Telegram Switches From ICO To An Open Network
Telegram, a cloud-based mobile, and desktop messaging app that was launched back in 2013. The app focuses more on speed and security.
Recently, the Wall Street Journal stated that this cloud-based app has earned up to $1.7 billion as people wait for its initial coin offering (ICO). Even after making that huge amount of money, the firm has made plans to get rid of its much-publicized ICO. This move is meant to strengthen its well-known messaging app and expanding into tokenization.
Paul Vigna, a reporter at The Wall Street Journal describes how Telegram brought in so much money from a small group of private investors that it is calling off a planned sale of cryptocurrency to the wider investing public. Telegram is definitely letting go of its ICO after it has made a staggering $1.7 billion.
Those working with Telegram will probably tell you that it’s a good time to be at Telegram these days, not long ago, its messenger service has hit 200 million users. After that news brook out, the Russian government tried to forcefully order Telegram to give out user information and provide a method to backdoor decrypt, also attempt to fight terrorism.
Pavel Valerievich Durov, a Russian entrepreneur who is commonly known for being the founder of the social networking site VK and later the Telegram Messenger. Pavel replied to the Russian government by turning down their request and removing lawyers from the determinative Moscow hearing.
This led to the general banning of Telegram’s messaging service throughout Russia. Soon after, protests broke out, with protesters flying paper planes, which is the logo of Telegram as a sign of resistance to the government’s decision of banning it. Pavel was also part of the resistance by recommending methods in which users can hack their way around the ban on his own personal channel. In addition to the ban, the company’s European services were down in most parts of Europe and eventually spreading the rest of the world.
As stated by the Journal, Telegram has plans to expand into a digital payments platform to bring in more competition for platforms like Bitcoin core. It also plans on investing most of the money it made recently in the Telegram Open Network. Mr. Vigna stated that; The network, which will be built using blockchain ledger technology can become a Visa/MasterCard alternative for a new decentralized economy; the company noted in a 23-page description of its plans.
