In For a Penny, In For a Gram: Telegram Poised to Launch Native Cryptocurrency
AFP 2018/ John MACDOUGALLBusiness14:24 09.01.2018Get short URL980
A prominent encrypted messaging app, established by the founder of Russia’s largest social network, apparently intends to launch its own cryptocurrency, backed by a massive initial coin offering.
Cloud-based messaging service Telegram is poised to introduce Gram — its own brand of cryptocurrency, backed by an upcoming major initial coin offering which is expected to take place by March.
According to Techcrunch, an online magazine, a native cryptocurrency may afford Telegram’s payment system “enormous independence from any government or bank”, not to mention that “the potential for a cryptocurrency inside a widely adopted messaging app is enormous.”
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“Telegram is already the de facto communication channel for the global cryptocurrency community, making a natural home to its own coin and Blockchain,” Techcrunch contributors remark.
A white paper released by Telegram and cited by the magazine outlines a four-stage plan for the so called Telegram Open Network, which includes a platform for third-party services, a platform for micropayments and a micropayment channel network, as well as a blockchain consisting of a master chain and 2-to-the-power-of-92 accompanying blockchains.
The Telegram team intends to retain at least 52 percent of the new cryptocurrency’s entire supply in order to safeguard it from speculative trading.