Encrypted and well-established messaging platform Telegram is launching its own blockchain platform and customized cryptocurrency, to power payments on its chat app and more. As TechCrunch reports, the “Telegram Open Network” (TON) will be a new, ‘third generation’ blockchain with superior functions, which will surpass Bitcoin and Ethereum.
The launch of a platform will be funded by the assets collected during the major ICO, aimed to raise hundreds of millions, which is making it one of the largest ICOs in history.
A customized cryptocurrency might give Telegram a greater independence from national governments and banking systems, which is claimed to be the main priority of the platform.
With a native cryptocurrency, Telegram users could bypass remittance fees while sending funds across the borders and move their assets privately.
Telegram is supposed to raise about $500 million at the pre-ICO stage, with a total token value amounted to $3 – $5 billion. The main ICO will be launched in March. According to a 132 page white paper, Telegram “TON Blockchain” will consist of a master chain and 2-to-the-power-of-92 accompanying blockchains. It will have an “Infinite Sharding Paradigm” for better scalability. The consensus will be reached through a variant of the ‘Byzantine Fault Tolerant’ protocol, increasing speed and efficiency.
The white paper states that four percent of the token supply (200 million Grams) will be reserved for Telegram’s development team and “at least 52 percent” of the supply will be retained by the company, in order to protect it from speculative trading and maintain flexibility. The remaining 44 percent will be sold during the ICO.