The crypto world is moving fast, as always - countless new projects, new cryptocurrencies, and new ICOs are constantly launching.
Today, I'd like to present a very special new crypto project, created by the messenger app Telegram.
Telegram, the encrypted messaging software which is especially popular in the crypto community, is planning to launch a billion-dollar ICO.
This blockchain-based system will enable the chat app to accept payments, implement bonus features and more.
Telegram's ambitious project aims at a $500 million Pre Sale, followed by a $1.2 billion ICO.
The platform is going to be called “Telegram Open Network” (TON) with the native cryptocurrency "GRAM".
About the Project
The TON will be a "third generation" blockchain - after Bitcoin, and then Ethereum have revolutionized this technology with new features and possibilities.
TON aims to enable even more efficient capabilities for transactions and scaling.
It will be based on a dynamic proof of stake algorithm, which has a high degree of fault tolerance and is secured by multiple parties and can also handle storage of ID, smart contracts and payments.
Telegram claims that the TON will be capable of incredible 1 million transactions per second.
Basically, they have created a new, less energy-hogging way of mining cryptocurrency than the original Bitcoin method and have developed themselves an ‘interchain’ with so-called ‘dynamic sharding’.
Telegram will use its expertise in encrypted distributed data storage to create TON, a fast and inherently scalable multi-blockchain architecture. TON can be regarded as a decentralized supercomputer and value transfer system. By combining minimum transaction time with maximum security, TON can become a VISA/Mastercard alternative for the new decentralized economy. The Telegram Team will rely on its 10-year experience in building user-friendly interfaces for
tens of millions to create light wallets, exchanges, and identification services that will allow users to get on board with cryptocurrencies in an intuitive way.Integrated into Telegram applications, the TON wallet will become the world’s most adopted cryptocurrency wallet.
This entirely new concept of a blockchain, brought to 200 million active Telegram users, could create something huge. Mainstream adoption is instantly guaranteed.
Founder Durov has supposedly decided to combine parts of a centralized and decentralized infrastructure - with new features, which is why they decided to create Telegram's own blockchain.
They decided to combine those parts because a totally decentralized network isn't scalable as quickly as those that have at least some elements of centralization.
For Telegram, creating their own decentralized blockchain platform could enable to things: the main reason is of course that they will have their very own cryptocurrency economy within the app.
But additionally, this would also shield them from governments' attacks like Iran, where Telegram is used to communicate amongst protestants.
Inside the TON
The Telegram Open Network consists of different key features with different purposes.
- TON Services
TON Services will be like an app store. A platform for any third-party services for smartphones that feature smart contracts or decentralized apps.
- TON DNS
TON DNS will become a simple way for users to access decentralized services - one day, even as easy as “viewing a website on the World Wide Web.”
TON DNS will assign human-readable names to smart contracts services, network nodes, and accounts.
- TON Payments
TON Payments will be a micropayment channel network, and a platform for micropayments in general, to enable “instant off-chain value transfers between users bots and other services.”
These payments should be just as secure as on-chain transactions, which is ensured through safeguards that re implemented into the system.
- TON BLOCKCHAIN
The TON Blockchain is the heart of the network.
It consists of one master chain and 2-to-the-power-of-92 accompanying blockchains.
TON blockchains are said to be able to “automatically split and merge to accommodate changes in load” - this is due to their “Infinite Sharding Paradigm” to achieve scalability.
This means that new blocks are generated very quickly and "the absence of long queues helps keep transaction costs low, even if some of the services using the platform become massively popular”.
The TON also has another feature to ensure that it can maintain at top speed even as it grows - this is called “Instant Hypercube Routing”.
It can grow new, valid blocks on top of any other blocks that were previously classified as incorrect to avoid any unnecessary forks.
This would mean that the TON blockchain is self-healing.
Roadmap, Pre-Sale and ICO
According to the Roadmap in the whitepaper, development of the TON network has already started in Q2 2017.
In Q2 2018, we can expect a "Minimal Viable Test Network", then the first stable version and the Telegram Wallet in Q4 2018.
The Launch of TON Services is planned for Q2 2019.
Although there have been no exact dates for the $500 million Pre-Sale yet, the minimum investment amount is rumoured to be at $1 million and the pre sale could start as early as march.
What do you think about the huge TON project and ICO? Will it be successful?
© Sirwinchester
It's worth mentioning that Moxie Marlinspike, creator of the Signal messenger and the underlying crypto protocol, is also involved in a cryptocurrency project called MobileCoin.
https://www.wired.com/story/mobilecoin-cryptocurrency/
Very interesting msg @david.prochnow , thanks so much for it. As for true secure messaging i got muCh more trust in SIGNAL than i have in Telegram. Things are offten changing, though. Maybe with TON Telegram will become a big and "good one" one day .
Yes, you are right. I wouldn't use Telegram at the moment either. Not necessarily because I don't trust the team behind it, but for example because it is closed source.
Moxie Marlinspike sounds like a made-up name of a children's book heroine. Moxie Marlinspike makes many magnificent magpies for mostly mild-mannered minnows. :D
Great information sharing! It might be a new world of crypto when TON launch. Blockchain technology is undeniable!
Already followed you =)
sounds good, telegram you beauty...................!
Yes! Telegram has become one of the most influential tools in the crypto community!
https://news.bitcoin.com/telegram-followers-the-new-metric-for-cryptocurrency-success/?utm_source=Telegram%20Followers%20%E2%80%93%20The&utm_medium=telegram&utm_campaign=Telegram%20Channel
lun te char
Yes, agree with you, Telegram became really an powerful tool in the Crypto world, and i am waiting for the ICO of Telegram.
Have a great day and stay blessed.
Thanks Sir for the article ! Right when I was getting interested !
Nice post my friend i love your work
Thank you, I appreciate that! 🙏🏼
Any reason why appcis or steemit do not try to build a telegram clone ?
The STEEM blockchain is built on a reward-based platform, whereas Telegram is a messaging app. It's a fundamentally different Technology so it would take quite long to develop for a business like Steemit
Thanks for the update..
Glad you enjoyed it!
wonderful post i like it
Thank you!
I believe TON has the potential to bring cryptocurrency to mass adoption faster. Telegram is a HUGE platform with over 200 million users worldwide. I will be investing and watching TON closely.
Yes you're right! The huge user base makes it a very big opportunity for mass adoption.
In the last 6 months I have invested in over 10 ICO's. Almost all have done really well. I believe over the next 18 months if they stick to their road map or hit goals early, they should do extremely well.
TON will revolutionize block chain technology. According to the information you have provided it's a much better way to mine Cryptocurrency and implement it on larger scale.
Thank you for providing visionary information.
This is very informative and educative value.i able to know more about bitcoin news from your blog.Thanks a lot for sharing
This is great news to the crypto community.
I am particularly excited for the upcoming @appics ICO...i missed the presale.
I am not missing the @appics ICO this time round.
Thats why I like steemit so much!! I choose a category of my interest and find posts like this, kudos! Telegram surely has a great team behind it and my expectations are high. Possibly good investment. I will bookmark your post.
Wow so beautiful my friend it's very beautiful
The cryptocurrencies are still going to bring many surprises, it is a very young market that will bring us great things!
I think this might be a huge project and a good idea since many crypto users are already using telegram.
So I do.
This can bring a big acceptance and and fan base directly and so be supportive for the release.
I will have a deeper look, since I'm very open for good new ICOS at the moment!
$1 million dollar minimun sounds like a centralized ico you don't want people to participate in.
From what you write it sounds like they know what they're doing. I shall be on the lookout now I've got one of the exchange websites to actually work properly! Anyway it sounds intriguing just as I'm about to try my hand. Thank you sir!
Yes I hope it will be successful and might be bigger than steemit....
though in some view steemit will get much popularity within 2019.
Nic post
Looks promising
Very promising indeed, especially seen they already have the crowd. No more onboarding needed :)
I think EOS also already crossed 1 BN tho, right?
Wow the industry is growing so rapidly. Good for them!
Good work dear keep it up thanks for sharing I follow you and upvote you
Really got interested, very good work!
Markat lagi turun semua
thanks for the info!!
$1 million dollar minimun sounds like a unified ico you don't need individuals to take an interest in.
Surely you're right! The tremendous customer base makes it a noteworthy open entryway for mass gathering.
Will it be like a steemit ? Can we earn using TON?
Cool, since I discovered I use pretty much always telegram, and that's a very good news!!
So they will beat KiK's Kin to the punch??? Kin sound like they need to speed things up. Will this be a race, to see who is first to have a blockchain and cryptocurrency in the messenger app? But, Kin is not creating their own platform but using other coin platform, so that itself may give less control to them. This will be interesting. If this really works, you will have an automatic money changer. Venders all around the world can say they are TON accepted and all you do is send it through your phone messenger app. This will be a huge contender to the whole Credit Card monopoly. I did see there is room for more than one player though. Just as there is more than just Visa.
Buried the lead there, brother. Minimum investment amount of $1M USD? This concerns me. How will crypto look in 10 years if many of the big players are quasi-centralized systems? Then add in only big players gaining from parabolic token appreciation.... we end up with a digital version of our current model. All the profits go to a few private hands while the public fights over crumbs. I'm optimistic the truly decentralized blockchains will retain value due to their decentralized nature and the security that offers. Not trying to be a bummer or a "negative nancy" but just calling em as I see em.
Thank you for the informative article. I was already using Telegraph without knowing anything behind the scenes. Telegrah is rising to be the preferred B2B, B2C platform in Southern Africa for SMEs.
is the best
this information is interesting and you are very great, I hope it can be used soon, hopefully you succeed @sirwinchester.
Geart post