We all know very well that the well-known instant messaging application Telegram is preparing a blockchain platform and cryptocurrencies of its own. Now, according to the latest reports, officially the instant messaging app Telegram has now become the world’s biggest ICO, as it has already raised $850 Million.
Telegram Officially the World’s Biggest ICO With $850 Million Raised So Far
The Telegram prepares a platform of blockchain and cryptocurrencies of its own, which is called Gram. Just as when a company opens its capital on the stock exchange, an initial stock offer is usually made to raise funds and the instant messaging app, of course, Telegram has already raised $850 million.
The amount is confirmed by a document of the instant messaging application, of course, the Telegram that it has sent to the SEC, the United States Securities and Exchange Commission. In it, the company states that it has raised funds for the “development of TON Blockchain, development and maintenance of the Telegram Messenger and other purposes described in the materials.”
As TechCrunch recalls, this is more than the $600 million that Telegram intended to raise during the pre-sale. During this guest-phase only, the cryptocurrency tokens are purchased by people close to Telegram executives and venture capitalists.
After the pre-sale, the plan was to open the door for more investors, raising another $600 million. However, as the first phase went better than expected, it is likely that the estimates will be updated, increasing from a total of $1.2 billion to $2 billion. Whatever the value, this would already be the largest ICO in history; the second largest, Filecoin, earned $257 million.
How Gram Works?
The information indicates that the blockchain (Telegram Open Network) will have a centralized and a decentralized part – this will allow the network to have its expanded capacity more quickly when compared to a totally decentralized blockchain platform. The expectation is that the technology can process about 1 million transactions per second.
The more than 180 million Telegram users can have a virtual wallet, which stores both traditional currency and the application’s own crypto-currency. Transactions are made between Telegram users, whether humans or bots. And, instead of ensuring the safety of the blockchain with proof of work (such as bitcoin), the TON should require proof of participation, without spending as much processing or electricity.
The Telegram provides four uses for its blockchain: distributed file storage, similar to services like Dropcoin; a proxy service to create decentralized VPN services; services for decentralized apps; and payments by microtransactions.
An initial version of the TON is expected to be released in the second quarter of 2019, while the virtual wallet is planned for the end of the year.
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