The minds behind Telegram, a popular messaging service favoured by the tech-savvy and privacy conscious, are set to make an historic wave in the crypto world. Last year the Telegram Open Network (TON) secured USD 1.7bn in funding from private investors. In return TON has promised to issue the first TON tokens, called Grams, by October 31 this year.
It’s not just the launch of a new crypto token that has techies and traders holding their breath, however. In fact, many exciting novelties are on the cards. Crypto market research group Binance has published a review on the upcoming launch of Telegram cryptocurrency and its blockchain, the key insights of which we present summarized below.
The next generation
The Telegram Open Network would be the first 5th generation blockchain, incorporating features such as dynamic sharding, “tight-coupling’’ for blockchain interoperability, and multichain networks. The idea is to improve the entire blockchain stack, making it more secure, fast, and convenient, scalable up to millions of transactions per second.
TON vs Libra
TON hopes to leverage Telegram messenger’s estimated 500 million users to quickly grow into one of the largest blockchains. Its relationship to a popular online communication service draws comparisons to Libra, Facebook’s announced cryptocurrency.
Both TON and Libra hope to ride the network effect of the widely used apps but differ in their aims. Libra markets itself as being an actual currency, pinned to traditional assets, whereas TON’s Gram is a utility token much like Ether, subject to price fluctuations in fiat currency terms.
Be ready for the future
The Binance report outlines the exciting benefits of TON’s 5th Gen blockchain but notes that it remains to be seen whether TON will deliver on its whitepaper promises. That still hasn’t stopped early investors from trading on their placeholder Gram tokens. Whether with TON or not, the new era of crypto is imminent and smart traders are aiming to win big.
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