The well-known instant messaging platform Telegram, bitter opponent of Whatsapp, to which it is stealing more and more user shares, would be ready to launch its native cryptocurrency or cryptocurrency (which should be called GRAM) and its own blockchain platform, in order to start a revolution that will lead to making payments directly from its messaging app and beyond.
The GRAM blockchain, called TON (Telegram Open Network), will be a new "third generation" blockchain with superior capabilities, to those of Bitcoin and Ethereum which were the first cryptocurrencies.
The launch will be financed with a huge one ICO (Initial Coin Offering) initial offer of coins, with private pre-sales of hundreds of millions of dollars, making this ICO potentially one of the largest to date. The intention is to raise up to $ 500 million in pre-ICO sales, on a potential total value of between $ 3 and $ 5 billion, giving space to large investors first, with a minimum bid of $ 20 million and subsequently to those who can invest smaller amounts.
The adoption of a cryptocurrency of its own could give the Telegram Coin payment system a huge amount independence by any government or bank, especially by virtue of the widespread adoption that this messaging app counts today.
The use of a cryptocurrency within a widely adopted messaging app like Telegram, has enormous potential, especially given its over 180 million usersand the success seen as one of the best alternatives to Whatsapp.
The use of a proprietary cryptocurrency within Telegram, could greatly facilitate i micropayments minimizing commissions and also moving money privately thanks to the encryption adopted by the application itself.
Telegram Open Network (TON BlockChain)
The Russian brothers Nikolai and Pavel Durov, founders of Telegram and of VKontakte (the Russian twin of Facebook), have the idea of launching a completely new blockchain, taking advantage of the 180 million users currently present on Telegram with the possibility of combining a centralized and a decentralized infrastructure, since a completely decentralized network as in all the cryptomonent currently present, it does not scale as fast as one that has some elements of centralization, this translates into speed of transaction processing.
With TON, Telegram aims to develop a cryptocurrency-based system similar to that obtained with WeChatwhich over time has evolved from a simple chat application, to a system that also integrates a predefined payment mechanism for many users in China.
While payments can be made very quickly in WeChat, for a variety of services, having a very centralized system, with TON, a decentralized platform could offer greater security and the ability to adapt to future changes.
Telegram would also like to allow users to hold both his own cryptocurrency, be Fiat currency (legal tender) in an upcoming portfolio.
GRAM development stages
Telegram has outlined its future, in a plan divided into four phases:
- TON Services it will be a platform for third-party services of any kind on smartphones via app.
- DNS TON a service to assign easily "human-readable" names to accounts, smart contract services and network nodes, a bit like DNS for websites.
- TON Payments a platform and network for safe micropayments.
- TON Blockchainit will consist of a main system which aims to be able to divide automatically and merge to adapt to changes in load. This will allow, especially in terms of speed and processing of payments and transactions, speed and absence of long queues, in order to keep transaction costs low, even if some of the services that use the platform will become very popular and exploited by a huge load. of users.
An enormously higher number of transactions are estimated than other cryptocurrencies: around 1 million per second. For what concern miningTelegram is relying on a new and less energetic way of cryptocurrency mining than the current one used for Bitcoin and other cryptocurrencies, but there is still little news about it.
4% of Gram's supply (200 million GRAMS) will be reserved to the Telegram development team with a four-year vesting period. Telegram also plans to maintain "at least 52%" of the entire supply of the Grams cryptocurrency to protect it from speculative tradingwhich is now happening with the current cryptocurrencies. The remaining 44% will be available in both public and private sale. The currency will be available on external platforms and used within the Telegram app.
The first quarter of this year will see the launch of Telegram External Secure ID, followed by a MVP of TON. The launch of Telegram Wallet scheduled for the fourth quarter of 2018 and the creation of the TON-based economy could start in the first quarter of 2019. The rest of the TON services will follow in the second quarter of 2019.