Popular encrypted messaging startup Telegram has declared its intentions to launch its own blockchain platform and native cryptocurrency. Dubbed ‘Gram’, Telegram’s cryptocurrency will power peer-to-peer payments on its encrypted chat app with the possibility of expansion to other platforms – this and other great ideas will help it to be a force to reckon with in the crypto space that is currently dominated by Ripple, Bitcoin, and Ethereum.
Anticipated to be funded by a huge Initial Coin Offering (ICO) the Telegram Open Network (TON), will be a third-generation blockchain that is designed to make tremendous improvements to the flaws and shortcomings of existing cryptocurrencies. TON is what the funds raised for the startup’s new cryptocurrency venture is being called. It is designed not only to be less power-hungry than its counterparts such as Bitcoin but also much faster than the rest – there are already rumors that one million transactions can be processed every second by the platform thus doing away with the 24-hour waiting period that is experienced by some users when sending Bitcoin at peak times.
While a number of large companies have been busy rolling out and working on their own blockchain-powered products, Telegram’s entry into the space is bound to shake things a bit since it has an upper hand in all this. The company’s instant messaging app boasts of 180 million-plus active users most of whom use the chat platform to stay informed about the frenzied price bumps in lesser-known cryptocurrencies such as NEO.
In its pre-ICO sale, Telegram hopes to raise about $500 million – in this round, the currency will be offloaded to big investors at a significantly reduced rate, at a potential total currency value of between $3 billion and $5 billion.
In the 132-page wallet where the announcement was made, Telegram also mentioned that its wallet could be launched by or in the fourth quarter of 2018 and by the beginning of 2019, the Telegram Open Network will open to its users.
