Russia-based, encrypted instant messaging app, Telegram, is set to join the “disruptive” blockchain race for the decentralization of services by announcing plans to launch an ICO for its popular app. Called GRAM and running on its own blockchain, Telegram has released the whitepaper for its native cryptocurrency, slating the ICO for the first quarter of 2018. The platform aims to leverage its over 180 million monthly subscribers to buoy its offering into a one-of-its-kind billion dollar ICO.
Telegram Open Network (TON) blockchain TON will be capable of a million transactions per second. This capability is a vast improvement over several cryptocurrency – even the pioneer crypto, Bitcoin, whose 1mb block capacity only allows 7 transactions per second. Telegram’s 132 page whitepaper also outlined a four level plan for the ultra fast TON including micropayment features that utilizes a secure and instant off-chain to facilitate the transfer of values between bots, users, and other services. TON Services will allow third-party services on smartphone to access decentralized apps and smart contracts within the ecosystem. Users will also be able to utilize its forthcoming wallet with both GRAM token and supported fiat currencies.
Telegram will emit 200 million GRAMs for its Token Generation Event and is hoping to raise $500 million during pre-sale. 4% of the emitted tokens will be distributed between development team, 52% will be placed in reserve to mitigate against speculative trading of the crypto by “whales”, while the remaining 44% will be offered to the public. The company ultimately plans to raise the other $500 million from the main sales. 80% of the generated funds has been allocated to maintain Telegram’s projected spending levels on user growth over the next three years.
Created by Pavel Durov as a response to the Kremlin’s attempt to censor free speech, Telegram has grown into the fastest growing messaging service due to its enhanced privacy features, security, and resilience. The platform has become a sort of safe haven for crypto communities especially following the waves of instituted by China and Singapore, and restrictions by the US. Telegram is set to become the first western based messenger to integrate cryptocurrency trend into it ecosystem