All that is known at this point: the first investors can not immediately resell the tokens, and the mining will not be allowed to all.
In January, there appeared many details of the creation of the TON (Telegram Open Network) block-platform and the Crypto-currency from Pavel Durov. Despite this, the Telegram team has not officially commented on the ICO plans yet and has called on to believe only what is published on their website.
However, from the published project documentation , data from TechCrunch , Bloomberg , Vedomosti , Coindesk and investors’ comments, you can make a first opinion about the service and understand how the new company is likely to work.
Dates of the ICO
Based on the comments of unnamed investors, in January 2018 Telegram opened a presale for large investments . It is assumed that this stage will end no later than the end of February .
According to preliminary data, ICO (Initial Coin Offering, initial allocation of funds) is scheduled for March 2018 . This month, everyone will have the opportunity to purchase a crypto currency from Telegram. The exact date of ICO is still unknown.
Ecosystem of TON services
Team Telegram intends to launch a whole network of services on its platform. Among them there is a replacement of the usual VPN-services in the form of anonymizer TON Proxy and distributed storage of data TON Storage.
Most of the services, according to published plans, will work in late 2018 and early 2019. The platform, which is compared with Google Play and the App Store, will be able to use other messengers and social networks. Finally, they want to deploy TON by 2021, pulling back from Telegram and renaming the project into The Open Network.
According to the TON documents, each user will be asked to verify their identity. The owner of the Telegram account, which will receive an External Secure ID, will be able to acquire a Crypto currency without additional personal confirmation.
Also for verification, you may need real documents, for example, a passport. Telegram assured that the storage of personal data is safe and built on end encryption with a key that is known only to the user.
Light Wallet plans to integrate into Telegram applications, providing support for customers even on weak devices with unstable Internet. Owners of purses will become the sole owners of encryption keys.
It is planned that it will be through the bots that the process of buying a crypto currency will be built. From the documentation of the project it follows that by October 2017, Telegram has 800,000 bots, which are regularly used by 52 million users. Already, bots accept credit card payments in 200 countries.
Channels and Exchange
The creators of Telegram recognized that the channels lack the infrastructure for monetization. According to published statistics, 80 million channel readers generate more than 30 billion views monthly.
On the basis of the platform, they intend to create an advertising exchange for negotiations between channel owners and advertisers. All calculations will be conducted in the Gram.
“Mass” crypto currency, which is declared as a competitor for Visa and Mastercard
In all documents there is only one possible name for the Durov crypto currency – Gram. It is denoted by the emoji-precious stone 💎.
According to the creators of TON, the world lacks crypto currency for a mass audience, which could be easily bought and used for everyday payments. In the documents of the project, bitcoin is described as digital gold (as Durov said in a recent interview ), and Ethereum Vitalika Buterina is called an effective platform for raising funds.
Neither Bitcoin nor Ethereum due to slow processing of transactions can compete with Visa and Mastercard. TON, on the contrary, considers itself a worthy competitor to multinational companies: a multi-level block-platform should be faster than the others due to tasks that are distributed to different chains of system blocks instead of one.
It is assumed that Telegram will sell the first token for $ 0.1, and each subsequent purchase will cost more than the previous one. The amount of crypto currency is limited – only 44% or five billion Gram will be available for sale. The company will retain 52% of the tokens, which is necessary to protect against speculation and the development of the project, especially at an early stage.
Telegram will place the Gram Crypto currency on the exchanges only in 2019. In what month – is not disclosed.
What is Gram’s Crypto Currency?
- For micropayments and transfers;
- To pay for content and subscriptions to services;
- To support the authors of the channels;
- For purchases of real goods and services through bots;
- To pay fees for transactions and deposit;
- For payments for decentralized data storage (TON Storage);
- For payments for circumvention of locks (TON Proxy);
- To pay for registration of crypto-currency domains, which are necessary for the internal system of names (TON DNS);
How can you mine the Gram
Telegram’s approach to crypto currency mining is disclosed only in an unconfirmed document signed by Nikolai Durov, published in the Telegram channels.
If you believe the document, the place of the miners in TON will be the “validators”. Telegram’s solution differs from Bitcoin and Ethereum: not all, but only validators, will be able to create and confirm new chain blocks.
To become a validator, you need at least a good Internet connection and a deposit in the form of a certain amount of crypto currency in your account. It is noted that the solution TON in any case will cost less than equipment with ASIC-microcircuits for mining bitcoins.
New validators are scheduled to be hired every month, at the same time they will be no more than a thousand people. If the “new miner” (as they are called in the documentation) signs an incorrect block, it runs the risk of losing collateral.
Telegram financial plans and conditions for investors
Telegram did not officially talk about plans for investment levies, however, according to media versions, these calculations varied somewhat.
During the closed presley
According to Vedomosti sources, the minimum amount of large investments in TON was $ 20 million. They told Bloomberg that during the presale, the tokens are sold at a discount of 50%.
A large investment does not guarantee an “entrance ticket”: Telegram chooses investors for their fame and proximity to the messenger team, but does not pay attention to the country-workplace. One of the negotiators who offered $ 40 million, Durov allegedly refused for unknown reasons.
Telegram also set a temporary restriction for large investors. The Tokens, which are scheduled to be released in 2019, will not be resold for another 18 months, Bloomberg said.
- January 9, TechCrunch: $ 500 million;
- January 10, CoinDesk: $ 500-600 million;
- January 16, Bloomberg: $ 600 million;
- January 18, Vedomosti: $ 850 million;
During the ICO
While it is not known exactly how much ICO will be from Telegram, but restrictions on reselling tokens are unlikely to spread to small investors.
The sale of Durova’s crypto currency has a chance to become the largest in history. While the record belongs to the company Tezos , which collected $ 230 million in July 2017 and intends to launch a platform of smart contracts.
- January 9, TechCrunch : 3-5 billion dollars;
- January 10, CoinDesk : $ 1.2 billion;
- January 16, Bloomberg: $ 1.2 billion.