Telegram messenger is preparing to release its own crypto currency and distribute it through ICO, which can beat the records of all previous crowbanding campaigns. This is written by TechCrunch, whose employees studied fragments of the 132-page project's whitepaper.
Gram will serve as a coin for the Telegram Open Network (TON) and will be directly integrated into the Telegram platform, which means that 180 million people can immediately become its users.
In white paper, TON is described as a third-generation blockchain that will consist of a main chain and from 2 to 92 additional blockchains.
The most noteworthy aspect of the project is the "paradigm of endless shading", through which scalability will be achieved. In other words, the TON blockers will be designed so that they can automatically split and merge, adjusting to the changes in the load. This means that new blocks will be generated quickly, and the absence of long queues will allow to maintain low commissions even if some services using the platform become extremely popular.
The developers claim that TON will be able to process 1 million transactions per second, which will allow using Gram to make micropayments.
During the preseason, TON intends to raise $ 500 million, which is twice the amount collected by Filecoin last year during the largest ICO to date. At the same time, after completing the main part of the campaign on the market, Gram can come out with a capitalization of $ 5 billion. Moving away from the standards accepted in the industry, TON will not accept transfers in bitcoins or ether. Investors will be able to buy Gram tokens exclusively for Fiat, and the minimum investment amount at the pre-ICO stage will be limited to $ 20 million.
It is expected that 4% of all released Gram will be reserved for the development team. In addition, Telegram plans to retain "at least 52%" of tokens under its control to protect them from speculative influence. The remaining 44% will be sold out during the private and public campaigns.
In addition to performing the functions of the payment network, TON will include a DNS service that will allow users to access decentralized applications via a web-like interface.
According to the road map presented in white paper, Telegram expects to present a minimally viable product by the end of the first quarter of this year, and a full-scale platform can be seen in the second quarter of 2019.