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Popular Privacy App Telegram Plans for a new ICO dominance

Jan 10, 2018 Posted /  6039 Views

Popular Privacy App Telegram Plans for a new ICO dominance

Telegram, a popular Russia-based encrypted texting startup, is the latest established company that will incorporate a blockchain system called “Telegram Open Network” (TON) into its messenger app and launch a new cryptocurrency called “Gram.” The famous chat app is selling digital tokens in a so-called initial coin offering, or ICO.

Telegram is fundamentally celebrated as a privacy-centric messaging app that facilitates the users to benefit through surveillance and was lately in the media spotlight as the government of Iran’s endeavoured to obstruct protesters from utilizing it.

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In a confessing white paper, Telegram explained its plans to support a large amount of money by selling a currency called “Gram,” which would work as a payment associate to its messaging service. Some technology-centric news outlets obtained a copy of the paper and reported that Telegram is perceived to be contemplating about proposing as much as $500 million in the pre-ICO sale at a possible cumulative token cost in the range of $3 billion to $5 billion.

The company CEO Pavel Durov’s plan is to launch a completely novel blockchain, employing the Telegram’s 180 million users as missile fuel to power ahead into mainstream adoption of the cryptocurrency and securing Telegram, definitely, a position of the kingmaker of other cryptocurrencies. Its existing scale is essentially very large.

The CEO Durov did not reply back to the requests for comment by the media outlets. According to the reports in the media, it is being circulated that the company is speculating that the ICO will be a mechanism to function as a self-sufficient banking podium. If we particularly talk about users who could reimburse for services simply with the help of digital tokens with no dependence on banks or payment processors, which are frequently the objective of government scrutiny or censorship.

Many people on social media were cynical; on the other hand, some of the media keepers proclaimed that the idea of Telegram becoming a rival to currencies such as Bitcoin is itself distinctive.

As many Twitter posts noted that the possibility of Telegram becoming a leading currency would be confronted in fraction as other companies could with no trouble endeavor to do identical with ICOs of their own. Undeniably, Telegram is not the first messaging service to launch its own tokens in the market, first the messaging app Kik, which has 15 million active users hoisted some $35 million in 30 seconds last summer as fraction of a larger ICO token sale.

In the meantime, an ICO by messaging giant Telegram could also witness inspection from regulators, who have cautioned that numerous “tokens” are essentially securities that must be documented. At length, many in the security community also see Telegram with misgiving as the reports say that authoritarian governments have bargained its encryption.

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