Thursday , 19 April 2018

Telegram will launch own Blockchain platform and native cryptocurrency

The popular encrypted messaging app Telegram will launch its own Blockchain platform and cryptocurrency. The new platform will be dubbed either “The Open Network” or “Telegram Open Network” (TON) and is supposed to be based on an improved version of Blockchain technology.

Initial reports of the new platform surfaced today from Anton Rozenberg, a former employee of Telegram’s publishing division Telegraph. Rozenberg posted on Facebook what he claims is an advertorial video for the new platform (he did not disclose the source of the video). He also pointed out that TON would aid those under oppressive governments, since they would be able to transfer money natively through the messaging app. This could serve to break the state’s control over citizens’ money, added Rozenberg.

The currency of TON will be called “Gram” and the platform will be natively integrated with many of the most popular messaging apps (it’s not yet certain which ones). The platform will utilize light wallets, making it unnecessary for users to download a large and unwieldy Blockchain.

The TON platform also won’t have to go through a multi-year bootstrap period like most new platforms, since the Telegram app already boasts 180 mln users, according to Bloomberg.

Telegram is already immensely popular with the Blockchain community, as cofounder Pavel Durov proclaimed. While still not officially confirmed, the creation of TON is compatible with an earlier article from Bloomberg, which said that Durov sees Telegram as a charity that he’ll start to monetize early next year, but only enough to fund expansion.

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