Pavel Durov is going to launch its own blockchain named Telegram Open Network (TON) and the cryptocurrency that is going to be used in this blockchain is named Gram. So, Telegram application will no longer be just a messaging application, but it will also be a payment system which competes with companies such as Visa and Master Card. There is not much information about what Durov is going to do and when the ICO will be, however, I will provide you with some general information about Telegram Open Network.
Telegram is a messaging app which focuses on speed and security. Messaging applications have now managed to replace regular texting and calling features on our mobile phones and that is why we hear a new name for messaging apps everyday. However, Telegram has managed to attract many users as it offers a number of great features. Also, it has managed to become controversial after this application was blocked in countries such as Russia and Iran. Telegram Secret chat, Telegram channels, and Telegram bots are among the features which make Telegram application unique. Now by offering Telegram Open Network (TON), Durov is going to take this messaging application to next level.
Telegram cryptocurrency (Gram)
Telegram cryptocurrency is planned to be launched in late-2018, early-2019. This cryptocoin will be called Gram, and it will be powered by Telegram’s own blockchain, the Telegram Open Network (TON).
TON blockchain will be used to enable fund transfers between Telegram app users and will also allow for the selling of products and services. Unlike Bitcoin, which is powered by proof-of-work mining, the TON blockchain will be powered by proof-of-stake, which is a method of mining that is supported by holding cryptocurrency (in this case, Gram) on computers rather than relying on expensive mining rigs.
Gram will be listed on all major cryptocurrency exchanges. It is estimated that Gram will create a stir in the crypto community. This is mainly because its launch will essentially turn all 100 million Telegram users into cryptocurrency holders.
Telegram Open Network (TON)
Telegram Open Network (TON) developers will create a light wallet in Telegram which can be used on mobile phones and you will not need to download the whole TON blockchain to use it on your mobile phone. Telegram Open Network offers some features such as the ability to pay for applications services (TON Services) with cryptocurrency Gram, hide the identity and IP addresses, bypass the blocking of sites (TON Proxy), store data (TON Storage), and register domain addresses (TON WWW).
Durov hopes to create a new economy, something similar to WeChat did, where people will pay for products and services using Gram.
Features of Telegram Open Network (TON)
TON is a scalable and flexible blockchain with one main chain and over 292 lateral chains. Here are the main features of TON:
- Infinite sharding paradigm
- Instant hypercube routing
- 2-D distributed ledgers
- Proof-of-stake approach
Telegram coin services
Once the TON Blockchain core is implemented, Telegram is planning on creating a number of services to compliment the network. Here are the list of main services that TON will offer.
- TON Storage: A distributed file-storage application similar to Dropbox or Google Drive, except that it is decentralized.
- TON Proxy: A VPN for IP addresses of TON nodes. They claim it strikes many similarities to the Invisible Internet Project.
- TON Services: A platform for third-party developers to create decentralized services of any kind. For example, there could be a World Wide Web-like decentralized app.
- TON DNS: A service for assigning human-readable names to accounts, smart contracts, services, and network nodes. With TON DNS, accessing decentralized services can be similar to viewing a website on the World Wide Web.
- TON Payments: A platform for micropayments, used for instant off-chain value transfers between users, bots, and other services.