Telegram Messaging App to Have Its Own Blockchain Platform and Cryptocurrency
2017 has been the year for the rise of cryptocurrencies and thus the blockchain technology on which the cryptocurrencies are based. Blockchain technology’s decentralized way of operation allows users to transfers digital assets in a faster and cost-effective way. As a result, many financial and other institutions have slowly started to realize the merits of blockchain and thus are developing their products and services on this platform.
As per the latest reports, popular messaging app Telegram is planning to venture into the blockchain space by launching its own blockchain platform as well as its own cryptocurrency. Anton Rozenberg, a former employee of Telegraph - Telegram’s publishing division, in a video, said that the new platform will be called as TON. Here, TON could either mean The Open Network or Telegram Open Network. The cryptocurrency to be launched on the TON network will be called as Gram.
Moreover, there are also reports that Telegram’s blockchain network will also integrate with many other popular messaging apps along with Telegram. In his video, Rozenberg also talks that this move is to basically empower people leaving in countries with oppressive governments, like Venezuela and Zimbabwe, to transfer their money easily using the messaging app. This will allow people to not allow the state to have control over their money.
This news first appeared on the local Russian website, however, it clearly states that things said by Rozenberg cannot be taken at face value and more clarity regarding this matter will come in early 2018.
While talking to Bloomberg earlier this month, Telegram founder Pavel Durov already hinted that he would be announcing “something big” in the new year. Moreover, he also said that the messaging app has yet not been monetized and will adopt the monetization route required enough to allow for expansion. This route can possibly be through Initial Coin Offering (ICO).
On his Facebook page Rosenberg wrote (translated):
“On the one hand, this assumption seems logical. In the sense that Pavel Durov loves hype and really could think it’s a good way to simultaneously himself and raise money to maintain telegram. And given his promises not to sell messenger, it is a more or less the only way not to break the word (if not trying to collect donations like Wikipedia).”
He also adds (translated):
“According to the same rumor, the idea of the idea was to release its cryptocurrency, to embed it in the messenger and to announce the largest number of users of the system by trying to drive the ethereum out. And today I got confirmation that these rumors had all the bases: the project will be called ton (telegram open network), and there is already a beautiful ad in star wars, really, without any specifics.”
However, before going into more specifics of this matter, it would be great to have an official word from Telegram.