The private messaging application Telegram is considering making the largest Pre-ICO in history to finance its new Blockchain platform and its cryptocurrency.
The tokens will be called ‘Grams‘, and the blockchain will be called ‘TON‘. The Durov brothers, founders of Telegram, are apparently considering a total symbolic value of 3-5 billion dollars and a pre-sale of 500 million dollars. On January 8, 2018, TechCrunch reported that several unidentified sources had confirmed the news and had cited a secret Telegram report. According to TechCrunch, “the potential of a cryptocurrency within a widely adopted messaging application is enormous.”
A filtered executive summary of the white paper is now available. The document has been shared by Cryptovest, and its authenticity has been independently confirmed by TNW. The 23-page executive summary refers to the White Paper filtered to the 132-page network.
According to the white paper, Telegram will distribute 5,000 million ‘Grams’. To prevent speculation and maintain its flexibility, the company will retain at least 52% of the tokens. In addition, it will reserve 4% (200 million) for the development team, being able to acquire them after four years. The remaining 44% (2,200 million) will be offered for sale to the public.
According to sources, a series of private presales alone would increase “up to $ 500 million,” while the subsequent public distribution phase is planned to boost the token value between $ 3 and $ 5 billion. This would make the Telegram ICO easily the largest ever launched, which will dwarf Block.One’s $ 700 million offer last month.
The blockchain will be a chain of blocks based on the third generation test, which means that it will not depend on mining to generate foreign currency like Bitcoin does.
The TON Blockchain will be the underlying technology of the platform and, according to the technical document, will include a master chain and up to 292 side chains. Some of the listed features of TON Blockchain include:
Infinite Sharding Paradigm: This is the TON scalability solution, which allows the different side chains to be divided and combined as necessary to optimize load balancing and reduce transaction times and costs.
Instant hypercube routing: defined as an “intelligent routing mechanism” that ensures that multiple chains can exchange data smoothly and quickly, even when the network grows to millions of chains.
Proof of Stake Approach: Proof of Stake is the alternative consensus protocol to the work test, which is used by Bitcoin and most other cryptocurrencies. With the Proof of Stake, transactions are processed by validators designated according to the number of tokens they deposit as their ‘bet’.
Ledgers distributed in 2-D: This will allow TON to generate valid blocks in addition to the invalid ones and acts as a “self-healing” mechanism that avoids unnecessary forks.
TON Storage: “A distributed file storage technology, accessible through the TON P2P network and available to store arbitrary files, with torrent-like access technology and intelligent contracts used to enforce availability.” When launching a similar access to a torrent, this product is similar to the Filecoin, Storj and Sia platform.
TON Proxy: “This layer can be used to create decentralized VPN services and TOR alternatives based on blockchain to achieve anonymity and protect online privacy.” This sounds similar to the vision articulated by the team behind Orchid.
TON Services: “A platform for third-party services of any kind that allows friendly interfaces such as smartphones for decentralized applications and smart contracts, as well as a decentralized navigation experience similar to the World Wide Web.” Several blockchain-based startups are creating decentralized application platforms, including Coinbase, which continues to build its Toshi market; and the sale of tokens recently completed for Sirin, which seeks to integrate decentralized applications in its mobile device based on blockchain.
TON DNS: “A service to assign readable names for people to accounts, smart contracts, services and network nodes”. Both MaidSafe and Blockstack fall into the same category.
The TON Ecosystem
In addition to the TON Blockchain, the white paper also analyzes the ecosystem, which will include a distributed file storage service, a proxy service, decentralized applications and smart contracts, DNS, micropayments, a decentralized ad exchange and a physical goods market and digital
Your next open network of Telegram (TON) would use the tokens for the internal payments of the users.
It is not the only known messaging application interested in cryptocurrencies. The best example is found in KIN, the virtual currency created by Kik, a messaging application that has 15 million active users, and Octopocket, which already performs the function of payments with fiat and crypto in the Telegram application itself through an integrated bot. .
A possible launch for the Telegram wallet has been established in the fourth quarter of this year, with the full package of services in 2019.
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