Telegram, which reaches more than 170 million monthly users, has planned to launch its own blockchain platform and native cryptocurrency, to power payments on its chat app and beyond. The company will use its reach within the crypto community with the massive ICO for its proposed Telegram Open Network (TON) project. Telegram’s ICO is expected to be very big.
Telegram has planned to create a platform of its own to rival Ethereum for the wave of decentralized services and internet experiences. The Telegram Open Network (TON) will be a new, ‘third generation’ blockchain with the superior capabilities, and will give competition to Bitcoin and Ethereum.
Telegram (TON) ICO
For this massive ICO, the company has planned to raise at least $1.2 billion from a token sale, which includes a private sale set for February 2018 and public sale in March 2018. The $600 million private sale will be strictly for traditional venture capital backers and those inside its executive’s close circles.
After the private sale, the retail investors will be allowed to enter. The public sale is also pegged at $600 million.
Meanwhile, Telegram founder and CEO Pavel Durov have officially confirmed that the Gramtoken.io website claiming to be the host of the Telegram ICO is fake.
Attention: Telegram publishes its official announcements only at https://t.co/ePcweVcGCP. Everything else is most likely scam.
— Pavel Durov (@durov) December 23, 2017
Use of TON
The TON will include a master chain and 2-to-the-power-of-92 accompanying blockchains. TON blockchain will automatically split and merge as per the requirement, which means that new blocks can be generated quickly and will keep the transactions cost low. This will also have “Instant Hypercube Routing” designed to maintain top speed even as the blockchain grows.
TON will handle storage of ID, payments and smart contracts. Therefore, in place of relying on proof of work to create its currency, Telegram will rely on a new, less energy-taking way of mining cryptocurrency, which will be better than the original Bitcoin method. Moreover, Telegram has planned to allow users to hold both Telegram’s currency and fiat currency in a forthcoming wallet.
Additionally, TON will be capable of a vastly superior number of transactions, of around 1 million per second.
In the first quarter of this year, there will be the launch of Telegram External Secure ID, followed by an MVP of TON. The launch of the Telegram Wallet is planned for Q4 2018, and the creation of the TON-based economy is expected to be launched in Q1 2019. The rest of the TON Services would follow in Q2 2019.
Should you Invest in Telegram ICO (TON) ?
Overall, Telegram plan to move into crypto, would add another shot at a massive fortune, which will potentially turning the chat app into a vast payment network protected from government interference.