Popular messaging client Telegram is planning to launch its own blockchain platform and native cryptocurrency, according to a new report.
Expected to be funded by an enormous Initial Coin Offering (ICO) – the name given to the funds raised for a new cryptocurrency venture – the Telegram Open Network (TON) will be a third-generation blockchain that’s designed to improve on the perceived shortcomings of Bitcoin and other digital currencies like Ethereum, Ripple and Litecoin.
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What that essentially means is that TON should not only be less power-hungry than Bitcoin, it should also be a lot faster – reportedly capable of processing around one million transactions per second, thus eliminating the 24-hour waiting period some users experience when sending Bitcoin at peak times.
It’s understood that a number of large companies are working on their own blockchain platforms, but Telegram has an apparent edge on the competition in that it boasts 180 million active users – with a significant amount using the platform to exchange tips relating to the dramatic rise in lesser-known cryptocurrencies, like NEO.
Telegram is attempting to raise as much as $500 million in the pre-ICO sale, a round where tokens – otherwise known as currency – are offloaded to big investors at a reduced rate, at a potential total token value in the range of $3 billion to $5 billion. The news was first revealed by TechCrunch.
It’s looking like Telegram will debut its cryptocurrency – dubbed Gram – on its in-house messaging client, where it will exist as a peer-to-peer payment system that lets users send money to each other.
Can you see yourself using Telegram’s upcoming native cryptocurrency to send and receive payments? Let us know on Twitter @TrustedReviews.
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Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
