Telegram Implements the ICO and Own Cryptocurrency | Business Biceps

Telegram Implements the ICO and Own Cryptocurrency

By Vera Investments 1 Comment on Telegram Implements the ICO and Own Cryptocurrency

The platform for the exchange of encrypted messages Telegram, managed by the creator of VKontakte Pavel Durov, plans to launch its own blockchain platform and cryptocurrency, adding the ability to make payments in its application for chatting and beyond. According to numerous sources referenced by TechCrunch, “Telegram Open Network” (TON) will be a new “third generation” blockсhain with huge opportunities, after Bitcoin and Ethereum.

The messenger is allegedly preparing ICO, the sale of their own tokens called Gram. This is necessary to finance the development of its blockade called TON (Telegram Open Network), to build a crypto-economy within Telegram and to become a decentralized application.

 

How much will a Gram cost?

Presumably the first sold token is $ 0.1, the price of the next one will increase. The messenger is not going to sell all 5 billion tokens: he will put up for sale only 44% (about 2.2 billion), 4% will leave developers, and 52% will retain as a reserve that will support the flexibility of the system and protect it from speculation. The system is arranged so that the stock of tokens is always more expensive than the amount that is already available for sale. The last released token will cost about $ 0.9.


What will the Telegram give to Telegram?

Gram, which is indicated by either a triangle or 💎, will be placed in the built-in wallets, tied to user accounts. There are many scenarios in the documents about how the grammes are used inside the messenger.

  • Purchases

On grams buy goods in stores and cryptocurrency for real money. This is done through bots.

  • Translations

Telegram users send each other grams, but with a commission that is paid to the nodes of the network.

  • Subscriptions

On the grams buy a paid subscription to the channel advertising channel, access to premium content and make donations to the master channel.

  • Apps

Cryptocurrency pay a VPN to bypass locks, your own domain name in the messenger, purchase third-party applications.

 

What will be required from Telegram users

The messenger will ask users who want to use the cryptocurrency, verify the identity. The documents say that this may require a scan of the passport. Telegram servers do not have access to scans of documents (do not know whether they will keep them), so they will remember information that is passed verification or not. Verified accounts are called External Secure ID, they are supposed to appear in the first quarter of this year.

 

What will change in Telegram due to the blockchain?

The messenger plans to build around the blockbuster platform for other applications and its crypto-economy. There will be several services on the detachment, the launch of which is scheduled for 2019:

According to this plan, Telegram services on the blockbuster will be launched. The first big updates are expected by the end of the year:

  • Third-Party Applications

They are decentralized and connected to the TON blockchain. The documents are not told exactly how they work in the messenger, but said that the Telegram will be analogous to the App Store for decentralized applications.

  • Dropbox analog

Also distributed, it will save user and application files. The documents say that it will accommodate the information of large services, for example, YouTube.

  • VPN analog

Of course, distributed. Ensures anonymity of users and will let you bypass the locks. The documents say that the service will be paid.

  • Domain names

As site addresses, only for smart contracts and accounts. The documents say that they are needed so that people are guided in the names of contracts. Probably, the domain names in Telegram will work as the website address in the browser.

 

When Telegram starts selling cryptocurrency

Closed sale of tokens will begin until March, but it is designed for large investors – the minimum amount of investment is 20 million dollars. Telegram plans to raise $ 500 million. For the ICO market this is a huge amount. The largest placements of tokens in 2017 were collected twice less: the data warehouse on the Filecoin blockchiann received $ 257 million, the Tezos block-infrastructure collected $ 232 million, and the operating system for the applications on the blockchain accounted for $ 185 million (but by the end of the year the amount increased to 700 million dollars).

The open sale will begin in March (another document talks about the first quarter) – everyone will be able to buy several Grams for dollars. During the open ICO the messenger intends to raise $ 3-5 billion. This does not mean that Telegram will receive such a large amount for a month, most likely, it is a question of a long sale of tokens. Perhaps, after the ICO, the Gram tokens will begin to be sold on crypto-exchanges.

But even an open ICO does not mean that there will be crypto and smart contracts inside Telegram. Purses in the messenger will not be launched until the end of 2018, and cryptoeconomics will begin to be built in early 2019.

 

Why Gram can be successful

Telegram has several important advantages over other ICO and crypto-currencies.

  • Product

Some startups go to the ICO without a work product and collect money for development. Telegram has an instant messenger, which has been working all over the world for four years.

  • Lecture hall

For these four years, Telegram has attracted 200 million people who use instant messaging at least once a month. This is a huge number for cryptography. For example, the game CryptoKitties, which was talked about a lot at the end of last year, attracted about 200 thousand people.

  • Literacy

Telegram users understand advanced technologies. They read channels about crypto-currencies, technology, science and futurology. Crypto projects start chatting in the messenger to communicate with tokens customers (they also create channels in Discord, Steemit and groups in Slack, but less often).

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