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Telegram launches a blockchain platform and its own cryptocurrency

Telegram plans to raise $3-5 billion through the ICO project TON. According to the project documentation, fundraising will begin in March.

Messenger Telegram plans to launch a blockchain platform TON (Telegram Open Network) and its own cryptocurrency, raising $3-5 billion during the ICO, reports TechCrunch, citing its own sources.

The launch of the cryptocurrency could make Telegram independent of any government or bank. The publication's sources believe that the cryptocurrency will be called Gram.

According to TON's technical documents, which were made available to TechCrunch, 200 million (4%) Gram will be reserved for Telegram's development team. The company also plans to keep 52% of the entire Gram cryptocurrency to protect it from speculative selling. The remaining 44% will be sold publicly.

The launch of Telegram Wallet storage tool is scheduled for the fourth quarter of 2018. The rest of TON services will be launched in 2019. The service will allow users to store both Telegram currency and fiat funds.

During the presale, the company plans to raise up to $500 million from major investors. During the ICO itself, which, according to TechCrunch, will start in March 2018, the messenger Telegram hopes to raise from $3 billion to $5 billion.

Switching to a decentralized infrastructure will allow Telegram to avoid pressure from government agencies. According to TechCrunch interlocutors, such a decision would also provide the messenger with greater security and stability.

The TON white paper states that the platform will be designed to create third-party services of any type and will allow the use of friendly applications and smart contracts.

The TON infrastructure will consist of a primary masterchain and a large number of auxiliary systems with the ability to integrate with third-party blockchain platforms. The developers promise to reduce transaction costs, even in the case of heavy workloads.

The infrastructure will also include an Instant Hypercube Routing solution, allowing the blockchain to maintain maximum speed. TON will use 2-D Distributed Ledgers (2-D Distributed Ledgers). This will allow new valid blocks to be built on top of any blocks that have turned out to be incorrect.

The third-generation TON blockchain will be based on a dynamic "proof of stake" (proof of stake), secured by multiple parties with a high degree of fault tolerance. It will also handle storage of identifiers, payments and smart contracts.

In addition, TON will include a service for anonymizing users - TON Proxy - and distributed data storage - TON Storage.

On January 8, Fyodor Skuratov, founder of the Combot group chat analytics platform, published a Russian-language PDF on his Telegram channel that outlines plans for the development of TON. The information in the document coincides with TechCrunch. Skuratov did not disclose the source of the document and suggested that it was a presentation for personal communications between the Telegram team and investors.

In late December 2017, YouTube channel ZΞFIR published a video with the alleged announcement of a blockchain system for Telegram, on the basis of which the messenger's own cryptocurrency could be created.

The project is expected to be infinitely scalable and allow the instant transfer of assets between users.

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