Telegram messenger is preparing to release its own cryptocurrency and distribute it through ICO, which can beat the records of all previous crowdfunding campaigns. This is written by TechCrunch, whose employees studied fragments of the 132-page white paper.
Gram will serve as its own token for the Telegram Open Network (TON) network and will be directly integrated into the Telegram platform, which means 180 million people can immediately become its users.
In white paper, TON is described as a third-generation blockchain, which will consist a main chain and from 2 to 92 blockchains.
“The most noteworthy aspect of the project is the”paradigm of endless shading”, through which scalability will be achieved. New blocks will be generated quickly, and the absence of long queues will allow to maintain low commissions even if some services using the platform become extremely popular,” the portal writes.
The developers claim the TON will be able to process 1 million transactions per second. It will allow using Gram to make micropayments.
During the preseason, TON intends to raise $ 500 million. It is twice the amount collected by Filecoin last year during the largest ICO to date. At the same time, after completing the main part of the campaign on the market, Gram can come out with a capitalization of $ 5 billion. Moving away from the standards accepted in the industry, TON will not accept transfers in bitcoins or ethereum. Investors will be able to buy Gram tokens exclusively for Fiat, and the minimum investment amount at the pre-ICO stage will be limited to $ 20 million.
It is expected that 4% of all released Gram will be reserved for the development team. In addition, Telegram plans to retain “at least 52%” of tokens under its control to protect them from speculative influence. The remaining 44% will be sold out during the private and public campaigns.
In addition to performing the functions of the payment network, TON will include a DNS service that will allow users to access decentralized applications via a web-like interface.
According to the road map presented in white paper, Telegram expects to present a minimally viable product by the end of the first quarter of this year, and a full-scale platform can be seen in the second quarter of 2019.
Recall, initially about the Telegram plans for the release of its own cryptocurrency told a former employee of VKontakte Anton Rosenberg. Pavel Durov himself has not commented on this issue yet.