Telegram is Preparing for the Largest Ever Multi-Billion Dollar ICO, Ahead This Year
Last month, a word was floating in the crypto market about popular messaging app - Telegram - planning for its own blockchain network and its own cryptocurrency. It seems that the news is catching up more steam as reports about Telegram planning for a multi-billion dollar ahead this year are yet again making rounds.
According to sources, the “Telegram Open Network” (TON) will be the ‘third-generation’ blockchain network with very superior capabilities over and above Ethereum’s existing blockchain network. With its proposal for its own blockchain network, Telegram is setting up for itself some huge expectations.
The TON network will be able to perform very promising tasks like handling millions of transactions per second considering a hue active user-base of the messaging app. Moreover, the TON network will also look after other tasks like instant off-chain transactions, infinite sharing to prevent congestion, and support for thousands of new decentralized applications built on its platform.
Moreover, Telegram also plans to have its own native cryptocurrency for making payments on its chat app as well as to unveil other digital services. As per the source, the native cryptocurrency of Telegram will be called as “gram” which could possibly gain an immediate mainstream adoption as it will be tied to Telegram’s chat app.
Telegram plans to launch its blockchain platform and the cryptocurrency by adopting the route of Initial Coin Offering (ICO). Reports say that the private pre-sales itself would raise as much as $500 million with its subsequent distribution in the public market could further drive the value of the token to anywhere between $3 to $5 billion. The will make it that largest ever ICO till now after Tezos which managed to raise $230 back in July 2017.
The demand for the tokens will be driven by the fact that the ICO is coming from a well-established company which has a huge customer and user support. Moreover, Telegram is also one of the most widely used messaging platforms in the global cryptocurrency community. Adding its own cryptocurrency will be a major positive for its payments system thereby making it completely independent of any government or any bank.
Moreover, as it will be based on Telegram’s blockchain platform and being completely decentralized, fund transfer will take place securely due to encryption offered by the app. Users will also be able to bypass the remittance fees and would not have to worry even for micro-payments that incur a huge credit card fees.
Sources say that co-founder and CEO Pavel Durov will actually combine both - the decentralized and centralized infrastructure, as a 100% decentralized network won’t scale as fast as one having some centralized elements. This is one reason why Telegram is planning to have its own blockchain network.