As the new 2018 year started, the astonishing news in the cryptocurrency market broke in. While Mark Zuckerberg, the founder of Facebook, wrote in his blog post that he is pondering about applying the blockchain technology (read it here), the insider documents of Telegram have been leaked. In particular, these documents show that Telegram has planned to join the cryptocurrency craze and launch an own Telegram cryptocurrency. However, those plans go beyond just launching a single digital coin.
Telegram’s blockchain may transform the world of cryptocurrencies and shape the industry
Actually, the company plans not just to launch a Telegram cryptocurrency, but an ambitious blockchain project that may shape the industry in a completely different way. Even The Economost, the most influential economical and political magazine, pondered what impact the Telegram cryptocurrency will have on the market (read it here). The entire blockchain will be called TON, which stands for “Telegram Open Network.” There are plans, however, that this name of the blockchain will lose the word “Telegram” by 2022, as the company will get more decentralized. Apart from the leaked documents, there is also a promotional video that became available thanks to the leak:
- Payments. Telegram will introduce channels for micropayments and off-scaling solutions.
- DNS. The blockchain of Telegram will allow to assign names that can be readable by humans (this looks like the ENS project of Ethereum).
- Third-party applications. Similar as Ethereum, TON will support the ability of building decentralized apps based on smart contracts.
- Proxy. The proxy of this blockchain will be used for hiding IP addresses and creating decentralized VPN services.
- Storage. Telegram will create file storages that will enable peer-to-peer transfers of files (like torrents).
The Telegram cryptocurrency will be called Gram and it will be used, apart from being a means of payment, for the following purposes:
- Payments for overcoming censorship imposed by local providers of the internet.
- Payments for using the proxy of this blockchain.
- Payments for creating domain names based on this blockchain.
- Payments for storing information and data in decentralized apps.
- Payments for services that were provided by the applications based on this blockchain platform.
- Votes to support or oppose changes in the blockchain.
- Capital that can be borrowed by the validators.
- Stakes for validating transactions.
- Commission paid to the validators.
Apart from that, Telegram is also going to launch a massive ICO, which, perhaps, may be the largest ICO in the history of cryptocurrencies. The ICO will take place at the end of the first quarter 2018 and aims to raise $1,2 billion from the first attempt.