The trendy encrypted messaging app Telegram will launch its
own Blockchain platform and cryptocurrency, according to
informations gathered from familiar sources about the
development. 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.
According to reports from Anton Rozenberg, a former
employee of Telegram’s publishing division Telegraph about
the new platform. Rozenberg posted an advertorial video on
Facebook in regards to the subject matter, but did not disclosed
the sources 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,
and added that this could serve to break the state’s control over
citizens’ money.
Cointelegraph learned that 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
nurturing period like most new platforms, since the Telegram
app already boast of 180 million users according to Bloomberg.
Telegram is already tremendously popular with the Blockchain
community, as cofounder Pavel Durov proclaimed:
“Like right now, the entire Blockchain and cryptocurrency
community just switched to Telegram.”
Although Durov has still not officially confirmed the
development, but the information about the creation of TON is
in accordance with an earlier article from Bloomberg, which
states:
“[Durov] sees Telegram as a charity that he’ll start to monetize
early next year, but only enough to fund expansion.”
The Birth of Telegram
The enigmatic Pavel Durov teamed up with his brother to
launch Telegram in 2013. The app boasts end-to-end
encryptions, making it extremely useful for the elites and
ordinary citizens living under oppressive regimes. In fact,
according to Bloomberg, Telegram accounts for 40% of Iran’s
internet traffic. The Iranian government is so aggrieved by the
app’s privacy features that they have charged Durov, in
absentia, of terrorism according to report.
Durov on the other hand, isn’t terribly bothered; he’s used to
standing up to national governments. He and his brother
cofounded Russia’s largest social network, VK, building a
company worth over $3 bln. VK was in fact quite similar to
Facebook, but whereas Zuckerberg was able to maintain
control (and a massive ownership stake), Durov was not.
When he refused to hand over personal user information to
Russian authorities, he was forced to sell his stake in the
company to one of Putin’s allies. Thus, while Zuckerberg had
the option of an IPO, Durov is using an ICO to monetize his
creation.
After being forced out of VK, Durov left Russia for good, taking
with him an estimated $300 mln and 2,000 Bitcoins. He took
his substantial wealth with him to St. Kitts and Nevis, investing
enough in the Caribbean nation to become a citizen. However,
he spends most of his time in Dubai.
Durov insists Telegram is not for sale at any price, because his
users’ privacy is too valuable to risk:
“Even for $20 billion, it’s not for sale. That’s a lifetime
guarantee.”