The creators of the Telegram Open Network project are planning to raise 3-5 billion dollars on ICO.
Telegram plans to launch its own blockchain system, the Telegram Open Network (TON) and cryptocurrency, by March 2018, TechCrunch reported, citing its own sources and technical documents of the project. The publication for the first time confirmed the rumors that appeared at the end of 2017.
According to TechCrunch, the cryptocurrency is likely to be called Gram. In early 2018, Telegram plans to raise $ 500 million from major investors. During the ICO (initial placement of funds, sale of tokens to smaller investors), the company intends to collect from three to five billion dollars. Approximate calculations may change before the start of the ICO.
For Telegram developers will reserve 4% or 200 million Gram. In total, the company plans to keep 52% of the volume of its own cryptocurrency to protect itself from speculators. The remaining 44% is expected to go on sale.
Journalists have suggested that the launch of a cryptocurrency needed Telegram, in order to gain complete independence from governments and banks. Messenger users will be able to bypass the fees for international transfers, and due to encryption, they will be more free to dispose of amounts, including micropayments.
One of the companies that showed interest in ICO Telegram, became Mail.Ru Group, found TechCrunch. However, the company did not respond to the request of the publication, the founder of the messenger Pavel Durov also did not answer the questions.
Updated 21:15: Mail.Ru Group representatives in a conversation with TJ denied information about their interest in ICO Telegram.
Mail.Ru Group never asked for the opportunity to participate in ICO Telegram. We were surprised to hear about this news.Mail.Ru Group
What else did TechCrunch find out about the TON device?
- Telegram intends to develop on the basis of its cryptocurrency utility, similar to WeChat. In China, this application is often used to pay by default. Unlike WeChat, the TON infrastructure will be decentralized;
- Telegram plans to launch a tool for storing funds – Telegram Wallet. Start is scheduled for the fourth quarter of 2018. The service will allow you to store virtual currency and ordinary money;
- TON is conceived as a platform designed to create third-party services, as well as the use of smart contracts and friendly applications. It is assumed that integration of third-party blockchain platforms will be possible;
- The blockchain, based on “share proof,” will handle the storage of smart contracts, payments, and identifiers. Thus, Telegram intends to rely on a less energy-intensive way to extract cryptocurrency than conventional mining;
- TON implemented the solution Instant Hypercube Routing, with which the blockchain will be able to maintain maximum speed even under heavy loads. At the same time, TON will have 2-D Distributed Ledgers distributed registries, which will allow building new blocks on top of incorrectly working or unnecessary ones – TON is aiming at “self-healing”;
- On the basis of TON will begin to create economic infrastructure in the first quarter of 2019. The remaining services plan to launch in the second quarter of the same year;
A few hours before the publication of TechCrunch, Fyodor Skuratov, the founder of the platform for group chat analytics, published a Russian-language document on TON development plans. Although the information in the file as a whole coincides with the data of the American edition, there are errors and inaccuracies in it.
According to Skuratov, a draft document got at his disposal. Among other things, it contains data on the creation of TON Proxy (an alternative to TOR, an anonymization service) and TON Storage, a distributed data storage operating through the TON P2P network.
For the first time, information about the possible launch of the Telegram blockchain system appeared in December 2017. Then the former employee of VKontakte Anton Rosenberg (he claimed that he was fired from the Telegram) spoke about the name of the project and plans to “force out Ethereum”. Then a video appeared on the ZΞFIR Crypto News YouTube channel with a supposed announcement of the Telegram Open Network.Buy a Telegram