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Main page  |  News  |  Telegram launches cryptocurrency

Launch of cryptocurrency Telegram

04.03.2020

Interest around the crypto market and ICO, which has earned a controversial reputation, began to fade. But Pavel Durovs Gram cryptocurrency changed that. It became known as the largest ICO of 2018. Its release was postponed for a long time, but an approximate date is now known.

ICO Telegram release

Everyone already knows that Telegram has decided to launch its blockchain platform called Telegram Open Network (TON). The team also launches its Gram tokens, which can be exchanged both inside the application and outside it.

This project is considered one of the largest in the history of ICOs, and is expected to bring great profits. There are several reasons for this.

    Not all ICOs have a finished product prototype. Because of this, Telegram, being one of the most successful messengers, looks confident.
    Its audience is about 200 million users. The communication between blockchain and cryptocurrency users also takes place on this site. Almost everyone has their own channel or group in this messenger.
    Pavel Durov remains one of the most influential figures in the IT field, and his participation can already generate a lot of interest. The team also includes many other programming championship winners.

Durov set himself the goal of creating the most advanced blockchain product. TON has to solve several problems at once. The first is the speed of transactions, which in TON takes only a few seconds. This is in line with the work of Mastercard and Visa and could be a great competitor to them. While the speed of transactions on the Bitcoin network can take about a day.

The second issue is security. Due to the fact that Gram Telegram is able to move other big competitors, the issue of protection is especially acute. The developers needed to reduce the risk of "51% attack" and the possible division of the blockchain into several independent currencies.

The third problem is the restrictions imposed by legislation. It was necessary to study the laws of some countries so that the work of the Telegram cryptocurrency did not suffer.

The main differences between TON

To increase the network bandwidth, on which the speed of transactions depends, the developers have used several new techniques. These include endless sharding. That is, the blockchain is divided into several parts that work independently, not including cases of transfers between different shardings. This helps miners save disk space and get work done faster.

The second innovation is off-chain transactions. They happen on the blockchain, but they are not included in the overall chain. Such transactions are less reliable, but they are quick and free. The validator does not charge a commission for them, because such transactions do not need confirmation. To protect the network from hacker attacks, a vertical blockchain is used. Its essence is that it contains a block with instructions for correcting the error.

Also, due to the scale of the project, Gram TON needs proper financial regulation. Most of the laws of different countries that relate to cryptocurrencies require that the wallet be assigned to a certain legal entity or individual, while these documents are tied to it. It helps in the fight against financial terrorism and tax evasion.

To solve this problem, a special Telegram Passport has been created. An identity card is loaded into it. The main difference of this method is that the scans of documents do not remain in the database in an open form. All data is stored encrypted and cannot be requested by different governments.

Investors and fees

In February 2018, an application was filed with the SEC, which indicated the target of the collection of $ 850 million, but later it increased to $ 1.7 billion. There is little exact information about who exactly became the investor. It is known that among them was one of the founders of Qiwi Sergei Solonin, as well as David Yakobashvili, the co-founder of Wimm-Bill-Dann. There was information that Apple, Google, Amazon were invested, but this data is not confirmed by anything.

The team abandoned the public ICO to protect Gram from possible speculation on the exchange. Therefore, it is still impossible to buy Telegram cryptocurrency. However, there is hope that after the release, the rate will rise, and users will have the opportunity to buy coins.

The amount of $ 1.7 is officially registered and appears in the report of Pavel Durov, which was submitted to the US Securities Commission. The funds were raised faster than planned, and the TON ICO is the largest in 2018.

Reasons for refusing a public ICO

The rejection of a public ICO means that until the cryptocurrency is officially released, it cannot be purchased. The project team decided not to start public sales due to the large amount of fees from large investors. For this reason, the need to attract private investment has disappeared.

The second reason is that the laws adopted in most countries do not correspond to the modern conditions of the development of the cryptocurrency market. In early 2018, when interest in the currency remained high, regulators showed a lot of interest in it. They were especially attracted by ICO. But if only big companies participate in it, it is more credible.

Cryptocurrency issue

In August 2019, The New York Times, referring to investors, reported that it would be possible to buy Gram no later than October 31 of the same year. At the same time, by October 16, investors must provide their public key data and select validators. Since Telegram and TON will not fulfill their function.

There is also information that the messenger will create wallets that can be used by about 300 million users. Gram will be the new currency that allows money to be sent from one place in the world to another.

The test version started working successfully in September 2019. And now the developers are working on the blockchain, validator nodes and nodes. The test network has 100 nodes supported by Telegram.

It is important to remember that you cannot buy currency before the official launch. Scammers are now trying to cash in on this, creating sites posing as the TON platform. The sale of the Gram cryptocurrency will be possible through the xchange.sh exchanger. Since the service tries to keep up with the times, users will have the opportunity to exchange currency.