What is so special about Telegram ICO?
By the time the Telegram initial coin offering presale rolled around, hundreds of ICOs had been held to varied degrees of success. It also comes at a time when there are increased calls for ICO regulations by authorities around the world. The ICO landscape is, therefore, supposed to be dampening. Yet the Telegram coin offering seems to have captured the imagination of cryptocurrency enthusiasts.
If there is anything that makes the Telegram ICO special, it’s the amount of hype and excitement it has generated since it was first revealed that it had raised $850 million in its over-subscribed presale. The Telegram Open Network (TON) is the brainchild of Telegram Messenger. The ICO is unofficially slated to take place in 2018, and everybody is waiting now that the company already filed its Form D with the US SEC confirming the presale figures.
Ever since, the crypto-world has fixed its fascination on the soon to be, “the biggest” initial coin offering of all time. If you are wondering about what the projected figures read like, then think in terms of around $2billion by the time the public sale concludes. That’s huge, and rightly makes the Telegram ICO special. Yet, to say that the monstrous sums of money raised in the pre-ICO and at the crowd sale alone make TON special, would be off the point.
So, what else makes the Telegram ICO special? Let’s explore TON, Telegram’s 3rd Generation platform, appropriately referred to as Blockchain3.0.
Here are a few of the areas of focus that will likely contribute to the eventual success of the ICO project, despite being termed as controversially too lofty.
The ICO already has a platform
Unlike many coin offerings that launch products with the hope of finding a utility, Telegram is already an established project. The Telegram Messenger boasts of nearly 200 million users on its messaging app. In addition, the platform is quite popular with cryptocurrency chat groups which makes it ideally positioned for wider adoption once launched. Stats on TokenMarket indicate that more than 84% of blockchain-based projects have a Telegram channel.
If you add the math, it is easy to see why TON platform is poised for success. Furthermore, the Telegram team plans to have Telegram Light Wallets integrated into the Messenger to provide users with a peer-to-peer transactions. Users will be able to make micro-payments from the privacy of their Telegram platform. That space is also set to grow with more people opting for decentralised platform. If there’s an ICO that is primed for takeoff then it’s the Telegram ICO because of the already successful Telegram Messenger app. Read more about ICOs here.
The TON platform and TON blockchain will revolutionize cryptocurrency.
The Telegram ICO has been accused of being too lofty in its ambitions. In the whitepaper, TON hopes to create a Next-Gen platform that is better than Bitcoin and Ethereum, plus a host of other cryptocurrency projects. The prime target for Telegram is to make cryptocurrency a consumer’s tool for everyday use and not what it is being used for at present. The Telegram team believes current blockchain products only serve as speculative assets for investors, not as products for consumers.
The Telegram also plans to launch its own Blockchain, offering smart contracts and decentralized apps that will have better scalability, speed, and zero transaction fees.
The TON blockchain
The TON Blockchain Core will have a number of services that make the platform far appealing than many in the market now. These services will only make TON more decentralised and suitable for mass adoption. These services are:
This is a TON decentralised file-storage service that will provide for complex applications that require huge needs. It will be useful for platforms like Telegram Messenger and Facebook.
The TON proxy is a Virtual Private Network (VPN) for IP addresses of all the TON nodes. It will also incorporate i2P protocols and TOR to give TON decentralised applications (dApps) unmatched privacy and security.
The TON blockchain will provide a platform for third-parties to develop private dApps on the main platform. It will be more like what ERC-20 tokens operate. However, TON services will be open to any developer and there won’t be token restriction.
The domain name service will be useful when assigning human-readable names to smart contracts, accounts and to TON nodes. This will make it easier for anyone to access and read decentralised applications, just like what happens with accessing information on the web.
The TON payments service will allow users to make instant micro-payments which will take place off-chain. It can be between the TON users and/or bots.
The Telegram ICO token distribution is in three groups: developers, for investors (presale and crowdsale) and the TON token reserve. 4% of the tokens will be allocated to developers (currently the platform has just 15 developers), 44% will be the total sale to investors, and the remaining 52% will be reserved by the TON Foundation to help guard against “speculative” trading. The TON token will be Gram, hard capped at 5 billion.
There has been talk of Telegram holding a second secret presale, which will almost mean that very little will be available for the public during the crowd sale. Whatever the case, it is interesting to see how Gram performs when it finally starts trading after the ICO. However, it has been reported that Telegram has pledged to offer investors a refund of their funds if, for whatever reason, it fails to deliver the product by October 2019.
The Telegram ICO is joining a buzzing cryptocurrency landscape where so many projects that launched ICOs have yet to deliver a working product. It therefore, is a challenge to the Telegram team to work towards justifying the massive support it has received by sticking to its roadmap. And maybe the team led by Pavel Durov would start by being a bit open to the public.
by Ronny Martelli
Note: This is a guest post and does is not an endorsement by Cryptoways!