Messaging App Telegram to Launch its Own Blockchain and Cryptocurrency

in #cryptocurrency4 years ago

Privacy-focused messaging app Telegram will launch its own Blockchain platform(TON) and cryptocurrency "Gram". The new platform will be introduced as The Open Network or Telegram Open Network (TON) and is supposed to be based on an improved version of Blockchain technology. TON will be a new, Third Generation blockchain with superior capabilities after Bitcoin and Ethereum.

According a report to Techcrunch, In a leaked white paper, Telegram described plans to raise a large amount of money by selling a crypto-currency called “Gram,” which would serve as a payment companion to its messaging service. Sources says that the owner of Telegram Durov decided to both combine centralized and decentralized infrastructure since a totally decentralized network does not scale fast as one which has some elements of centralization.

Telegram with 180 million users is not the first messaging service with its own tokens in the market. Messaging App Kik, which has 15 million active users also raised $35 million in 30 sec this summer as part of a larger ICO token sale.

Telegram moving to a decentralized blockchain platform for kill two birds with one stone. Also creating a full drift crypto-currency economy inside the app, it would also insulate it against the attacks and accusations of nations such as Iran, where it is now accounts for 40% of Iran’s internet traffic but was temporarily blocked among nationwide protests against the government.

About Durov Brothers  (The Mark Zuckerberg of Russia)

Pavel Durov teamed up with his brother for creating a messaging app with end-to-end encryption that was launched in 2013. When he refused to hand over personal user information to Russian authorities, he was forced to sell his stake in the company to one of Putin’s allies. Thus, while Zuckerberg had the option of an IPO, Durov is using an ICO to monetize his creation. 

After being forced out of VK, Durov decided to left Russia for good, taking with him an estimated 300 million USD and 2k Bitcoins. He took his substantial wealth with him to St. Kitts and Nevis, investing enough in the Caribbean nation to become a citizen. He spends most of his time in Dubai. 

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