8 active connections to bitcoin network investments
Encrypted messaging startup Telegram plans to launch its own blockchain platform and native cryptocurrency, powering payments on its chat app and beyond. The 8 active connections to bitcoin network investments will be funded with an enormous Initial Coin Offering, with forthcoming private pre-sales ranging into the hundreds of millions, potentially making it one of the largest ICOs to date.
Demand is driven by the fact that rather than the ICO coming from a fresh startup, Telegram is a well-established messaging platform used around the world. Telegram is already the de facto communication channel for the global cryptocurrency community, making a natural home to its own coin and Blockchain. However, those figures could change before the ICO, which could come as soon as March.
The public, retail phase of an ICO tends to raise less because there is a long tail of people investing small sums.
But front-loading the ICO with institutional investment inspires confidence for retail investors. Top-tier institutional investment firms have expressed interest, but Durov is said to be wary of accepting their cash. A spokesperson for DST did not reply to our inquiry about this story.
Moving to a decentralized blockchain platform could kill two birds with one stone for Telegram. Telegram has played a delicate political balancing act to try and retain its users in the country, shutting down some channels for calling for the downfall of the government, while keeping others open. With TON, Telegram aims to develop cryptocurrency-based utility akin to WeChat, which has blossomed into much more than a chat app and acts as default payment mechanism for many in China.
While payments can be made very quickly in WeChat for a variety of services, the system remains very centralized. A decentralized platform such as TON could offer more security and resilience. Again, here TON could, in theory, underly everything a developer brings to Telegram. And it will also use 2-D Distributed Ledgers. This means the TON can grow new valid blocks on top of any blocks that were proven to be incorrect to avoid any unnecessary forks.
It will also handle storage of ID, payments and smart contracts. So, instead of relying on proof of work to create its currency, Telegram will rely on a new, less energy-hogging way of mining cryptocurrency than the original Bitcoin method.
The claim is that it will be capable of a vastly superior number 8 active connections to bitcoin network investments transactions, around 1 million per second. In other words, similar to the ambitions of the Polkadot project out of Berlin — but with an installed base of million people. The remaining 44 percent will be sold in both the public and private sale. Some in the crypto community remain skeptical of TON. Kitts and Nevis, splits his time between London, Dubai and, where possible, Russia.
The potential for a cryptocurrency inside a widely adopted messaging app is enormous. The currency will be listed on external 8 active connections to bitcoin network investments and used inside the Telegram app.
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