Telegram, a mainstream cloud-based instant messaging service (IMS) is intending to launch its local digital currency and own blockchain platform to decentralize the web communications. This new cryptocurrency TON is relied upon to raise about $1.2 billion ICO.
In the world of Crypto, Dubai based Telegram is a popular site that has been utilized by various blockchain new companies to have their ICOs and community talks on this medium. The “Telegram Open Network” (TON) will be a third generation blockchain with top quality abilities.
The launch of TON will be financed with a colossal Initial Coin Offering (ICO) that will range in the several millions making it one of the biggest ICOs till date. The driving variable behind the colossal request of this ICO is the way that Telegram isn’t a fresh startup, rather a well establishment platform that is utilized everywhere throughout the globe.
TechCrunch announced the leak of the white paper duplicate that details the roadmap of Telegram’s ICO. The credibility of the TON white paper leaked by Cryptovest with an autonomous source has been affirmed by TNW.
Established by Russian entrepreneur and VK founder Pavel Durov, Telegram isn’t the primary messaging platform that is making its own digital money. KIN was the blockchain powered token that was reported by Rival Kik. The thought behind TON is to launch another blockchain by making utilization of Telegram’s 180 million users.
In the whitepaper, the issue for which Telegram is working on is expressed as:
“Bitcoin has established itself as the «digital gold», and Ethereum has proved to be an efficient platform for token crowd sales. However, there is no current standard cryptocurrency used for the regular exchange of value in the daily lives of ordinary people. The blockchain ecosystem needs a decentralized counterpart to everyday money — a truly mass-market cryptocurrency. Despite their revolutionary potential, existing cryptocurrencies lack the qualities required to attract the mass consumer.”
This move will make Telegram a kingmaker of different digital currencies.
The white paper gives us an insider’s look as to what Telegraph has made arrangements for the TON. They are fundamentally expecting to bring about $500 million up in a pre sale ICO. The TON digital money will encourage small scale transactions and payments between its large number of users. With respect to the fundraising of the project, it could start early March this year.