Telegram, a popular cloud-based instant messaging service (IMS) is planning to launch its native cryptocurrency and own blockchain platform to decentralize the web communications. This new Telegram Cryptocurrency TON is expected to raise about $1.2 billion ICO.
Telegram’s ICO TON may be largest by funds raised so far
In the world of Crypto, Dubai based Telegram is a popular site that has been used by a number of blockchain startups to host their ICOs and community chats on this medium. The “Telegram Open Network” (TON) will be a third generation blockchain with top quality capabilities.
The launch of TON will be funded with an enormous Initial Coin Offering(ICO) that will range in the hundreds of millions making it one of the largest ICOs till date. The driving factor behind the huge demand of this ICO is the fact that Telegram is not a fresh startup, rather a well-established platform that is used all over the globe.
TechCrunch reported the leak of the white paper copy that details the roadmap of Telegram’s ICO. The authenticity of the TON white paper leaked by Cryptovest with an independent source has been confirmed by TNW.
What is TON, Telegram’s new ICO?
Founded by Russian entrepreneur and VK founder Pavel Durov, Telegram is not the first messaging platform that is creating its own cryptocurrency. KIN was the blockchain powered token that was announced by Rival Kik. The idea behind TON is to launch a new blockchain by making use of Telegram’s 180 million users.
In the whitepaper the problem for which Telegram is working on is stated as:
“Bitcoin has established itself as the «digital gold», and Ethereum has proved to be an efficient platform for token crowd sales. However, there is no current standard cryptocurrency used for the regular exchange of value in the daily lives of ordinary people. The blockchain ecosystem needs a decentralized counterpart to everyday money — a truly mass-market cryptocurrency. Despite their revolutionary potential, existing cryptocurrencies lack the qualities required to attract the mass consumer.”
This move will make Telegram a kingmaker of other cryptocurrencies.
The white paper gives us an insider’s look into what Telegraph has planned for the TON. They are basically aiming to raise about $500 million in a pre sale ICO. The TON cryptocurrency will facilitate micro-transactions and payments between its millions of users. As for the fundraising of the project,it could begin as early as March this year.
In this 132-page white paper, a four-stage plan has been outlined that includes, services, payments, DNS, and blockchain. Moreover, it has been claimed that it will be capable of about 1 million transactions per second.
There is a high probability that the launch of TON may turn out to be the major game changer in bringing cryptocurrency into the mainstream.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.