Telegram Pledges To Become World’s Biggest ICO, Solve All Blockchain Problems
The encrypted messaging company has bold plans for the future.
For all the ups and downs experienced in the frenzied cryptocurrency market this year, companies are having no problems hiding their ambitions to revolutionize this space.
Earlier this month, the private messaging app Telegram announced an initial coin offering (ICO) that could go as high as $2 billion, promising to solve the biggest problems currently existing in the blockchain world. The ICO is already drawing plenty of attention from Silicon Valley venture capitalists.
If this goes according to plan, Telegram would emerge as the biggest ICO ever, triumphing the much-talked-about $700 million block.one offering.
The block.one ICO is based on a blockchain system that doesn’t even exist yet. The messaging platform currently boasts more than 100 million users. This clientele base is enough to support Telegram’s proposed TON (Telegram Open Network) blockchain platform that pledges to fix the most daunting problems faced in the cryptocurrency world. Its tokens will also be based on a brand new blockchain rather than an existing technology.
As described the company’s leaked white paper, the TON purportedly would become a “holy grail” that runs both efficiently and cheaply at a large scale while hosting “a new generation of cryptocurrencies and decentralized applications.”
“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.”
The company also claims that this platform would be able to solve what Bitcoin and Ethereum cannot, though details of which are not as transparent as its aspirations.
Only a quote can be found in the white paper that says:
“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.”
Telegram did not provide investors with much details on its tokens, only that they will be named “Grams” and won’t be listed on major exchanges until 2019.
Given the lack of details on the company’s project, investors and experts have every reason to cast their doubts. But should Telegram hit the $2 billion ICO target, it would have more than enough cash to “walk the walk.”
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