Messenger Telegram plans multi-billion ICO

Rumors about Pavel Durov’s plans to create his own blockbuster platform and crypto currency on the basis of the Telegram messenger reached foreign IT media.
The details of these plans are written on Monday TechCrunch with reference to several anonymous sources.
The publication writes that the “Telegram Open Network” (TON) will be a third-generation blockbuster platform, more functional and advanced than Bitcoin (conditionally “first generation”) and Ethereum (“second”). Its launch will become one of the largest ICO – issues of the new crypto currency – in history. Sources say that a number of investors are already ready to purchase large volumes of Telegram tokens, paying several hundred million dollars.

In total, Pavel Durov’s messenger is ready to issue tokens with a total cost of 3-5 billion dollars, collecting about $ 500 million during preliminary sales to large investors. High demand is explained by the fact that tokens are selling not a little-known start-up, but a company already having a product used by hundreds of millions of people – the Telegram messenger.

Sources suggest that ICO Telegram is tentatively scheduled for March 2018. The introduction of a token-based payment system and its own payment system would allow the instant messenger to develop its business without regard to banks and governments. This is obviously the cherished dream of Pavel Durov, at one time deprived of control over the social network created with his participation, VKontakte, because of the actions of other shareholders.

TechCrunch managed to get acquainted with excerpts from the internal document describing the basic principles of the device and the work of TON. For example, the crypto currency itself, the purse for which, in essence, the Telegram messenger will be called Gram. The structure of the Telegram network will be mixed, not completely centralized or decentralized – partial centralization will facilitate TON scaling.

In a sense, Telegram is trying to turn into a decentralized and analogue of WeChat, a messenger, which has become the main mobile payment platform in China, decentralized and not controlled by governments and banks. It is reported that in the “purse” built into the messenger, users will be able to store not only crypto-currency “grams”, but also funds in ordinary currencies.

One element of the Telegram Open Network will be a platform for third-party services, allowing developers to create applications that involve distributed computing and smart contracts – TON Services. The intermediate link between the blockbuster and the user will be TON DNS, a service that stores user names for accounts, smart contracts and network nodes that are easy to understand. Thanks to him, access to decentralized services in TON will be similar to viewing a website.

Micro payments between users and bots will be carried out through TON Payments – not connected to the main TON lockbox, but no less secure thanks to the built-in security features of the payment system. As for the actual blockage underlying TON, it is reportedly able to handle up to 1 million transactions per second.

It is planned that the company-creator of the messenger will retain about 52% of the total amount of issued “grams” to protect the new crypto currency from speculative attacks and preserve the flexibility of the system. 4% of “grams” are reserved for the development team, however they will not be able to cash them in four years.