the fact that Telegram is not a new app. It actually has about 180 million
users that have the potential to back this ICO. They are more likely to support due to the fact that they
have used the app and have faith in the capabilities of the team and people behind it.
This would make it easier for Gram to be adopted as compared to its previous counterparts, which
would put it on a very competitive place right from the start, all thanks to Telegram and its user base.
It is being reported that the network will be developed to have both centralized and decentralized
functionalities within its app in order to overcome scaling speeds of a decentralized network.
The Go To App for Payment Transfer?
Among other notable features, it is being reported that the TON platform will also offer “TON
Payments”. It is being described as a solution built upon a micropayments network and would be used
for instant off-chain value transfers. However, it is being assured that due to security capabilities, the
transactions will be as secure as the ones performed on the blockchain itself.
Since Telegram is considered the primary method of communication for the cryptocurrency community,
it seems that TON has got its audience right where it has wanted them, making them the perfect
customers to its ICO and cryptocurrency.
This could change the payment transfer methodologies for Telegram users and have them adapt to the
network as a primary source to transfer funds due to its capabilities to cut the conventional payment
transfer fees while delivering payments instantly. That’s a distinction that Ripple has been trying to
achieve with its own audience.
It is being reported that 4% of Grams – (planned to be 200 million Grams in their totality) – will
exclusively be claimed by the Telegram development team over a period of 4 years.
It is also mentioned that Telegram will hold at least 52% of the entire supply of the Grams
cryptocurrency. The rest is to be utilized within Telegram and listed on external exchanges.
This move will be made to protect the cryptocurrency from fluctuation in value caused by speculative
When will this come to fruition?
It is being estimated that by March 2018, Telegram’s External Secure ID will be launched. However, it is
a long way to go from there.
Telegram Wallet is planned to be launched after October 2018, while the TON system could launch after
January 2019, followed by the rest of its services.